Opening a Dental Clinic
Opening a clinic to get into the dental practice comes along with the task of getting sued. Risks cannot be avoided completely, but you still have some options to limit or control them to your advantage. Someone who has just started with his dental care business may be confronted with the basics of Business Dental Insurance. You can find the answers to the following questions very helpful.
Dental Practice Four Risks to Know When Starting Out
Why Do You Need Business Dental Insurance?
Aside from protecting your business from financial ruin, there are other benefits especially when it comes to business growth.
It gives both your present and prospective clients the assurance that you are capable of taking accountability for the liabilities your business may incur as a result of work-related mishaps.
Helps Find and Retain Good Employees
Caring for your employees is just as important as taking care of your clients. Employees are assets of any business as they provide are the face of your brand. The success of any business is heavily dependent on the service offered by both you and your employees. Your employees look for good pay and the security that their jobs can afford them.
There are certain clients who do not go for contracts with providers that are not insured, as they don’t want things to go off-hand without any way for the latter to compensate for it. Or put it simply, they do not want to be legally responsible for your fault.
Not even the most careful dental professionals are perfect, which is why dental malpractice tail coverage is so valuable. Let our team get you covered. Get A Quote!
What Type of Business Insurance Should Dentists Purchase?
First off, there is a variety of available kinds of insurance that cover businesses across different industries. However, there are several ones that have to be present in every business. They are relatively the most integral ones because they provide a safety net for the common eventualities even though how unwelcome, are imminent.
The financial burden of rebuilding or replacing any of your real or personal properties will somehow be alleviated as the loss of the insured property is compensated for by the coverage. There is a range of policies that cover the property, usually in case of fire, earthquake, weather-related calamity, etc. This one can apply whether you own the property or you are just leasing it from someone else.
A good add-on or feature that you should look for is the Equipment Breakdown Insurance, which will make up for your lost income as well as expenses; for example, if any dental equipment or device breaks down that would not allow you to accommodate your clients, which will cover for any incurred losses until necessary repair or replacement is made.
Business Income Insurance
Business Interruption Insurance is a type of insurance that protects dental practices from losses due to equipment breakdowns, calamities, and other issues. It covers for loss of income due to an equipment breakdown, but also calamities such as storms or fires.
To be paid fairly, businesses must provide a record of their income and expenses, which will be used to calculate a just estimate for compensation.
To protect files, businesses should keep them safe from theft, fire, and floods, and have a backup data cloud storage. This insurance does not guarantee a hundred percent recovery, but it is enough to limit the risks.
Protect your business, your employees and everything you’ve worked hard for with Business Insurance.
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Professional Liability Insurance
Also known as malpractice insurance or errors and omissions insurance, it’s a must for practitioners of different professions. This is because years of training and experience are not an absolute guarantee against any mishap that could happen as a direct result of either poor judgment or a negligent act.
From a dental professional’s standpoint, a lawsuit can arise from but is not limited to the following:
- Nerve damage
- Faulty professional advice
- Flawed or improper diagnosis
- Providing incomplete information to a patient
- Botched treatments or procedures that lead to infection or damage
- Faulty prescription and application of oral products or equipment
As a matter of fact, out of 240 reported cases of dental malpractice, the most common case, which makes up more or less a quarter of it, is tooth extraction— a total of 63 cases. Furthermore, over one-third of the 63 cases are related to infection that needed hospitalization, and 8 of which led to the death of the patient.
Aside from the bad rep of the dental practitioner, it also causes stress and anxiety because of the financial implications. Statistically, aside from other legal costs, $53,000 is approximately the median being awarded to the plaintiff in dental malpractice litigation.
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Of course, employees must be insured for any incidents that may arise from their activities at work, such as occupational diseases or disability and injuries. Work-related hazards include biological health hazards, musculoskeletal disorder, physical, chemical, and psychological hazards. Ultimately, this type of insurance is especially needed in workplaces that are prone to hazards such as mining, construction, trucking, manufacturing, and other similar fields.
If you fail to plan, you’re planning to fail. Get a Business Insurance Quote today. Start Here
We Can Help You Get The Right Business Dental Insurance
Need more help in getting the best coverage for your dental practice? Or do you just want to find out if your current policy has the coverage tailor-fit to your needs as a dental professional? Let our team get you covered.
Call or text Advantage Insurance Solutions at (877) 658-2472 today!