group-practices wallace specialty insurance
group-practices wallace specialty insurance

Group Dental Practices

As a practice grows, coordinating the individual professional liability coverage for the dentists in the practice can become more difficult.  In addition, the larger a practice becomes, the greater the chance that the practice itself will become the target of a professional liability lawsuit.  We refer to this as vicarious liability.

At some point it makes sense for a practice owner to consider a group professional liability policy to serve as the coverage for the dentists in the practice as well as the practice itself.   This is a big step and will require some effort on your part.  Still, there are some distinct advantages to this. 

First, the practice entity itself will be insured if named in a lawsuit.  That's not necessarily going to be the case if each dentist in the practice is allowed to purchase their own professional liability policy.  Those individual policies are not going to defend the entity in most cases.  Couple that with the fact that you lose control of an associate dentist's coverage when they leave the practice and you can see the potential problem.  This is an important consideration because the larger a practice gets the more likely it is that the practice itself will be named in a suit. 

Second, you maintain control of the policy that insures you and your associate dentists.  You don't have to worry that an associate dentist is going to let their coverage lapse without you knowing about it.  You don't have to worry about them maintaining their coverage after they leave.  The policy protecting your practice is fully under your control.

The downside is that you have to pay for it.  It's really hard to assess your associate dentists for their coverage on a group policy.  Still, it can be used as a tool to attract and hold quality dentists.  Also, most companies who sell group professional liability coverage offer deep discounts when compared to the cost of individual policies.

A group policy can be offered to practices as small as three dentists.  Please call us to discuss this option.  We can help you coordinate a comprehensive insurance plan for your practice that includes group professional liability, office property/general liability, workers compensation, group health and disability.