Can I Really Get a Dental Malpractice Policy For $50?
Yes! If you meet the following 3 qualifications, you can get a dental malpractice insurance policy for $50 for the first year. Have you:
- Recently graduated from dental school, or completed a residency program?
- Secured your first position as a dentist?
- Been a member of ASDA, the American Student Dental Association?
If you answered yes to all 3 questions, then a $50 policy is available for you. Most malpractice insurance companies offer this option now. Keep in mind, this offer is only good if you are entering dental practice for the first time, within a few months of graduation.
How much will my malpractice insurance cost after my first year?
Dental malpractice insurance rates vary widely from state to state. The same policy in one state may cost $900 and the same exact policy for the same person may cost $6,000 in another state. It’s a good idea to talk to your malpractice insurance agent if you’re thinking of moving!
Rates also vary based on the procedures that you perform. A fully impacted 3rd molar extraction is obviously more risky than placing sealants. And treating patients under General Anesthesia has a higher probability of adverse consequences than treating patients with Nitrous Oxide. This will affect your premium. Your agent will ask you some specific questions about the procedures that you provide in your practice. And you may be asked to complete a supplemental application if you provide certain types of anesthesia and/or dermal fillers.
Lastly, your practice locations do affect your premiums. Even within the same state, the rates may be higher in a major city than they are in more rural areas. And if you live near a state line and practice in more than one state, your rate can vary from location to location. It is very important to keep your malpractice insurance agent or insurance company apprised of any practice location changes that you make. As soon as you make them.
Your malpractice insurance will typically increase in premium for the first 4 to 5 years, and then the premium will remain fairly steady. In the first several years, most companies offer discounts for being new to practice and those discounts taper off gradually over time. Your agent should be able to give you a ballpark idea of what premium to expect in your 2nd and 3rd years in practice.
Call us if you’re interested in additional information regarding dental malpractice insurance. Need a $50 policy? We can help. We have a team dedicated specifically to protecting dentists, and we love to talk about insurance.