As a practice owner you wear many hats. Still, the more time you spend as clinician, the more successful the practice will be. We understand this and we’re here to help.
Insurance policies are complicated and understanding the subtleties of coverage can be difficult and time consuming. Misunderstanding theses subtleties can be devastating. We’re an independent agency that works with dozens of different insurance companies. We understand your business and ours. We’ll help you get what’s right for you efficiently and economically.
THE TOP INSURANCE COVERAGE OPTIONS FOR PRACTICE OWNERS
Professional liability insurance is designed to defend and indemnify a doctor from allegations of treatment errors resulting in harm to a patient. Choosing professional liability coverage is serious business. Your reputation and even your ability to practice may depend on that choice.
Entity (Corp) Professional Liability
If you own a practice and your practice is structured as a formal entity (Inc., LLC, PC, PA, etc.), it’s important to make sure the practice entity is protected as well. In most cases, your individual professional liability policy won’t provide coverage for your practice entity, especially if you employ associate dentists or use dentist contractors.
Business Disability Insurance
Most doctors are familiar with personal income replacement disability but what happens to a practice when an owner dentist can’t work due to a disability? Disability insurance can also be called on to cover the ongoing expenses of a dental practice or can be structured to make the payment on a practice related loan when the owner/operator dentist is out on disability. The point being that disability insurance can be a versatile financial tool when used properly by practice owners.
Business Owner's Policy
An office policy commonly referred to as a BOP (Business Owners Policy) is one of the broadest and most versatile policies you’ll ever buy. This policy will insure your office property (building, condo or lease space), contents and general liability. It doesn’t stop there. Designed correctly, the policy can also protect your practice from risks you haven’t even considered. We understand your practice, the most common risks and how best to address this with the BOP policy.
Workers compensation is designed to cover the costs associated with an on the job injury or illness suffered by employees of the practice. Those costs include medical, disability and lost wages. A business owner is required to carry workers compensation in most states but even where not required, the laws are stacked against employers who don’t. Workers comp is not expensive for a dental or medical practice.
Data Breach / Cyber Liability
Your practice records and retains sensitive information about your patients. For most doctors, that information is now mostly stored in electronic form. There are laws in addition to HIPAA that specifically define your duties to protect those records. Studies have shown that the cost of just the obligatory notification and credit monitoring can cost upwards of $250 per record. Do the math.
Employment Practices Liability
Employment Practices Liability (EPLI) coverage is designed to defend an employer from allegations of wrongful termination, discrimination or sexual harassment made by an employee, former employee or job applicant. We’ve seen an exponential increase in practice related EPLI claims over the past five years and expect the trend to continue given the prevailing social climate.
Commercial Vehicle Coverage
If you own a vehicle in the name of a practice, it must be insured on a commercial auto policy. Not doing so could be catastrophic to your practice.
Term Life Insurance
Death and life insurance can be an uncomfortable subject. Take the emotion out of life insurance though and it’s nothing more than an extremely efficient and flexible financial tool. We have access to the entire life insurance market. Whatever your situation, we can help you find the life insurance to address it.
Small Group Health Insurance
Right now, Group Health Insurance through a practice will offer greater options and better pricing. Most practice owners have options they likely haven’t even considered, options that could save themselves a lot of money and maybe even make them heroes in the eyes of their employees. We can show you how.
Short Term Disability
Dental Practice owners can also pick up short term disability as part of a group policy. Short term disability with benefits starting as early as one day after an injury or eight days after the onset of illness can only be purchased through a practice on a group basis.
It can be difficult for a practice to attract and keep the best talent. Group Benefits are one way of differentiating yourself from the competition. Offering short and/or long term disability, vision, accident and critical illness coverage will be appreciated by your team even if they ultimately pay most or all of the cost themselves.
Personal Home & Auto Insurance
We’ve been conditioned by advertising to believe that Home and Auto insurance is all about price. We’re told that all home and auto insurance policies are created equally. It’s just not true.
Individual/Family Health Coverage
It doesn’t really matter what your position is on the Affordable Care Act. It’s the law of the land and has likely forever changed the way we purchase and use health insurance, and yes, its’ complicated. It’s more important than ever to understand your options with health insurance, especially if you’re a practice owner.
Commercial Flood Insurance
Insuring your office for the risk of flood requires a specific and separate policy. A standard Business Owners (BOP) Policy will not cover your office for flood damage.
Commercial Earthquake Insurance
A basic office policy does not cover the risk of earthquake. If your office is located in a seismically active area, securing Earthquake Insurance is imperative.
401K / Pension Plan Bond
If your practice has a 401(k) in place for you and your staff, you are required by the IRS to secure a bond in the amount of 10% of the plan assets. These bonds are inexpensive and generally purchased for three year terms.