As a dentist, you have a lot riding on the decisions you make when purchasing insurance for dentists for your practice. While you hope to never need the insurance coverage you purchase for your dental business, the fact remains that it is a lifesaver when you do find yourself in need of it – provided you have the right kind of insurance coverage for the occasion at hand. Here at Phoenix Insurance Group, we understand the specialized needs that dentists face, and offer a comprehensive range of insurance for dentists to meet those needs.

These are just a few of the types of policies you’ll need to protect your dental practice.

Business Owner’s Policy

This is a standard policy that every small to medium sized business needs to purchase, including those that operate a dental practice. It covers standard insurance coverages for general liability and business property at a price that is discounted compared to purchasing them separately, though some dental practices feel compelled to purchase additional coverage for both due to liability issues and the expense of equipment in their businesses.

Equipment Breakdown Insurance

Dentists use many items that are not exactly inexpensive to replace. These items include x-ray machines, diagnostic equipment, lasers, drills, computers, and more. When they do not work as required, it can lead to loss of business, loss of revenue, inaccurate diagnosis, and more. You must repair or replace the equipment quickly so you can get back to serving the needs of your patients. The types of damage covered by equipment breakdown insurance include:

• Short circuits and electrical arcing
• Power surges
• Motor burnouts
• Boiler breakdowns
• Mechanical breakdowns

Cyber Liability Insurance

Dental practices have very personal information on record concerning their patients. As more and more practices make the move to electronic record keeping, your vulnerability to hackers and other cyber-crimes grows. You are responsible for safeguarding the privacy of all your patients – even from anonymous hackers.

Unfortunately, even top safety programs for businesses are having a difficult time keeping up with the growing number of hackers out there, which makes your job more difficult. Cyber liability insurance helps to protect your business from the legal expenses, judgments, and settlements that result when patient records and information is compromised.

Professional Liability Insurance or Medical Malpractice Coverage

Dentists provide a valuable service to the public. Even with all the best intentions, sometimes, mistakes are made or negligence occurs. When patients aren’t happy with the outcome, many of them will choose to sue.

General liability insurance does not cover professional liability. You must have a separate policy just for that. These are some of the liability issue your professional liability policy (often referred to as errors and omissions) may cover.

• Contractual liability
• Disciplinary action defense
• Discrimination complaints
• HIPAA defense
• Judgments, awards, and settlements
• Legal counsel for your defense
• Medical payments for injured patients
• Medical waste legal defense
• Negotiation of settlements
• Property damage and bodily injury
• Sexual misconduct
• Subpoena expenses
• And more!

The key to remember is that without professional liability coverage, most of these expenses would fall on your practice to pay.

How are Rates for Professional Liability Insurance for Dentists Determined?

Insurance rate calculations are a complex process. There is no industry standard that works for all insurers. That’s why it’s so important to work with a trusted insurance agency, like Phoenix Insurance Group in New Jersey, to determine the specific types and amount of coverage you need and work with you to find a rate that is both comprehensive and affordable.

Contact Phoenix Insurance Group at 908-879-6500 today to learn about the many products we have for dental practices including medical malpractice coverage and how we can help you maximize your protection without breaking your budget