In the most recent volume of the North Texas Dentistry, a business and lifestyle publication for North Texas dentists, I contributed, “Understanding Risks… Weighing the potential financial consequences of risk, against the likelihood of a claim and the cost of coverage.” This article outlines four of the most common risks that are often uninsured or underinsured by the typical office property/general liability insurance policy. In my experience, most dentists don’t understand that office policies can be very different from one insurance company to the other.
I ask four thought provoking questions about your dental office and personal protection including:
Do you have insurance in place that will defend you if an employee alleges that you have sexually harassed or discriminated against them?
Do you have insurance that will pay for patient notification and credit monitoring expenses if your computer system is hacked and the security of sensitive patient information has been compromised?
Do you have insurance that will pay for your loss of income if you have to close for several days due to loss of power after a serious storm?
Do you have insurance that will pay you back if an employee embezzles money from you?
Addressing that most dentists can’t answer these questions, I note in my article that each one of the above risks has the potential to cripple or destroy a business.
North Texas Dentistry Magazine is a trade publication written specifically for and about the dental community of North Texas. In each issue a cover story highlights a dental practice in North Texas. Editorial includes informative articles about the business of dentistry and the latest information on new technologies, products and services.