Best Insurance for Dentists

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Contributor, Benzinga
August 31, 2020

Trust is the foundation of your dental practice, but your reputation is just as important. Even the most experienced and dedicated professionals need protection against operational risks. As a dentist, you need insurance that provides comprehensive coverage for whatever comes your way.

The right cover will help you concentrate on serving your patients. Start with Benzinga’s guide to understand your dental practice insurance options and find providers to approach for coverage.

Best Dentist Insurance

From attending to patients to handling critical records, your dental practice will encounter a fair share of risks. You need to know that the practice you’ve worked so hard to build up is protected. Insuring your equipment is just as important as covering your work premises from flood and fire damage.

Use the table below to compare insurance quotes from top carriers online.

Types of Dentist Insurance

Dentists have various types of business insurance to consider if they want to protect their practices. These policies will protect against the most common dentistry risks.

Business Owner’s Policy (BOP)

Most dental practices start with a business owner’s policy as the foundation for protection. A BOP combines 2 distinct coverages:

  • General liability insurance. General liability insurance protects you from claims made against your business for any bodily injury or property damage to other people. For instance, this coverage can help meet the medical expenses of a patient who trips over a chair in your waiting bay.
  • Business property insurance. Commercial property insurance protects your rented or owned office space and any equipment you use. This includes patient chairs, sterilizing equipment and dental lights among other tools.

A BOP is typically cheaper than buying individual coverages. You can also customize your BOP to provide extended coverage depending on the nature of your business.

Workers’ Compensation Insurance

Workers’ compensation insurance is mandatory for all dental practices that have at least 1 employee on payroll. This type of insurance covers lost wages and medical costs for work-related illnesses and injuries. Other benefits your workers’ compensation insurance may offer include:

  • Death benefits. If your employee dies while in line of duty, your workers’ compensation insurance will help pay for the funeral expenses the employee’s family would have incurred.
  • Vocational rehabilitation. Workers’ compensation will also provide ongoing care for employees who can’t return to work because of an accident.

Workers’ compensation insurance doesn’t pay for your own lost wages or medical bills. It also doesn’t cover employees who are injured in instances of negligence, fighting or under the influence of drugs or alcohol.

Business Interruption Insurance

Business interruption insurance can help keep your business running, clear bills and maintain its clients if you’re unable to resume normal operations for a period due to unexpected interruption like flooding, fire or a break-in. This insurance will cover lost income and help get your business up and running as soon as possible.

Cyber and Data Insurance

Cyber risk insurance protects your business against data breaches resulting from your mistake or attacks from cyber criminals. This coverage will meet the costs of getting your business on track, including access to cyber crime specialists.

Professional Liability Insurance

Professional liability insurance can protect you and your dental practice against legal claims of professional errors in your line of work.  

Equipment Breakdown Insurance

Everything at your dental office may come to a halt if a machine you use breaks down. Equipment like computer imaging systems and dental vacuum systems are sophisticated and require experts to repair. 

Equipment breakdown insurance can help cover the cost of repairing your malfunctioned dental tools. It may also replace any lost income due to machine breakdowns.

Cost of Dentist Insurance

Multiple factors will impact the premium you pay for your dental practice insurance. These include:

  • Premises size. A larger business premise increases the chances of claims against your practice, which may increase the cost of your general liability insurance.
  • Equipment value. You’ll pay a higher premium if your practice uses high-value equipment for its operations. Your commercial property insurance premium increases since your insurance carrier will pay more if you make a claim.
  • Number of employees. The number of employees your business employs will impact your workers’ compensation premium. More workers in your business means there’s a higher chance of a workers’ compensation claim against your business. You should also expect your premiums to increase as your business expands.
  • Claims history. You’ll typically pay more for coverage if your dental business has previously filed claims with 1 or multiple insurance companies.
  • Location. Your business location affects the price of your premiums. You can expect to pay a higher premium if your business is located in a flood-prone area.

Here’s the median cost of different types of insurance coverage for your dental practice according to the Insureon calculator.

Type of PolicyMedian Premium Per Month
General liability insurance$40
Workers’ compensation insurance$65
Business owner’s policyLess than $100

How Dentist Insurance Works

Insurance for dental practices comprises multiple policies. You identify your business’s risks and choose policies that can cover them. Most dentistry practices start with a business owner’s policy that protects against 3rd-party lawsuits and damage to business property. Combining these policies is typically less expensive than buying individual policies.

While BOPs bundle important coverages for your dental business, they aren’t the only type of coverage your business needs. The policies your dental practice needs mainly depend on its exposure – the potential your business has for loss arising in the course of operations.

Other common insurance covers that dentists purchase include equipment breakdown insurance and workers’ compensation. You may also open up your business to negligence claims if you offer professional consultation services. You’ll need professional liability insurance to cover the defense costs if you’re sued for negligence in rendering your professional services.

Dentists have 2 options for getting coverage. The 1st is to purchase directly from top carriers that offer coverage directly to customers through their websites. The 2nd option is to obtain coverage from a broker who sells dentist insurance from different providers.

Protect Your Dentistry Practice Today

Dentist insurance is a great investment whether you’re a sole proprietor or work with a team of employees. The insurance requirements for each dental business are unique, but each requires some basic level of coverage.

Finding the right insurance carrier will help you get the right coverage without overpaying. Start by obtaining quotes from top providers to get an estimate of how much you will pay for coverage. Our recommended providers can offer no-obligation quotes for the best business insurance policies within minutes.