The Right Policies for Every Stage of Practice Students and New Dentists Dental students generally don’t need professional liability protection until they have passed their board exams and are licensed to practice. This is because the dental school assumes the responsibility (and liability) for the care provided in an educational setting and during exams. But coverage is still needed earlier than you may think! Professional liability insurance protects newly licensed dentists during working interviews and while volunteering. To make it easier for dentists who are just starting out, the cost of coverage in the first year is only $0 to $50, with significant discounts for years two and three. This is also the time to consider a disability policy. An unexpected injury or illness can happen at any stage of practice. You’ve made a substantial investment of time and money in your profession. Choose coverage now to ensure that in the event you need it, you have the freedom to focus on healing instead of financial stress. Until you have employees or lease office space, no other policies are necessary at this stage of practice. Associate Dentists Frequently, new dentists begin their careers as associates or as employees of corporate practices. If you join a smaller practice that does not offer professional liability coverage, you will need to acquire a policy on your own. 8
Typically, corporate practices provide professional liability insurance that only covers dentists while within their facilities. Many new dentists want the flexibility to gain additional experience by volunteering or also working outside of the corporate setting. In that case, they would not be covered by their employer’s professional liability policy. One option is to take advantage of low premiums and maintain a separate Professional Liability policy for flexible protection. The policy can be used as secondary, supplemental coverage to your corporate policy. On average, new graduates who start in corporate practice will transition to private practice within six months to two years, so it can be advantageous to secure low-cost premiums when starting out to maintain consistency and competitive pricing through earlycareer transitions. Practice and Property Owners For those who have reached the stage of leading or partnering in a practice, it’s essential to protect the business and its assets with more robust coverage. A number of additional policies are recommended or — depending on your state or landlord — required. In addition to Professional & Dental Business Liability, Disability and Health coverages, you’ll also need: • Commercial Property insurance (Business Owner’s and/or Lessor’s Risk policies)
• Cyber Suite Liability insurance • Business Overhead Expense insurance
To protect your employees and offset your risk as an employer, you should also have Workers’ Compensation insurance and Employment Practices Liability insurance. Once you get ready to build your practice team, you’ll build your protection too: • Workers’ Compensation insurance • Employment Practices Liability (EPLI) insurance • Small Group Health coverage (practices of two to 49 employees).
Retired Dentists Many dentists enjoy the flexibility of continuing to work limited hours or to provide care on a volunteer basis after retiring from practice. Naturally, if in retirement you continue to lease property or have a partnering interest in a practice, you will need to maintain most of the same policies listed above. On the other hand, if you have sold your practice and commercial property, your insurance needs are significantly reduced. Should you choose to continue to practice in some capacity, it is important to maintain a Professional Liability policy to protect you from possible malpractice litigation. TDIC liability policies are written to provide coverage throughout the state in which you are licensed to provide care, which means you are not tied to
