Finding the right insurance for dental practices can be quite intimidating. While you are not only protecting yourself, your employees and the patients, you are also responsible for the building/office space, equipment, and all patient records. This is best done by obtaining a Business Insurance Plan that is tailored to your direct needs.
Professional Liability Insurance
This is one of the major coverage options that is highly sought out by many dental hygienists/assistance due to a client personally suing you. Like the Business Insurance Plan, this type of coverage is tailored to protect the practitioner’s work. It covers defense costs and any judgments or settlement that results from the claims. There is also coverage for lost wages due to the amount of time you are taken away from your practice to fight the case.
The two types of this are:
1. Comprehensive Coverage. This protects against any incident of accident or improper work that may occur during the policy period. It also extends until after the practitioner is retired with no additional coverage.
2. Claims-Made Policy. It protects against any claims that are made while the policy is active and the practitioner is active in their practice.
- Tail Coverage may be purchased if a claim is filed after the practitioner has retired.
The areas in which this type of coverage protects a dental hygienist or assistant includes:
- Failure to Update Medical History
- Failure to Detect Oral Cancer
- Failure to Detect Periodontal Disease
- Injury to a Patient
- Failure to Record Thorough Documentation in the Patient Chart
- Not Protecting Patient Privacy/ Divulging Confidential Patient Information
- Failure to Ask if the Patient was Pre-medicated
- Failure to Inform about Treatment Options and Consequences of Non-treatment
- Practicing Outside the Legal Scope of Practice
What Other Coverage Options are Available?
Building and Business Personal Property. This coverage is for buildings and personal property such as medical supplies and equipment, along with any office equipment (computers, chairs, etc.).
Business Office Policy (BOP) Coverage. This is a combination of protection from all major property and liability risks, along with assembling the basic coverages required by a business owner.
Business Income and Extra Expense. It covers all loss of income for any unexpected event that may cause you to stop your business operations.
Important Business Documentation Coverage. These cover any type of important documentation that was damaged; as well as, restores, repairs, or replaces any electronic records.
Crime and Fidelity Coverage. It protects your office from any loss of income, securities, or inventory that resulted in the event of embezzlement, forgery, robbery, burglary, or employee dishonesty.
Business or Commercial Auto Insurance. This protects employees who use their personal vehicles while they are out running errands for the practice.
- Personal auto insurance may not cover employees when they use their vehicles for business purposes.
Business Liability Coverage. It protects against any bodily injury, property damage, or personal and advertising injury that arise from business operations.
Employment Practices Liability Insurance (EPLI). This coverage protects your practice against any lawsuits that an employee may have filed due to sexual harassment, discrimination, or wrongful termination.
Office Overhead Insurance. This covers monthly expenses of supplies, rent mortgage, equipment loans, a replacement dentist, practice/student loans, employee salaries, and the like if you were to become injured or ill.
Plan options include:
- True Own Occupation. Allows you to collect benefits, even if you become employed in a different occupation.
- Partial Benefit. Pay benefits whether you are partially or totally disabled.
- Benefits Period. Allows you to choose to receive benefits for either up to 2 years. It also allows you to keep the practice running until you have recovered or make the decision to sell.
- Covered Expenses. Ensures that student and practice loans are considered eligible expenses.
Key Points to Consider for Your Dental Practice
As a dental practitioner, it is crucial to think of any insurance that you may need to cover yourself and family. Some types of personal insurance that dental practitioners should have are:
- Personal Liability Umbrella Insurance
- Coverage for Valuable Articles
- Professional Liability Insurance
What if I Am Only Renting Office Space?
In that case that you are renting a space or building, it is still important to obtain Business Liability Insurance. Landlords will require you to have this insurance coverage, along with naming them as an additional insured. They require these because they do not want to be held personally liable in the event an accident was to occur.
Insurance for Dental Practices Made Easy
If you are looking to start a dental practice and unsure of what insurance coverage you will need, our agents can get you started. At Compass Insurance Agency Michigan, we are dedicated to providing you with the best options for your dental office at the most affordable price. To get help, just click or call and get quotes from over 15 carriers within 15 minutes.