Posted by Amy Carbone on Mar 15, 2023 9:00:00 AM
Malpractice insurance — also known as professional liability insurance — is one of the most important coverage types you will have in your dental career. In most situations, malpractice insurance is required, and even if it’s not mandatory, this policy can still offer valuable protection for you and your career.
There were 2,699 malpractice reports against dentists in 2019. Malpractice claims can leave dentists with legal fees, tarnished reputations, and even the loss of their practice.
But not all companies offering this insurance are familiar with the specific coverage needs you have as a dentist. Here are four questions you should ask when vetting potential insurance providers:
Find the Right Dental Malpractice Insurance Company for Your Career
Does the Company Specialize in Coverage for the Dental Industry?
Malpractice claims are common across medical industries, but your coverage should be unique to your specific career path. When vetting coverage providers, make sure they have experience working with coverage specific to dentists.
Does the Company Offer Both Claims-Made and Occurrence Policies?
There are often two different kinds of policies: claims-made and occurrence. Claims-made covers any claims made during a designated policy period, while occurrence policies cover incidents that occurred during your coverage period, even when the claim is made later.
When you are shopping for malpractice insurance, ask about their different offerings. With an insurance provider that offers both claims-made and occurrence policies, you can purchase coverage that best protects your career.
Does the Insurance Company Offer Pure Consent To Settle?
With pure consent to settle, the insurance company must have your written permission before settling a claim. This can give you time to consider your options before making a decision on whether or not you are ready to settle the malpractice case at hand — and avoids decisions being made on your behalf without your approval.
While evaluating possible policy providers, discuss the "consent to settle" and make certain that it affords you "pure consent" so you have the ability to make the final decision on any malpractice cases you may be a part of throughout your career.
Please note, pure consent to settle policies and applicability may vary from state to state. Consult with your agent to discuss.
Is the Company Highly Rated Amongst Professionals in Your Industry?
Discuss the company’s experience with an advisor who is familiar with malpractice insurance providers and your specific needs as a dentist. In order to get the best coverage, you’ll want an insurance provider who is familiar with the needs of dentists.
By choosing the right provider early on in your career, you have the ability to protect your income, dental practice, and other assets in the long run.
Find the Best Dental Malpractice Insurance for Your Career
Dentists are concerned about malpractice lawsuits from their patients, so it’s crucial to obtain effective coverage and have peace of mind throughout your career.
You likely still have a number of questions regarding your dental malpractice insurance options, including:
- How to obtain additional entity coverage to protect your practice.
- Policy limit details.
- How to enact risk management at your practice.
Download our free Dental Malpractice Insurance Survival Kit to learn about each of these options (and more) so you can be prepared to work with an insurance professional and make an informed decision about malpractice insurance.
About Treloar & Heisel
Treloar & Heisel, an EPIC Company, offers dental and medical professionals a comprehensive suite of financial products and services ranging from business and personal insurance to wealth management. We are proud to assist thousands of clients from residency to practice and through retirement. Our experienced teams deliver custom-tailored advice through an active local presence, while our strong national network ensures that clients experience the same high level of service throughout the country.