If you need to buy insurance for your dental practice, there are different types of coverage for a dentist, and each provides you with a safety net that can protect you from the professional, financial, and personal liabilities that you might face.
Here is a quick guide to the different types of insurance to buy for a dental practice.
Dentist Liability Coverage
Buying general liability coverage for your dental practice is crucial. It offers protection for any third-party claims of personal injury or property damage. It can payout for an insured event and cover the cost of any medical or legal expenses.
General Liability and professional liability are different types of coverage. If you want insurance for the dentistry work that you carry out, you will need to buy professional indemnity coverage for dentists as a separate policy or add this into a dental business owners policy bundle. It is also known as Errors and Omissions or E&O coverage for dentists.
Dental Malpractice Insurance
If you are ever faced with legal action, the cost of covering this lawsuit could be crippling. Dental malpractice coverage gives you insurance that can help with these costs. Some insurance companies will also provide you with a lawyer.
Employment Practices Liability Insurance for Dentists
If your dental practice employs a team, this will give you coverage should an employee decide to take legal action against you or your business.
Business Interruption Insurance for Dentists
If your business can not operate as normal due to a covered event, this can help you recover some of your lost income based on prior profits.
Locum Insurance for Dentists
If a member of your practice team cannot work because of an injury or illness, this type of coverage will provide the practice with a set amount of money to help pay towards the cost of hiring a locum.
Dental Equipment Breakdown Insurance
If your equipment stops working, this can have a devastating impact on your ability to carry out your work. This coverage will give you peace of mind that should your equipment breakdown; you have insurance to put things right quickly. Depending on the insurance you buy for your dental practice, you might also be able to reclaim any lost income that results from the breakdown as well.
Business Property Insurance for Dentist Practices
Whether you own or lease the building you’re in, you should buy business property insurance for your dental practice. This can cover your furnishings, inventory, and equipment.
Keyman Coverage for a Dental Practice
If a key member of the company becomes unable to work for a covered reason, this aids a swift and prompt recovery for the business. It will not cover any losses, but it will usually give the dental practice a lump sum of money as described in terms of the policy.
If you are a new practice or have already established your business, buying insurance for your dental business is a critical task that requires time, care, and attention. Although there are hundreds of insurance companies that sell dentist insurance, finding the right levels of coverage at the right price can be time-consuming, not to mention the difficulties of navigating a crowded insurance marketplace.
Find a Dental Practice Insurance Expert
Contact an expert insurance agent for dentists and get tailored advice about the best deals to buy insurance for your dental practice. They have a depth of knowledge and understanding of the insurance market and can quickly and easily provide you with a complete cost of insurance for your dentist business.