Time and time again when meeting with dentists and dental practice office managers, we see a common theme...no one focusing on the practices insurance needs.
It is very common to see a practice that has been carrying the same General Liability limits since it's the first patient sat in a chair for a cleaning. It is rare to see a dentist who is not carrying the same Professional Liability limits they started with out of dental school. Despite growing revenues, additional patient count, and increased practice assets, many dentists are not doing their "CHECK UP" as needed.
Recently we sat down with a doctor who had not spoken or met with the company providing his Professional Liability. His story is all to familiar, he joined his state association, went with the insurance program they offered, and has not thought about it since. When we met he asked why he needed to consider higher limits for his professional liability. In short, we asked if he wants to lose future income/revenue for not carrying enough coverage. Of course his answers was, "NO". In general dentistry, the two big reasons lawsuits arise are from failure to treat and failure to refer a specialist. Of course there are other things such as extraction errors, complications from sedation, etc. We explained the benefits of raising his Professional Liability limits to $3 Million Per Occurrence / $3 Million aggregate, and while there were additional costs, he now knows in the event a patient were to sue him for failure to diagnose or failure to treat, his practice is protected. The conversation was focused on protection and understanding why a $1 million policy was not adequate for his practice.
There are many stories like this, as well as others where practices have less than 40% of their equipment, tools, and operatories covered for replacement values. Most practices do not have Cyber Liability coverage, and if they do its not what they think it is. In the era of the #MeToo movement, many dentists are unaware of what Employment Practice Liability Insurance (EPLI) is, and how valued this coverage is.
DID YOU KNOW: For most practices, we can get you a policy that offers $1 million in coverage for both Cyber and EPLI coverage at a cost of $133 a month.
When we work with dentists and/or practice managers, our approach is about adding value. This goes for our first visit to semi or annual reviews, Workshops, Lunch & Learn's, Video Chats, Text Messages, and when a Claim is filed.
Our focus is on educating on all things inside the practice: Patient Care, Office Culture, Asset Protection, Practice Protection, and Personal Well Being. Working with us is about having a partner who knows dentistry. After all, our focus is on you, and that's what set's us apart!
Is it time to find a Dental Insurance Partner who focuses on you?
Contact Ryan White: firstname.lastname@example.org