Best Dental Malpractice Insurance for New Dentists

Starting in your career as a dentist is an exciting life milestone. However, it does come with its fair share of big responsibilities and risks. To safeguard your hard-won career and financial future, find the best dental malpractice insurance coverage for you.

Let’s explore the essentials of malpractice insurance, including the types of policies available, key differences among them, and how to choose the best coverage for your needs as a new dentist.

Understanding Dental Malpractice Insurance

Malpractice insurance is a true safety net for dentists, physicians, physical therapists and other healthcare providers. It protects you from potential claims or lawsuits which allege negligence, patient injury, unsafe dental practices, faulty equipment and more.

Without adequate malpractice insurance coverage, you could face significant out-of-pocket legal costs, settlement fees or even the loss of your professional license and personal assets. Plus, whatever happens to you impacts your family, income and the well-being of your staff.

As such, most states require by law that dentists carry malpractice insurance. However, even if you live in a state which does not mandate insurance coverage, it is very wise for you to purchase the best coverage you can afford. In some cases, you may need specific policy limits or coverage to meet licensing board requirements or practice privileges.

Types of Dental Malpractice Insurance Coverage

There are various types of malpractice insurance policies available for new dentists. The most common kinds include the following.

Occurrence-based Policies

These malpractice insurance policies protect dentists in the event of alleged incidents occurring during the policy period. You are fully protected regardless of when the patient files a claim – immediately or even years down the road.

Claims-made Policies

These malpractice insurance policies only provide coverage if both the incident and claim occur while the policy is in effect. Claims-made malpractice insurance policies cost less than occurrence-based coverage. However, if you switch policies, change employers or retire, you must obtain coverage for any potential claims which may arise in the future.

Tail Coverage

If your malpractice insurance policy lapses due to retirement, relocation, practice termination, or another reason, tail coverage is essential. This add-on makes claims-made insurance serve more like an occurrence-based policy. Tail coverage protects you from incidents while you were insured but were reported after your policy expired.

Finding the Best Dental Malpractice Insurance

When shopping for the best dental malpractice insurance, consider the following factors.

Reputation and Financial Stability of the Insurance Company

Choose a malpractice insurance provider with a solid reputation and financial viability, check their ratings with industry watchdogs who routinely monitor these companies, and read reviews from other dentists.

Coverage Options

The policy you choose should cover a wide range of risks, including negligence and personal injury. Look for options that suit your specific practice needs, location, procedures you perform and more. The insurance coverage limits should be a minimum of $1 million per incident and $3 million aggregate.

Cost and Value

While price is important–especially when you are just starting out–focus most on the overall value and benefits of the policy. A slightly higher premium might be worth it for better coverage and fewer exclusions.

Use an Insurance Broker

Avoid using an insurance agent who represents one company only. Instead, seek out the services of an experienced malpractice insurance broker. A reputable and experienced broker will impartially shop for the best policy features and the lowest possible price.