In the Spotlight

IN THE SPOTLIGHT Business Office Insurance for Dental Practices

By Stormy Blair Vice President, Brown & Brown Association Services Professionals (an LDA/LDS endorsed company)

Whether you are a new or long-time practice owner, the world of business insurance can seem complex. Your first instinct may be to look at price when shopping for insurance protection, but this is not always the best approach. There are several factors in addition to the price you should consider when insuring your dental practice.

Typically, commercial property insurance is paired with other types of insurance like general liability and business income protection in a Business Owner’s Policy (BOP). But this may not always be the case; particularly in the gulf south states where the risks of hurricanes are greater.

There are multiple factors insurance carriers use for rating purposes, such as geographic location, the age of the building and the type of construction. Then, there are optional coverage options that you may choose to include or exclude, which affects the premium. Be sure that the policies you are comparing include the same lines of coverage, and drill down on the optional coverage parts to tailor a BOP to meet your needs and budget.

Here are a few important coverage parts that greatly affect the premium and how a policy responds in the event of a claim: 1. Replacement cost vs. actual cash value will provide coverage without depreciation for the building and/ or equipment that is rebuilt or replaced. 2. Insurance limits in the amount of the total value of the property will meet carrier co-insurance requirements and prevent a co-insurance penalty that could reduce the claim payment. 3. Business income coverage for loss of revenue is not all the same. Look to see what triggers coverage, the waiting period and the limit of insurance. 4. Deductibles can be as low as $500 and as high as $10,000 per claim, and there may be a separate wind & hail or named storm deductible.

While the details of a policy are important, it is just as important to choose the right insurance agency and carrier.

The LDA-sponsored insurance agency, Brown & Brown Association Services Professionals, understands the unique insurance needs of a dental practice and offers policies to meet these needs. Contact Stormy Blair at 1-888-503-5547 or sblair@bb-asp.com for more information.

PARAGON is proud to be a part of another successful dental transition in your area.

Ronald L. Crawford, D.D.S. & Raymond A. Jarvis, D.D.S.

have completed a practice transition utilizing PARAGON’s Ownership Redemption Program Shreveport, Louisiana

Your local PARAGON dental transition consultant Bob Huston

To start your relationship with PARAGON

Call: 866.898.1867 • Email: info@paragon.us.com paragon.us.com