Category: Legacy Practice Transitions

What Kind of Insurance Protection Do You Need?

Author:Scott Ferguson

Seeing your business swept away by floodwaters or burned to the ground by a wildfire would be devastating. Having the right insurance coverage based on your specific risks and business needs can make the difference between getting back in business in a few days, versus weeks, months, or possibly never. But many small businesses discover they aren’t adequately insured only after they’ve suffered a loss.

Part of your emergency plan should include a thorough insurance review with your insurance professional. Together, you can discuss the potential risks to your business and determine if you have the right coverage, and the right amount of coverage, to keep things running in a worst-case scenario. Here are a few policies to consider depending on your specific weather risks:

Business income insurance. Every for-profit business lives on receivables. Even if your income stops, your expenses keep going and you’ll quickly find yourself underwater. Loss of income is often more serious than direct property damage, and it’s one of the main reasons most businesses fail to reopen after a serious loss. Business Income insurance helps replace lost revenues and covers continuing expenses, including payroll, along with extra expenses necessary to keep your business going.
Business property insurance. Business property insurance can help protect your physical assets, including buildings, equipment, furniture, and product inventory. You can even add protection for accounts receivable records plus computers and media, among other assets.
Flood insurance. Did you know that your property or business owner’s policy probably does not cover flood-related losses? If floods are high on your potential risk list, consider commercial flood insurance offered through the National Flood Insurance Program. It can protect your business from hurricanes, rain, storm surges, and snow melts.
Earthquake insurance. Like flood coverage, most general property policies don’t cover earthquake damage. You may need to purchase a separate earthquake policy to augment your other property coverage. Be aware that earthquake policies generally have a large deductible of 10%-15% of the overall policy limit in states where earthquake risk is highest, such as California, Oregon and Washington. There are other aspects of earthquake policies that differ from typical property policies, so check with your insurance professional to pick the coverages that are best for your business.

Do You Know the Value of Your Practice?

Do you know the value of your practice?

Do your loved ones know the value?

Would they be able to find all necessary documentation to have it evaluated in the case of a serious illness or death?

The average dental office’s value of a practice will decline by about ten percent per week for the first six weeks because of the death of the owner.


We all hope that nothing will happen to us . . . but the reality is, stuff happens! Legacy Practice Transition’s Value Protection Program has made it simple to have the necessary measures in place.

Value Protection Program (VPP) includes:

A full Dental Market Evaluation Report (approximately 20 pages), updated yearly at no additional cost.
If you decide to have Legacy Practice Transitions sell your dental practice, the cost of the VPP is deducted from our usual and customary fee for selling your practice.

We also provide a document for your will, which allows us to immediately dispose of your practice in case of death.

There is no need to pay expensive monthly premiums for the protection of your practice value in an emergency. Call Legacy Practice Transitions today and experience the satisfaction of knowing you have taken care of a very sensitive and important part of your estate planning.


Phil Cole

Legacy Practice Transitions, Inc.

c: 989-233-4200
f: 888-501-1625
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