Breaking down the risks of equipment breakdown

The rapid rate of progress of ophthalmic equipment technology has been astounding. A decade ago, who would have considered there would be autofocus, autotracking equipment capturing images directly onto your practice network and sorting by patient name?

Technological improvements continue to impact the way you work and make your life as an optometrist easier in many respects. However, you also would have experienced the frustration and challenges when technology fails. It often isn’t until something goes wrong that we realise just how reliant on technology we are. When you are running an optometry practice that operates high-tech expensive equipment, the very real risks of your equipment breaking down, can prove costly and challenging.

Do you have equipment breakdown cover?

The problem is that a standard property insurance may not include equipment breakdown cover and therefore only protect your equipment from damage caused by fire, burglary, water, etc. The reality is that claims frequently occur from other causes within the equipment itself, such as mechanical failures. This is where equipment breakdown cover can provide essential protection. It also provides cover in excess of equipment warranties, which usually exclude things like an employee negligently overloading an electric circuit.

Recognising the importance of equipment in optometry, and the associated risks, Guild’s Business Insurance includes equipment breakdown cover, and includes optional additional benefits such as cover for electronic data reconstruction and temporary hire of substitute equipment. Equipment breakdown covers all useful electrical equipment from your practice’s air conditioners to its blockers, edgers, groovers, and tracers. This cover protects optometrists against the financial risks of equipment breakdown. Just as importantly, Guild also delivers the level of service in the event of a claim that you need so your equipment is up and running as soon as possible.

Here are some of the questions on equipment breakdown that Guild’s Optometrists’ Business Insurance answers.

What if the phone or computer system were to suffer an electrical overload?

We operate a 24 hour, 7 days per week emergency service phone line. So call us any time and you’ll receive the right level of service, as we arrange a temporary solution for you in the short term and a replacement for the long term.

What if the fuse on the refrigerator blew?

We provide cover for loss of refrigerated stock rendered unuseable.

What if your computer system crashed due to a power surge, and all your data, such as your patient records, eye test results, and critical business information, was lost?

Guild’s policy includes cover for the reasonable cost of restoring or retrieving lost data.

What if your digital fundus camera broke down and you needed a replacement right away?

We provide cover for temporary hire, transportation and installation of substitute equipment for up to four weeks.

What if your air conditioner short circuited on a 45° day, and a visitor as a result collapsed in the waiting room as a result and made a claim against the practice?

Firstly, we provide cover for equipment breakdown such as this, but just as importantly we provide $10 million public liability cover to protect the practice against legal liability claims.

What if…?

Guild’s Business Insurance for Optometrists is designed to provide protection against those “what if?” situations an optometrist may face. Our insurance includes equipment breakdown cover as a key component in running an optometry practice.

Technological progress is exciting and is sure to play an integral part in optometry’s future. With emerging technology there comes emerging risks, so it’s important to have insurance that keeps up with optometry’s progress. Having the right cover gives you the peace of mind of knowing that your practice can stay on track, even when things breakdown.

For further information on insurance for your equipment contact us.