Dental Practice Insurance Information
Working in dentistry is a rewarding career, but it can also include many challenges. While working in this profession, there is a lot of potential for dental professionals to make serious mistakes. As such, the threat of a lawsuit against a specific employee or even an entire practice is something that must be accounted for. Dental malpractice insurance will be there to help you through these challenges.
With nearly one million people employed and an industry revenue of over $125 billion in the United States, dentistry is a big business—but it's also a vulnerable one, because a single slip of the hand could cause damage that's not easily fixed. As a dentist, you're susceptible to issues like leaks of patient information, forgetting to properly update the patient's medical history, failing to adhere to standards of care when you're rushed, and failure to detect diseases when they first occur.
What is Dental Malpractice Insurance?
Dental malpractice insurance is a type of professional liability insurance that is key for dental professionals to protect themselves against lawsuits that may be filed by patients.
What Does Dental Malpractice Insurance Cover?
This type of insurance is designed to provide coverage in the event of a lawsuit filed against dental practices and dental professionals. Specifically, dental malpractice insurance covers claims related to monetary loss covered by professional negligence.
Some of the costs that may be covered by a dental malpractice policy include:
· Damages if you are found liable for malpractice
· Expenses associated with settling or defending lawsuits
· Compensatory and punitive damages
· Medical damages
· Settlement costs
· Arbitration costs
How Does Dental Malpractice Insurance Work?
To obtain dental malpractice insurance, a dentist must first have a valid license to practice dentistry. After successfully obtaining coverage, dental professionals and practices can receive compensation for lawsuits made against them.
How Much Does Dental Malpractice Insurance Cost?
Dentists who have recently graduated from school can obtain malpractice coverage for anywhere from $300 to $1,000 a year. This price will vary depending on the policy type and the amount of coverage that is purchased. After practicing dentistry for five years, the cost of these policies usually increases to approximately $2,000 to $3,000 per year. Rates may also be higher in large metropolitan areas.
Speak to one of our agents today to learn more about the benefits that dental malpractice coverage can provide, and what we can do to help you save money on your policy.
Dental Equipment Coverage
Equipment is the heart of the modern dental industry—and we know how expensive your tools and diagnostic machines can be. Equipment coverage provides an added layer of protection in case the supplies you've purchased fail or do not live up to the claims of the manufacturer.
New products enter the market on a regular basis, so consider talking to one of our agents whenever you purchase something you haven't used before. We'll help perform a risk assessment and determine whether or not you need additional coverage before you start using the equipment on patients.
Commercial Property Insurance
Commercial property policies are one of the most important elements of dental practice insurance. Falling trees, fires, and water damage are all potential threats to the place you work, and any of these could quickly destroy tens of thousands of dollars in equipment. Whether you're facing a minor interruption or a major loss, making sure your property is insured is of critical importance to any business owner, so call our agency today to discuss covering your dental practice.
Helpful Risk Management Resources:
G & H Financial Insurance understands how important your practice and patients are to you. We will help evaluate your risks and formulate a plan to protect your practice and professionals against possible lawsuits stemming from innocent mistakes. Call us at (281) 395-5497 to request your dental malpractice insurance quote.
1. "Dentists in the US: Market Research Report." Dentists in the US Market Research. Accessed April 11, 2016. http://www.ibisworld.com/industry/default.aspx?indid=1557.
2. Abel, Martin G., DDS. "The Real Cost of Dentistry." Dental Economics. Accessed April 11, 2016. http://www.dentaleconomics.com/articles/print/volume-96/issue-9/features/the-real-cost-of-dentistry.html.