As a dental practice owner, annually reviewing your policies with The Dentists Insurance Company is an essential step to ensure the safety and success of your business and employees. As your practice evolves, you may find yourself in need of additional coverage to better protect your company from unexpected risks.
The start of the new year is a good time to make necessary changes to guarantee you have the adequate protection for your company’s needs. This step is especially important for new or small businesses that tend to purchase the bare-minimum coverage in the beginning.
Here are a few tips to keep in mind during your annual review along with offerings from TDIC to make sure your practice is covered.
Professional liability insuranceAny form of dental work can be a risky procedure that could result in a malpractice claim. According to the Dental Professional Liability 2016 Claim Report released in 2017 by CNA Insurance, the procedures that most frequently resulted in malpractice allegations are extractions, root canal therapy, implants and crowns.
Professional Liability insurance from TDIC provides protection from the legal obligations associated with claims of wrongful or neglectful practices for licensed dentists, employees, partnerships and dental corporations.
And TDIC offers Dental Business Liability, which protects the insured from claims surrounding advertising injury, slips and falls, hired and non-owed auto and fire/water legal liability.
Commercial property insurance If your practice has expanded or moved within the last year, you should review your commercial property business owner’s insurance. This policy protects your building and its contents and areas associated with practice operations, as well as provisions to provide for dental general liability coverage, if needed. If you’ve purchased new equipment, you may also want to consider increasing your policy limit.
TDIC’s Commercial Property insurance policy automatically increases coverage 4% each year to protect against inflation — this is also why a periodic review is important, to ensure you are not overinsured.
Workers’ compensation Take a second look at your workers’ compensation if you’ve recently hired new employees. The policy provides state-mandated benefits to employees who suffer a work-related injury or illness.
Employment practices liabilityIt is important to review your employment practices liability coverage if you’ve had an increase in new employees or a high turnover rate. In the event of a discrimination, wrongful termination, harassment or unfair treatment claim, this policy can cover the settlement, civil damages and defense costs you might incur.
Cybersecurity As cybersecurity issues become more prevalent, you should be more proactive about your protection. TDIC’s Cyber Suite Liability coverage provides broad protection to help you respond to cyber incidents, including breach of personal information, unauthorized intrusion into or interference with your computer systems, damage to data and systems from a computer attack and cyber-related litigation.
Get the TDIC Optimum Bundle and save when you combine your Professional Liability, Commercial Property and Workers’ Compensation policies. Visit tdicinsurance.com to get a quote.
Coverages written by The Dentists Insurance Company include Professional Liability, Employment Practices Liability, Commercial Property and Cyber Suite Liability. In California, TDIC also underwrites Workers' Compensation. All other insurance products are placed through TDIC Insurance Solutions with outside carriers. CA Lic. #0652783
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