In this post, we are looking at the various insurances for dentists.
#1. Insurances for Dentists: To Cover Damages to Dental Clinic
Before you read further: Any insurance policy comes with a base plan + riders.
Base plan is the core plan of the policy and riders get you additional protection (not present in the base plan)
You build your dental clinic/office with a lot of hard work and investments. There is the investment of time and money in planning all the aspects of your dental clinic. You have to spend on clinic real estate, furnishing and then on equipment. So, even before you start working in your clinic, there is an investment of millions into the project. Thus, you need to protect and ensure your clinic against events like theft, fire etc.
Insurances For Dentists: To cover against Fire
and allied perils
These types of insurances are usually known as Office Insurance or Shop Insurance. These types of insurances provide the basic cover against damages caused due to fire – whether accidental fire or malicious damage caused by someone. Apart from this, these policies are usually packaged with inbuilt riders for damages caused by natural calamities such as earthquakes, floods, and storms. Some stand-alone policies even cover riots, strikes, and acts of terrorism. (this might vary from one insurance company to other) However, any loss resultant of gross negligence will not be reimbursed.
There are many companies in the market who are providing Office & Shop insurance. Though the basic nature of the plans is same, they vary a little in terms of additional benefits.
While choosing a Shop Insurance or an Office Insurance, always keep a track of 2 lists.
What is covered under the insurance?
What is not covered by the insurance?
Read carefully for the clauses that are not covered by the insurance. That’s very important.
What is generally included in Office/Shop insurance?
- This type if insurance covers all your basic office premises and items of furniture.
- A dental clinic has much costly equipment like RVG, X-ray, light cure units, laser units etc.
- These insurances must cover the hight cost equipment in your clinic.
- Make a completely thorough list of all the instruments in your clinic with their prices. Don’t miss anything. Then plan for an insurance of an adequate amount that can cover the damages of the equipment.
- Follow the point number 4 very carefully. In case you are made a mistake of not providing the correct details, them the insurance company might not pay the cover.
Insurances For Dentists: To cover against events of Burglary & Others
For any professional establishment, a cover against theft or burglary is a must. This type of insurance protects your professional establishment from any loss arising because of theft or burglary attempt. For example, your RVG machine is stolen. Though rare but it still can happen. If you have a shop insurance in policy then the insurance company will pay you the price for the loss.
In the case of loss, the policy pays for the loss incurred depending on the sum insured. So, it is important that the sum insured be equal to the market value of all the items covered in order to be able to get the replacement cost of the items damaged or stolen.
So as suggested before, read very carefully what all is mentioned in the insurance inclusion policy. For example, there might be a clause to cover electronic equipment, but only for computers. Then you have to add the insurance for your dental/medical equipment as a rider or search for another insurance company that will suit your needs.
In the next slide
What will you do if a patient files a case against you for misconduct or a consumer case for faulty treatment?
Such incidences result in a lot of financial loss.
So, how can you safeguard and have insurance for yourself/your clinic against such incidences?