How to Leverage Cutting Edge Technology From Your Property/Casualty Insurance
Did you know that water damage is the most common cause of property damage to businesses? Unexpected water leaks or broken pipes can quickly disrupt your office, costing you valuable time and money. Water damage not only impacts your medical equipment and office property, but it can also impact your business income if you are forced to close while your office is repaired.
If you own or lease property or office space for your practice, it’s best to have a plan in place and be prepared.
A Business Owner’s Policy (BOP) combines a wide range of liability and property/casualty insurance coverage into a single package, and is one of the best ways to protect your practice and mitigate your business losses.
A good BOP:
- Provides insurance against alleged claims of personal injury or damage unrelated to medical malpractice, including legal defense costs and settlements
- Repairs or replaces damaged buildings, equipment, or other business property
- Reimburses lost income or costs if the practice closes following a property loss
- Covers the cost of replacing or restoring damaged records or files due to a property loss
- Pays for medical costs of individuals other than employees who are injured at your practice
If you do not already have a BOP, now is the time to explore options available to you through Symphony Health, CAP’s preferred partner for your personal and business insurance needs outside of medical malpractice coverage.
When you secure a BOP through Symphony Health, you also receive water sensor technology—with hardware and software provided at no cost—that sends you real-time alerts to prevent costly water damage.
How does the program work?
The Smart Sensor program provides sensor equipment that sends you real-time alerts. With the program, your practice will receive easy-to-install sensor devices that will automatically monitor your property 24/7 and alert you via text message or phone call if there are any system issues, such as water leaks, temperature changes, mold detection, and more. With this valuable risk management offering, you’ll receive:
- Real-time monitoring of your building and equipment—If an issue occurs after hours or on the weekend, you’ll receive an alert immediately to your phone or email.
- 24/7 professional support—You will have access to the monitoring and support center any time of day.
- Easy installation—The sensors only take a few minutes to install, and there is a team of professionals to help walk you through the process.
What can you save by signing up?
The technology is proven to save businesses from a loss. Take a look at these examples:
The filter of a water line came off in a building, causing water to spill all over the floor. An actionable water leak alert was sent, and within minutes, staff bypassed the flow of water. As a result, the office did not have to cancel patient appointments or deal with the inconvenience of renovating the office after a water leak event.
Dollars saved: $100,000
A pipe valve failed, causing water to spray into a patient room and storage closet after hours. A high-humidity alert from the sensor prompted staff to visit the office and shut off the water in time to contain the leak. The alert spared costly business interruption, saved medical supplies, and prevented damage to valuable medical equipment.
Dollars saved: $40,000
“The sensor program gives me peace of mind knowing the building is monitored 24/7 when we are not onsite. Had it not been for the alert, we could have suffered major structural losses and an interruption in care for our patients.”
– Medical Office Supervisor
Get Started Today!
To learn more, email healthcareservices@symphonyrisk.com or call 800-819-0061.
Dollars saved are verified amounts for actual scenarios and are based on The Hartford Steam Boiler Inspection and Insurance Company proprietary data.