Navigating the Ins and Outs of Your Insurance Coverage During COVID-19 image

Jason O’Dell, a financial consultant and insurance specialist at OJM Group, spoke with New Jersey-based dermatologist Jeanine Downie, MD and Chicagoland facial plastic surgeon Steve Dayan, MD about what to expect from insurance coverage during the pandemic and how to beef up your policies in the future during a recent edition of Coping with COVID-19. Watch the Practical Dermatology® and Modern Aesthetics® program in its entirety now.

Here are six take-home messages to help navigate the ins and outs of your coverage during the COVID-19 pandemic.

Don’t expect to be paid out on a “business interruption” claim

Most commercial casualty insurance plans have a well-defined exclusion for pandemics. In the future, riders may be available to add such coverage to your plan for a price.

Do know that your family will receive death benefits from your life insurance policy if you die prematurely due to COVID-19

That said, most payers are temporarily postponing the sale of new life insurance policies to individuals of a certain age and/or pre-existing conditions.

Do review your policies

Use this time to review your existing insurance policies, paying close attention to any known business interruption exclusions such as flooding.  Consider adding riders for known exceptions including sexual harassment and cybersecurity breaches.

Do take stock of your possessions

Take photo inventory of any devices in your office and send these images to your insurer for a more accurate assessment of your practice’s value.

Do ask for pro-rated malpractice insurance

Many malpractice insurers are offering retroactive pro-rating of policies during COVID-19. The same may also be true for auto insurance as fewer people are driving. It never hurts to ask.

Do choose your insurance agent wisely

Select someone who regularly works with physicians and has been referred to you by trusted colleagues.