Experiencing a major property loss at your dental practice is incredibly difficult. Finding out that your insurance cannot help you to restore your practice back to normal can be even more difficult. The right business personal property limits are essential to your restoration plan in the event that your business undergoes a catastrophic loss.
How Much Do You Need?
Many of the things to include in your business personal property limits are obvious, like:
- Furniture
- Carpeting or hardwood flooring
- Desks
- Instruments
- Chairs
- Operatory equipment
- X-ray and imaging machines
- Radiography machines
- CAD/CAM devices
However, how much would you need to spend to convert another space to a dental office? If the building where you are currently located burned to the ground tomorrow, opening a new practice would not be as simple as buying new equipment.
When setting your business personal property limits, you should budget $70,000 per operatory (dental chair in an exam room) and the cost of any additional equipment that isn’t in every operatory as a rule of thumb. Take a dental office with four different operatories and a CAD/CAM machine as an example. The cost of four separate operatories would be $280,000. The average CAD/CAM machine costs $130,000. That would make the total minimum business personal property limit advisable $410,000.
Get Help from an Experienced Professional
If you aren’t entirely sure what your business personal property limits should be, it’s important to partner with experienced professionals. CG Insurance Group has years of experience guiding dental practices of every size through the insurance purchasing and property limit setting process.
Partner with CG Insurance Group
CG Insurance Group offers specialized insurance for dental practices including malpractice and commercial liability insurance. Our insurance offerings go above and beyond to protect you and your practice from any manner of liabilities and occurrences. To learn more about our dental insurance solutions, contact us today at (410) 504-6727.