The right policies for every stage of practice

From dental school through retirement, every stage of practice requires different types of insurance protection and risk management strategies.

Students and early career dentists

Dental students generally don’t need malpractice 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 needed earlier than most think! A malpractice policy protects newly licensed dentists during working interviews and while volunteering. To make it easier for dentists who are just starting out, many carriers provide significant discounts in the early years.

This is also the time to consider a disability policy. An unexpected injury or illness can happen at any stage of practice. Dental students make substantial investments of time and money in their new profession. Choosing coverage now ensures that, in the event it’s needed in the future, there’s freedom to focus on healing instead of financial stress.

Associate dentists

Frequently, new dentists begin their careers as associates or as employees of corporate practices. If a dentist joins a smaller practice that does not offer malpractice coverage, they will need to acquire a policy on their own. Typically, corporate practices provide policies that only cover dentists while practicing 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 policy.

One option is to take advantage of low premiums and maintain a separate malpractice policy for flexible protection. The policy can be used as secondary, supplemental coverage to a corporate policy.

New graduates who start in corporate practice generally transition to private practice within six months to two years, so it can be advantageous to secure low-cost premiums early to maintain consistency and competitive pricing through career transitions.

Practice owners and property owners

For those who lead or partner 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 the state or landlord—required. In addition to malpractice, general business liability, disability and health and wellness coverages, owners also need:

• Commercial property insurance
• Cyber liability insurance
• Business overhead expense insurance

Once ready to build the practice team, the following policies are needed protect employees and offset risk as an employer:

• Workers’ compensation insurance: Legally required in most states to cover employees’ medical care and compensation for lost income if they become injured or ill in the workplace
• Employment practices liability insurance (EPLI): Covers the employer for allegations of wrongful hiring practices, termination, discrimination or sexual harassment
• Small group health coverage: Health benefits for practices of two to 49 employees to support team wellness and retention

The earlier in a dentist’s career that they enroll in life, AD&D, disability and long-term care insurance, the lower the rates they can secure.

Volunteer dentists

An agent or broker can help determine if a dentist’s current malpractice policy already covers them when volunteering within the state where they are licensed. Those seeking to offer volunteer services out of state, check with the charitable organization to see if it offers liability coverage. If it doesn’t, the agent or broker can share available options.

Retired dentists

Many dentists enjoy the flexibility of continuing to work limited hours or providing care on a volunteer basis after retiring from practice. Naturally, if in retirement a dentist continues to lease property or have a partnering interest in a practice, they will need to maintain most of the same policies as other active dentists who are practice owners. However, if a practice or commercial property are sold, the insurance needs are significantly reduced.

Any dentist who chooses to continue to practice in some capacity must maintain a malpractice policy to protect against possible claims and cases.

When is it time to add or change coverage?

What milestones signal the need to add or adjust insurance policies? Here are common career or life changes that often impact the type and amount of coverage:

• Graduating and gaining licensure
• Buying or selling a practice
• Hiring employees
• Changing a practice location
• Acquiring new dental equipment
• Expanding treatment or anesthetic modalities
• Purchasing or leasing new space
• Experiencing a disability
• Retiring

Contact your insurance agent for guidance on choosing the right type and amount of insurance for changing needs in your life and practice.