As you move closer to becoming a practicing dentist, it's important to understand your insurance needs and choices. What insurance you'll need depends on your next move: will you work for someone else, or start your own practice?
Your Insurance Needs
All dentists need insurance. What you need depends on your employment circumstances. If you start or buy your own practice, you'll have to choose your own insurance. If you work for another dentist, a clinic, or a group, your employer may provide insurance for you. If you're not covered by a group policy, you'll need to purchase your own Dental Professional Liability Insurance.
Dental Professional Liability
This insurance is necessary for all dentists, whether you work for someone else or have your own practice. It's the dentist's equivalent of medical malpractice insurance. It covers professional liability exposures resulting from claims for bodily injury and/or professional injury. These may occur from alleged malpractice, errors or ommissions. Dyste Williams represents Fortress Insurance Company, a leader in professional liability coverage for dentists. Download a
Student Plan Application.
DPL Policy Types
There are two types of policies: Claims-Made and Occurrence. Claims-Made is more common. It's less expensive, and responds to incidences arising on or after the policy retroactive date, and which are reported during the policy term. Occurrence is more expensive, and responds to incidences arising from the coverage period, regardless of when claims are reported.
DPL Policy Sections
Typical sections of a policy are:
• Insuring Agreements (what is covered)
• Protected Parties (who is protected)
• Limits of Coverage (dollar amounts)
• Exclusions (what is not covered)
• Conditions (details)
• Definitions of policy terms
How to Choose a DPL Policy
When choosing a Dental Professional Liability Policy, keep in mind the following characteristics of a good policy:
• Aggressive claim defense.
• Policy limits from $200,000/$600,000 to $2,000,000/$6,000,000 (varies by state).
• No settlement without consent.
• Premium discounts.
• Other attractive policy features.
• Carrier rating: "A (Excellent)" by A.M. Best.
Risk Management Education
Dentists can control their risk of lawsuits by learning specific risk control techniques. Risk Management classes offer expert legal and insurance insights on minimizing liability risk through proper office procedures, good patient rapport, and effective customer service. Practicing dentists get credit for attending these sessions. It has been shown that a dental practice that incorporates Risk Management guidelines has a much better chance of avoiding or reducing the severity of claims, and delivering a higher quality of patient care.
For More Information
For answers tp any questions, or information about obtaining insurance for your practice or personal needs, please contact Ted Dyste: 952-593-5025, toll free 800-800-6360, or
tdyste@dystewilliams.com.
