Dental Practice & Professional Insurance
Protect your practice and mitigate liability with our industry – leading dental coverage.
Mistakes are unavoidable in any profession but with an increasing exposure in today’s practice environment it’s leaving dental professionals vulnerable to financial and emotional stress. When mistakes happen in the dental profession, the losses can be both financially and emotionally catastrophic. Therefore, it’s very important for you to understand the risks associated with running a dental practice along with what types of insurance are needed to mitigate those risks.
Important coverage features
- Coverage available for all dental specialties.
- Claims-made and occurrence options.
- Coverage for dental assistants and hygienists at no additional cost.
- Cyber Security Protection
- Defense outside the limits of liability.
- Medical Professional Equipment
Common causes of loss for this industry
- Professional Negligence, Incomplete work, faulty or shody services or misrepresented services.
- Employee Musculoskeletal disorders; neck and shoulder.
- Slips, Trips and falls.
- Theft, burglary, and vandalism
- Cyber Attacks – data theft
- Puncture Wounds
- Harassment and/or discrimination
- Contamination of Hepatitis C (bloodborne infectious agents) from poor sterilization and infection controls
What types of insurance do dental practices need
- General Liability and Property Insurance including Medical Professional Equipment.
- Worker’s compensation Insurance
- Business Auto coverage if you own any vehicles registered to the business or you have employees that run errands for the business using their personal vehicles.
- Most importantly as trusted medical professional you will need to carry Medical Malpractice Insurance also known as professional liability or E&O Insurance. Medical Malpractice Insurance can pay for legal expenses over professional errors.
Further Information Regarding Insurance Dental Practices Need
Business Owner’s Policy
Acquiring a business owner’s policy is the same as owning a homeowner’s policy for your home. This also combines several essential coverages into one policy. This covers both your business property and business liability exposures and also customizable to fit the needs of your individual practice.
So, what does Business Owner’s Policy cover?
Business owner’s policy covers your building and personal property inside including the external structures, dental and office equipment, furniture, and also fixtures that you own that are found in your building. Kindly note that you should also keep a current estimate of how much your property is since you need this in acquiring insurance and also in case your property got damaged.
General liability basically covers all the claims made against your dental practice as a result of your normal operations. Some of these claims may include personal injury, medical payments, and claims for damages to premises rented to you. Please be also aware that general liability does not cover malpractice related claims.
A sudden interruption in your business can also stop you from earning and generating revenues. If you purchase this coverage, insurance can reimburse for loss of earnings leading from a loss of covered property. One great example is when a fire suddenly hits and damages your office.
Employment Practices Liability Insurance
Employment practices liability insurance will help protect you against claims made by your employees who accuse you of workplace discrimination, wrongful termination, sexual harassment, and other matters of employment of law.
Why does your dental practice need it?
Package policies such as business owner’s insurance can help you with several kinds of protection at a less expensive cost than getting each individual insurance policy. You’ll also be less stressed knowing that you’re covered on the basics. Also, landlords and creditors will often require that you also get a business owner’s policy.
Business Overhead Expense Disability
Business overhead expense disability insurance may help cover the ongoing fixed expenses in case you become disabled.
What does this cover?
This kind of insurance covers most of the fixed operating expenses in case the owner becomes disabled. Some of the examples of the expenses may include office rent, payroll, utilities, etc.
Why does your dental practice need it?
While your personal disability insurance policy is to supplement your personal income in case you become disabled, business overhead expense insurance will help pay the fixed operating expenses of your practice so that everything’s ready when you resume work. In case there comes a time that your disability will not allow you to return, this insurance policy will also help you pursue a buyer for your practice.
Entity Malpractice Insurance
While your personal malpractice insurance basically covers claims against you, this kind of insurance coverage basically covers malpractice claims made against your dental practice.
What does it cover?
Entity malpractice insurance protects you in case that you were sued. This may also provide coverage for all the legal expenses and also awards.
Why does your dental practice need it?
Without acquiring entity malpractice coverage, you may be held personally responsible for all the lawsuits against your dental practice. This may cause you serious financial hardship brought by lawsuits.
Data Breach Insurance
A data breach may be expensive for your dental practice if sensitive patient data and financial information are compromised. Data breach insurance may help cover the expenses of getting a back up for your data and running after a data breach and also compensating the victims for financial damages they may have suffered due to the leak of their sensitive information.
