Other Business Insurance
Whether you own your own dental practice or are an associate, it's best to work with an insurance agent on your insurance coverages. Your agent can discuss coverage options, review potential gaps in coverage, and offer options to ensure you have the coverage you need.
Some coverages you may want to consider are listed below.
If you are an employer, you may be required by state law to purchase workers’ compensation coverage for your employees. It covers employees for work–related injuries, sickness or disease that is related to or occurs during employment.
An umbrella liability policy supplements your existing policy's general liability, auto liability and employer's liability limits. It provides an additional level of insurance protection in case liability limits are exceeded on your other policies. This can be especially important if an accident happens that results in costly medical bills or a lawsuit.
If you have employees in your practice, you should also consider Employment Practices Liability Insurance, covering exposures such as wrongful termination, sexual harassment and age or race discrimination, among others.
Today the federal government is auditing Medicare and Medicaid bills carefully, looking for errors and levying fines where they are found. Even if you make an honest mistake, it could cost thousands of dollars for your defense — and even more in fines and penalties if you are found at fault. Medicare/Medicaid Billing Errors & Omissions coverage protects you against government allegations of fraudulent billing.
Protection of patient health information is a primary duty in every office or practice. If patient records are compromised, data breach insurance can provide important coverage for your practice. In many cases, the insurance covers both electronic and paper records.
If you are starting your own practice and intend on allowing or appointing employee(s) access to your financial information, you may want to consider adding employee dishonesty liability to your insurance plan. This policy provides coverage for employee theft of money, securities and/or property.
In the event of a covered catastrophic loss such as a fire, it's very likely that your business will have to relocate or even close for a period of time while repairs are made. Business Interruption Insurance will provide assistance for lost profits, ongoing operating expenses, and some additional expenses.