Your weekly dose of wisdom from the Physicians Practice experts.
With all the useful information available on Physicians Practice, it is easy to become overwhelmed.
With this in mind, the tip of the week is a chance to reflect on some of the wisdom found all across the site. In a February 2021 story on how to make winter storm damage insurance claims, Ike Devji, JD writes the following:
“It’s vital that you are adequately insured for both liability and loss, including property damage, contents, and business interruption, among others. Make sure you understand vital policy details like the difference between being covered for replacement cost (the dollar amount needed to replace a damaged item with one of similar kind and quality, without depreciation) and actual cash value (which pays only the amount needed to replace the item at its current market value less deprecation, leaving you out of pocket to replace).
1). Manage Risks with Insurance
It’s vital that you are adequately insured for both liability and loss, including property damage, contents, and business interruption, among others.
2). Mitigate Your Damages
Most polices require you to take reasonable measures to prevent further damage to your property like covering a hole in a roof with temporary shelter, calling a qualified and licensed restoration contractor for water damage, etc.
3). Document Everything
As is reasonably possible, document the damage to your home and/or office with an inventory of any damaged items you can immediately spot, including personal property in your home, damage to vehicles and medical equipment, fixtures, signage, and office equipment, as well as documenting any appointments that had to be cancelled and other loss of revenue related to the damage.”