What does it cover?
Data breach insurance may cover related expenses, such as:
- Public relations
- Credit monitoring
- Good faith advertising
- Legal fees
- Notification services
- Damage awards
Why does your dental practice need It?
If you don’t get data breach insurance, your dental practice could be paying for the expenses of a data breach. This may cause you serious financial impact. Also, data breaches are very common, and you are a hot target for hackers, so it’s really crucial to protect your patients and also your practice.
The graphic below is interactive.
Explore and learn more about some unique risks as well as the related insurance solutions.
Commercial General Liability
Possible Liability: Claims due to accidents for property damage, bodily harm, personal injury.
Solution: General Liability is necessary to save your dental practice from financial loss, lawsuits, claims, or damages due to non-professional negligent acts by your services, company operations, or your workers.
Possible Liability: Most states require employers to cover for any employee work-related injuries.
Solution: Make sure to add this to your policy to avoid penalties and be able to provide benefits to eligible employees.
Possible Liability: Employees that might sue their employers for what they feel are unequal or unfair treatment.
Solution: Employment Practice Liability Insurance usually comes as a standalone policy and can cover the business and upper management officers. A Third-Party coverage option can also be added by endorsement to address claims made by clients and vendors for acts done by employees.
Possible Liability: In the unfortunate event that patient records are ruined beyond recognition. Maintaining these records is not just important for the practice but can also be a lawsuit.
Solution: Coverage can be added to a BOP to cover recreating either a hardcopy or softcopy of the records.
Possible Liability: In case your dental practice cannot operate due to unforeseen circumstances, for example, a fire or pipe leak, or anything that causes the business to halt operations.
Solution: Adding coverage for business income insurance can protect against potential financial losses.
Errors and Omissions
Possible Liability: Sometimes a simple clerical error, non-provision, or missing information in a service or product offered by a business can cause lawsuits.
Solution: Professional Liability Insurance can be added as a security measure in cases where negligent acts, errors, or omissions transpiring during company activities, and which potentially result in a financial loss for the client.
Possible Liability: Risk of customer’s financial info getting lost, stolen, or endangered can turn into a legal responsibility for a business to communicate about any such breach and even pay for financial damages.
Solution: Adding a cyber liability policy can assist with the fees and losses in the aftermath of a cyberattack.
Possible Liability: Dental offices/practices not properly estimating the replacement costs of their equipment.
Solution: BOP covers most dental/medical and office equipment but for special, expensive equipment, a separate policy might be needed. An agent will be able to help determine this for you.
Possible Liability: Around 1000 needlestick injuries happen per day in the US.
Solution: Workers compensation insurance covers for the initial blood test. EPLI can provide extra protection in case your employee sues. An insurance agent will be able to help determine your coverage for you.
Perishable Dental Supplies and Medicines
Possible Liability: Any uncontrollable situation that leads to spoilage of dental supplies and medicines.
Solution: Policy coverage for the cost of replacing spoiled goods as an added endorsement to your BOP.
Crime and Fidelity
Possible Liability: In the event that an employee is found guilty of dishonesty or work-related crime.
Solution: Ensures coverage for employee theft, vandalism, forgery, dishonesty, etc. Details can be discussed with your agent.
Commercial Umbrella / Excess Insurance
Possible Liability: If your company is found liable for loss that exceeds limits of a standard policy.
Solution: Adding a commercial umbrella policy can accommodate extended limits from $2,000,000 and $10,000,000 over general liability workers comp, commercial auto and directors and officers liability insurance.
Dental Malpractice / Professional Liability
Possible Liability: Licensed professionals and staff can be sued for alleged misdiagnosis or incorrect dental procedures. Exorbitant settlements may force the practice to close.
Solution: Professional liability insurance can protect a dentist and/or other licensed staff from costly lawsuits.
Business Owner Policy
Possible Liability: As a dental practitioner, you might not need as many inclusions in a policy.
Solution: BOP is a custom-made policy that can protect your assets, employees, your business, and other details you may want to set up. It would be best to discuss this further with your agent.
DISCLAIMER: Consult actual policy for exact terms and conditions or talk to your insurance agent for clarifications.
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