Dental Practice Insurance

Pulling Teeth is Easier than Getting the Right Insurance for my Dental Practice, right?

Running your own Dental Practice in the Midlands of South Carolina requires a myriad of insurance needs that you may not even know about.  Read on to find out the basics of what you need and how to obtain proper Dental Practice Insurance.

Dental Malpractice

Let’s start with the most obvious coverage needed:  Professional Liability Insurance.  This insurance, also known as dental malpractice insurance, protects insureds from claims that may occur from alleged malpractice or failure to treat a patient or any error or omission in providing dental care.  This insurance is extremely important as it can help defend your reputation in the event an unfortunate event happens.  It is always good to remember that you don’t have to do anything wrong to be sued here!

Property Insurance

You’ll also want to think about covering your physical property with a Commercial Property Policy, which would include your dental office if you own the building as well as any furniture, equipment, computers, etc. inside the building that you own.  Some of your leased equipment may have insurance requirements that would be fulfilled here as well. Depending on the policy form and endorsements selected, much broader property coverage can be included on your property policy including business interruption insurance.  Property coverage is important because in the event of a loss, say from a fire, would your practice have the money readily available to replace everything lost and continue your operations unscathed?

General Liability

After you’ve properly insured your physical “stuff,” you will want to then make sure your operational liabilities are covered by a General Liability policy.  This type of policy covers bodily injury, property damage, advertising injury, or personal injury to a third party arising from your operations.  I know what you’re thinking, when would I ever need this?  But trust me, you’d be surprised!   Perfect example, an elderly patient enters your office and trips over the welcome mat breaking their hip.  You could be held liable for the medical expenses, and a general liability policy would take care of that along with any legal costs associated with the claim.

Other Insurance Coverages to Consider

  • Workers Compensation & Employer’s Liability – required in SC if you have 4 or more employees
  • Cyber Liability – consider this if you store your patients’ health and/or credit card information on your office’s digital devices
  • Commercial Auto Insurance – self-explanatory if the practice owns a vehicle, but what if your employee gets in an accident on the way to the bank in their personal vehicle? You need Hired/Non-Owned Auto Liability coverage, an inexpensive but valuable coverage.
  • Umbrella – adds an additional layer of liability over your General Liability, Employer’s Liability, and Auto Liability policies at a minimal cost for the amount of coverage added. It prevents you having to predict where your losses will be!

For more coverages to consider, check out this site for a Dentist to Dentist perspective on dental practice insurance:   http://www.dentaleconomics.com/articles/print/volume-98/issue-10/features/insurance-for-the-new-dentist-doctor-protect-thyself.html

Dental Practice Insurance can be overwhelming and making sure you are properly insured can be even more overwhelming.  You don’t have to do it alone.  Seek the help of a professional independent insurance agent!  They have multiple markets, possibly specific dental practice insurance programs, know what is out there for you, and can figure out the best fit for you and your practice. The good agencies help you with risk management advice for no additional cost!

About Joe Popkowski