Some Dental Practice Changes Could Affect Your Malpractice Insurance Premiums
Running your practice no doubt keeps you busy enough that thinking about how your business decisions affect your insurance premiums is probably not top priority. However, malpractice policies vary in coverage and exclusions, and the price of your malpractice insurance premiums is determined by statistical data on a number of factors (like geography, experience, and procedures performed,) so naturally, certain dental practice changes that affect those factors can affect your policy premiums.
Enter your malpractice insurance agent. Because you’re not any less busy running your practice now that you know this, so all you have to do is make sure you notify your agent of these changes, and we’ll make sure you have all the information you need.
What Kinds of Dental Practice Changes Does Your Dental Malpractice Insurance Agent Need to Know?
Always be sure to discuss the following 3 dental practice changes with your dental malpractice insurance agent:
1. Any changes to the procedures that you offer
- If you receive additional training and as a result are offering new procedures in your office, please notify your agent immediately
- Similarly, if you have been providing certain procedures for years, but aren’t doing them any longer, call your agent – removing some procedures from your policy may reduce your premium
- Some policies have exclusions for riskier procedures unless you specifically notify the company that you are providing those procedures. You don’t want to find this out after a claim has been filed against you!
2. Any office location changes
- Every time you begin working at a new office, or stop working at an existing practice, please notify your agent. Some malpractice policies are location specific and require that all practice locations be listed on the policy in order to provide coverage for you.
- If you work in a mobile dental unit or for a temp agency, or if you’re an anesthesiologist, please discuss the proper procedures with your agent so that you don’t have to notify them of new locations every day, but can provide a list of possible locations up front or once a year
3. Any changes to ownership or your legal entity
- If you have any corporations or LLC’s filed that you use in your dental practice in any way, please notify your malpractice insurance agent. You may need to add additional coverage to your policy for that entity.
- Your legal entity can also be sued in a malpractice lawsuit. This is very common. You want to make sure that your entity is covered by your malpractice insurance, not just by your business owners insurance. Malpractice insurance and Business Owners Insurance cover two very different things.
- If you hire dentists to work for you, or if you make any changes to your legal entities, please notify your agent. These changes DO matter and they DO affect your malpractice insurance.
If you don’t have an agent that specializes in dental malpractice insurance, you should know that we love talking to dentists about their insurance, and we’re happy to discuss your dental practice changes with you – or anything else dental insurance for that matter – even if you’re not our client! Don’t let your questions go unanswered.