Running a business, whatever the nature, always comes with risk. Losses and damages are at times inevitable and although it may not be obvious from the start, good insurance coverage is undoubtedly, a must-have.
When we talk about Business and Commercial Insurance for Dental Professionals, two questions often come to mind. What things need to be insured and what types of insurance would cover those items? However, before we can even start to talk about these things, let’s try to understand why insurance is needed in the first place.
Practicing dental professionals, just like many other professionals, are exposed to numerous risks that come with running a business. In addition, when mistakes happen, business owners can be vulnerable to huge financial losses and emotional stress. To minimize these risks, it is important to understand which parts of the business present the biggest risks and which type of insurance addresses those risks.
What types of insurance do I need for my dental practice?
General Liability and Property Coverage
This coverage protects you from in the event someone slips or falls in your dental office, or if someone else’s property is lost or damaged and your dental practice is held liable.
Workers’ Compensation Insurance
Aside from this type of insurance being required by most states, when you run a business and you have employees, it’s always good to have coverage that allows for income replacement and benefits covering medical expenses in the event an employee gets injured in the course of their employment.
This coverage helps you replace income lost due to unforeseen circumstances that would require you to temporarily stop operations.
Medical Equipment Breakdown
Your business heavily depends on your equipment--from dental vacuum systems to computer imaging systems. Should something sudden and unexpected happen to your equipment, this coverage could help to get it repaired or replaced.
Medical Malpractice Insurance
As a trusted medical professional, it is important that you carry this coverage to protect yourself from claims that you’ve made professional errors. Also known as Professional Liability or the E&O Insurance, this coverage can also cover legal expenses in the event a claim is filed, even if the claim is not valid.
Business Auto Coverage
If you have vehicles registered to the business or if you have employees who run errands for your dental office using their personal vehicles, then the Business Auto Coverage provides protection against financial losses in case of a covered vehicular accident as it pays for related expenses such as car repair costs and medical expenses.
As more and more companies are switching to a paperless office system, the need to protect that system is also growing. Many companies rely on electronic data in order to create a convenient and efficient workflow. Perhaps one of the most important things that should be considered when building a dental office is HIPAA (Health Insurance Portability and Accountability Act) compliant. HIPAA is a US law designed to provide privacy standards to protect patients’ medical records and other health information that is provided to dentists, health plans, doctors, hospitals and other health care providers.
Since HIPAA is such a huge part of a dental practice, Cybersecurity or Cyber liability insurance should also be a priority. Cybersecurity or Cyber liability will help protect your business if there is a data breach involving sensitive customer information, such as social security numbers, credit card numbers, account numbers, driver's license numbers, and health records. Contrary to popular belief, hackers prefer small businesses since employees are less likely to receive training in protecting patient information when there is no formal IT department. Also, most small businesses do not have a firewall in place and of course, the less protection, the greater the chance of being a target. The following chart will show how this coverage will protect your business.
First-Party Liability Coverages
Third-Party Liability Coverages
This is only a small portion of the many coverages that are available to you. We know that this can be an overwhelming task, but Advantage Insurance Solutions is here to help walk you through the process. One of our professionals will sit down with you and discuss any gaps in coverage you may have or create a whole new policy for you if you are just starting your practice. Contact us today and our agency will take the time to research each carrier and find plans that fit your business and your budget, leaving you free to get your business up and running or to sit back and relax knowing that you are fully covered for whatever life may bring.
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