Dentists are not required to have malpractice insurance in California. However, protection for your income, employees, reputation and more is so important. In this blog, you will learn how to navigate the many companies and policy types you have for dental malpractice insurance. Get the information you need to make a great choice.
Use an A-List Dental Malpractice Insurance Broker
How can you know what kind of insurance you need – its features, coverage limits and so on? Frankly, you should use the services of an insurance broker who researches many A-list companies to get you the best rates without sacrificing quality protection. Avoid using an insurance agent who only offers the products offered by a single company.
In addition, this malpractice insurance broker will consider characteristics unique to your practice–things such as:
- Location of your dental office(s)
- Specialty services you offer to your patients (such as implant dentistry, orthodontics or endodontics)
- Number of employees you have
- Number of years you have practiced dentistry
- Special equipment and inventory you have onsite
From there, you should be able to review several insurance quotes which fit your budget and the budget of your practice.
Understand What Each Insurance Quote Offers You
Liability limits in California are $1 million per occurrence or a $3 million aggregate. Inquire about physical and non-physical losses which patients could also claim if they sue you in court. Your broker should advise you on the insurance policy which will best protect you, your assets and your practice.
Additionally, over time, your coverage needs will change. Perhaps you take on partners in your practice. Or, you open another office. As your practice changes, the broker you choose should be up to date on the changes and adjust your dental malpractice insurance policy appropriately.
Choose Wisely Between Claims-made Policies and Occurrence Policies
Claims-made insurance covers the dentist for claims filed by patients only during the specific policy period. Occurrence policies cover the dentist if the incident happened during the policy period and even if the claim is not filed until a date which falls beyond the policy period.
Also, tail coverage protects you in the event that you retire or change places of employment. This additional coverage is important if you choose a claims-made policy.
This difference in dental malpractice insurance policy type is somewhat confusing. However, your broker should clearly explain it and how it may apply to you and the unique needs of your dental practice.
Make Sure Your Policy Has a Consent to Settle Feature
This means that you, the dentist and policyholder, have the express right to settle a malpractice insurance claim with the patient. In other words, if the insurance company puts forward a monetary offer to the patient, and if the patient indicates they would like to accept it, you have the right to say yes or no to that settlement before it is actually made final.
Your Best Dental Malpractice Insurance in the State of California
At eQuoteMD, we assist numerous dentists and other kinds of healthcare providers across all 50 states with outstanding protection against malpractice claims. We also help dentists with risk management and other details of their practices to avert malpractice claims whenever possible.
To receive complimentary quotes on insurance offered by the finest companies in the United States, call our St. Louis, MO, office at (855) 823-5283. An experienced broker will speak with you, or you get a quote online through our website. We look forward to hearing from you soon!