Protect Your Practice: Insurance for Dentists

Working as a dental practice owner means focusing not just on your patients but on everything else that keeps the wheels turning. You’ll need several kinds of insurance for dentists to protect your business. 

Dental practice insurance covers everything from professional liability to entity malpractice. Understanding the various policies for your dental office is a vital part of managing your risks. Let’s discuss the various types of insurance for dental offices and how to decide which coverage is right for you. 

Why is Dental Practice Insurance Important?

Every dental practice faces unique risks, whether it’s performing oral procedures or handling sensitive patient records. Insurance for dentists covers everything from a natural disaster hitting your practice to being sued by a patient for malpractice. 

Not having the appropriate insurance policy leaves your business open to financial penalties and legal costs. With insurance, your insurer will cover most of these costs, but as a medical practitioner, you could be on the hook for a seven-figure invoice if you go without. 

While the dentist malpractice insurance cost may feel like a dent to your business’s cash flow, not having coverage could put your business and livelihood at risk if the worst should happen. 

Types of Dental Practice Insurance Coverage

If you’re looking into how to start a dental practice, insurance should be at the top of your list. Whether you live in an earthquake-prone area or you’re looking for malpractice insurance for dentists, it’s important that you ensure you have appropriate coverage for any potential threats. Let’s break down the major types of insurance that every dentist needs. 

Business Owner’s Policy 

Think of this policy as a homeowner’s policy for your business. It combines several forms of protection. For example, it will cover your business property and the fixtures, fittings, and belongings inside. It will also cover liability exposures. For instance, if a patient slips and falls in your waiting room, your business owner’s policy will cover it. Some policies will also cover business interruption. If a fire damages your dental practice, you’ll be able to receive reimbursement for loss of earnings. 

A common provider of this policy is Dentist Advantage. You can get a custom quote online or call the Dentist Advantage phone number for more information.  

Dental Professional Liability 

Dental malpractice insurance is non-negotiable as a practice owner. Your dentist malpractice insurance protects you against claims made by patients regarding the services and treatments you and your team provide. With medical malpractice suits being increasingly common, it’s wise to look into Dentist Advantage malpractice insurance to get a customized policy. 

Cyber Liability 

If your systems are breached by a malicious actor and sensitive data accessed, you could face private lawsuits and regulatory penalties. Regulations like HIPAA place responsibility for cyber security on your practice. Each breach could yield a six-figure penalty. Like malpractice insurance, dentists need to ensure they have cyber liability coverage. 

Employment Practices Liability 

You won’t need to worry about claims arising from employees. Employment practices liability coverage defends you if an employee claims issues like sexual harassment, workplace discrimination, and wrongful termination. 

Worker’s Compensation Insurance 

As an employer, you’re responsible for covering any medical bills if a team member is injured on the job. You will also need to cover a portion of their income for as long as required. Accidents happen, and worker’s compensation insurance is the best form of protection. 

Entity Malpractice Insurance 

Entity malpractice insurance is the same as general malpractice insurance but for your practice as an entity. Many suits will name not just the dentist but the practice itself.

Additional Factors to Consider

Cost should always be secondary to the level of protection you receive. You need to answer three main questions when determining what coverage you need. 

• How Much Will You Need to Pay Out of Pocket? – Most policies will come with a deductible. Make sure you factor in what your deductible is. Could you afford it? 
• How Much Coverage Can I Get? – Cheap coverage is excellent but often has a low upper limit. Value the assets at risk and ensure your policy covers that value and then some. 
• Does the Coverage Cover What I Need? – For example, your policy may need to extend to you and your associates. Make sure your coverage accounts for all the work and services you provide. 

Manage Your Practice with Cloud 9

Insurance for dentists can be difficult to manage, but it’s a crucial part of owning a practice. You need a solution that helps you take control of your day-to-day requirements so you can have one less thing to worry about. Choose a specialty dental practice management software that effortlessly partners with you and your business’s needs. 

Choose Cloud 9 Software for streamlined practice management to increase efficiency and improve workflows. To find out how it works, request a free demo now.