Shopping for a new insurance provider for your dental practice or private healthcare clinic? You may already have some forms of insurance that you rely on. But you may be looking for a new provider or new policies to add to your “policy portfolio.” Perhaps you’re looking for new dentists malpractice insurance or something similar. As you look for a new insurance partner and coverage, you should do your research. Here are three questions to consider.
What Kinds of Insurance Do I Need?
Going into the insurance marketplace can be daunting. It might not be crystal clear what kind of coverage you need. As you explore options and talk to potential insurers, ask them how they would insure you, and research similar practices and professions to learn what type of insurance they have. No matter what type of professional you are—from a nurse at a private healthcare practice to a dental hygienist—make sure you understand what kind of coverage you need. For example, malpractice insurance for nurses is something you don’t want to overlook. Practice owners can get malpractice insurance for themselves and the practice, but looking into specific malpractice insurance for yourself is a good idea.
Is General Liability Coverage Enough?
New dental and healthcare practices may opt for general liability as their go-to coverage when they open their doors. It’s a good “baseline” insurance to have. But that’s just it—it can be the baseline and nothing more. There are different types of liability insurance coverage. General liability can cover many of the liability basics, like property damage and personal injury to third parties who visit your business (clients, patients, vendors, etc.). It likely has other coverages, as well. But it’s unlikely to have more specific kinds of coverage. For example, general liability typically wouldn’t cover malpractice claims. If you’re a nurse in a healthcare practice, you may also want to consider nursing malpractice insurance.
Can I Afford the Coverage I, or My Practice, Needs?
If you’ve only ever purchased homeowners, car, or health insurance, you might assume that policies are unaffordable. But this isn’t always the case. For example, for less than $500 a year, you can purchase general liability insurance for your small business. When it comes to medical malpractice insurance, depending on your state and profession, you could pay less than $100 a year. Before you decide whether you can or cannot afford it, you should get pricing information from multiple insurers. You can't afford not to.
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