Confessions of an Insurance Agent with Kyle Wallace
After 30 years of delivering comprehensive insurance programs tailored to meet the specific needs of dental practices, oral surgeons, etc – we have seen and heard it all. In this industry, dental professionals cannot afford to leave their careers and/or practice inadequately covered.
The other day I was reviewing the insurance program for a multi-location practice. The current office policy insured the practice locations on a “blanket” property form to supposedly save the client money but the potential downside of the 100% coinsurance requirement was never explained to the practice. I asked the doctor if he was concerned about a coinsurance penalty. His response, “What’s that?”
Last week a dentist sent me her office policy to review. She wanted a better deal. The policy had $10,000 of EPLI coverage and no data breach. She didn’t even know what that was. Maybe the agent didn’t either.
A week ago Thursday, a dentist told me that he’d bought a van in the name of his practice. Several of his employees were driving the van between offices. He had the van insured on his personal auto policy with GEICO. If that doesn’t raise a red flag for you, we need to talk.
Last month, I was talking with a malpractice client about a personal disability policy he had bought elsewhere. He said it was expensive but at least he could pay for it through his practice and write it off.
Once a month I talk to a doctor who employs associates in their practice. They want to talk about the cost of their malpractice insurance. I ask them how they’re addressing the vicarious liability issue with regard to their associates………silence.
Just this morning I was talking with a dentist who signed a lease to build out a new office. It was a full construction project and was going to take five months. The landlord was requiring general liability and another agent had given him a proposal for a standard office policy. A policy that wouldn’t actually cover a claim if one arose during the construction process.
Come on Kyle, you say, you’re making this up. All I have to say is that I used to have hair.
An oral surgeon understands that a general dentist is licensed to remove impacted third molars and place implants; that license is no indication that the general dentist can do it well or should be doing it at all. The same holds true for insurance; any licensed insurance agent can sell you a policy.
Oral surgeons go through years and years of training to secure their degrees and licenses to be able to provide patient care without supervision. The path of an insurance agent is very different. Even though insurance policies are quite complex (just read one sometime), in most states you need only be 18 years old and pass a simple licensing test to sell and service insurance policies independently.
It’s only with practice that an agent gradually learns the nuances of protecting an oral surgeon’s practice, family and lifestyle. Just like OMS, in the pursuit of excellence, many insurance agents choose to specialize in an insurance discipline or in understanding how insurance relates to a specific business community
We speak OMS and we speak insurance. We already understand your practice and know how to help.
–Kyle Wallace, Insurance Advisor, Wallace Specialty Insurance Group