Dental Office Insurance
In the US, the average dentist makes over $200,000, and in many areas of the country, dental practices are in high demand. But before setting up your own business, make sure you’ve understood the risks and taken out the right kinds of dental office insurance. That way, you don’t have to worry about financial difficulties due to an expensive lawsuit or property damage.
What Is Dental Office Insurance?
Insurance for dental offices consists of several policies, each one covering a different set of events. For example, general liability, workers’ compensation, and dental malpractice protect dentists from lawsuits filed by patients and staff. In contrast, commercial property insurance and equipment insurance eliminate the financial impact of a disaster such as a flood, fire, or break-in.
If you’re opening a new practice or you’re not sure whether all your risks are covered, speak to an insurance agency. They can help you consider what could go wrong, and they will find the best insurance quotes in your area. That way, you can be sure that you’re not putting yourself at risk or paying for something you need.
General Liability and Dental Malpractice
When a patient or a member of the public gets injured on your premises or when their property gets damaged while at your office, they can ask you for compensation. Similarly, patients who get injured because a treatment went wrong might sue you. General liability protects you from the former, while dental malpractice kicks in when the issue is related to your professional services.
Commercial Property Insurance
Dentists who own the building they work from must get it insured. Commercial property insurance protects you if there is a natural disaster such as a storm, a fire, or a flood. It also covers man-made damage, for example, related to a break-in or vandalism.
If you lease your office space, you might still need a policy to protect some of your equipment. Expensive x-ray machines and other technical devices can cost tens of thousands of dollars, and if they get damaged, your business might struggle to purchase a replacement. You can find property insurance that covers not just the structure of the building, but also the contents of your office.
Anyone who hires others to work for them has to get workers’ compensation insurance. This is another type of liability insurance that covers lawsuits filed by employees, for example, because the working conditions weren’t safe or because you failed to protect your staff from harm. A good policy will cover the legal fees of such a case as well as any compensation awarded to your employee.
Depending on your situation, you might also need employment practices liability insurance. This protects you when an employee sues you because they believe their rights have been violated, for example, because they have been discriminated against.
Dentists need to get several kinds of insurance, especially if they’ve set up their own practice. You might need general liability, dental malpractice, commercial property and equipment insurance, and workers’ compensation. Call us at ISU Armac to find out more about these policies. We can help you find cost-effective, comprehensive insurance for your business.