Cover Your Care: 5 Insurance Policies Every Dental Practice Needs

Contributions by Lynn Heintz

The right insurance coverage is all that stands between your practice and economic ruin. Sounds dramatic, right? Unfortunately, it’s not. While we never want anything bad to happen, the reality is that accidents occur and we need to be prepared for when they do. That’s why we brought in dental insurance expert, Lynn Heintz of Southpoint to give us the in’s and out’s to finding your insurance coverage sweet spot.

Here are the 5 types of insurance ALL dental practices should carry.

Malpractice Insurance

Dentistry is expanding its functionality with new procedures such as dermafills, botox, and implants. If your practice is going outside the regular drill and fill, make sure your policy is covering the services you are rendering. Not sure what to look for? Southpoint can review your policy right now and let you know whether you need to increase your liability coverage or if you are ok where you are.

Property­­ Insurance

When it comes to property insurance, it’s all about making sure you have the right amount of coverage for your circumstances. Whether you rent or own the building and land your practice sits on effects the type of coverage you’ll need. But, property insurance covers more than just the building of your practice, it’s everything in it, as well. If you have upgrade any of the technology and equipment in your practice, have you adjusted your coverage accordingly? If not, should anything happen, you will be losing out on the value of that item.

Workers’ Compensation 

This one is fairly straight forward. Accidents happen and we need to be prepared! Workers comp covers the injuries of anyone employed by your practice, including temporary employees and independent contractors. So, first things first, make sure your insurance package includes the state law required workers compensation policy! If it doesn’t, it’s time to make adjustments. That’s where Southpoint comes in. They’ll find the policy that fits your unique needs and make sure you aren’t over spending while doing so. Also, their CDS Endorsed program allows you to reap the benefits of being a member. Five percent is rewarded off the top and dividends have been returned to its members for the past 5 out of 6 years!

Employment Practices Liability

Employment Practices liability is like the HR of insurance. Let’s say there’s a claim against one of your employees, such as harassment toward a patient, or a claim against your practice, such as wrongful termination. Now, your practice could foot the bill for costly legal procedures, or you could let your insurance policy cover it. It’s an easy policy to overlook, but it’s an oversight that could end up costing you thousands in the long run. 

Cyber Liability

If a bank can get hacked, so can you. With the massive movement of doing business online and the increase in data hacks, having cyber liability in place is more crucial than ever. Cyber Liability covers any type of info breach, whether that means credit card information or personal details of a patient’s health. We’re so focused on everything happening in our lives and our practices, it’s important we don’t miss what’s happening online.

Lynn Heintz is an independent insurance agent at Southpoint, specializing in dental malpractice, property, workers compensation, employment practices liability and cyber liability coverage since 1996. As independent insurance agents, Southpoint offers superior company options to get you the best pricing! Get your practice covered at the best price by giving Lynn a call at 708-203-0528.

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