Running a local dental office can provide you with a rewarding and profitable business, but also one that has its share of risks. You have professional risks with the services you provide, unforeseen events like damage from natural disasters, and possible injuries to your workers. There is dental office insurance available for all of these risks and more, which help protect your business and assets.
Types of Dental Office Insurance
Your dental office has more than one risk, therefore there is more than one insurance policy to consider. These are the most important ones you should have:
Three areas of coverage are offered under a general liability policy, including products liability, premises liability, and completed operations. Damages caused by your dental services are covered under completed operations, while products you sell are covered under products liability. If you sell home whitening products and they cause an allergic reaction, the resulting legal costs are covered by general liability insurance. There is also premises liability for accidents occurring in your dental office, like trips or falls.
If there is an issue with the dental services you provide, your patient can sue you for damages. While it is rare, accidents do occur when providing dental work or oral surgery. If there is an accident that caused pain or injury to your patient, you have legal help with a professional liability insurance policy, also called errors and omissions. It can help pay for lost income and legal costs associated with the lawsuit, and is a critical dental office insurance policy to have.
Commercial auto insurance is important to have when you run business errands with your own vehicle. You might need to pick up supplies, make a bank deposit, or run to the post office, all of which are business-related. If you get into an accident during one of these errands, bodily injury, vehicle damage and property damage are covered by the policy. It also includes other coverages, like theft, vandalism, or uninsured motorists coverage.
Business Owner’s Policy (BOP)
There are times when you need multiple areas of coverage from one incident, which is possible if you choose a business owner’s policy (BOP). This is a package policy that lets you get multiple coverages within a single policy. You can choose from valuable papers, income loss, building and contents, electronic data, dishonest employees, and many others. If there is damage to your property from a severe snowstorm, you benefit with valuable papers, electronic data, and building and contents.
A business property insurance policy is important because it helps cover loss or pay for damages caused to your business property. This could occur from a nearby fire, flood after a rainstorm, severe weather conditions, or natural disaster. After the unfortunate incident occurs, business property insurance pays for repairs and to replace any dental equipment or furniture that was destroyed during the event.
Dental Office Cyber Liability Insurance
Cyber liability insurance is a unique policy that covers you in the case of cyber crimes. If you provide an informative website to advertise your services and provide information for patients, they are susceptible to crimes like data breaches or identity theft. If this occurs, they can sue you for damages, which is then covered by your cyber liability insurance policy.
Your employees also need to be protected, which is possible with a workers’ compensation insurance policy. If you have employeed a dental hygienist who slips in the bathroom of your dental office, her injuries are any missing income during recovery, are covered by workers’ compensation. It also ensures you are not sued by employees for their injuries or income loss.
Umbrella insurance is in place to help provide extra insurance coverage when other policies have a limit. It forms a gap between what your primary insurance policies will cover for a particular incident, and what you owe for damages. If there is a flood in your dental office, you might have $200,000 in damages, but property insurance only covers $100,000. If you have umbrella coverage, it pays for the additional $100,000.
Continue running a successful dental office by selecting from these essential dental office insurance policies.