Choosing the right company to insure you for your Dental Malpractice Insurance is one of the most important decisions a dentist will make during his career. A dentist needs to have malpractice insurance to cover claims for dental mistakes, misdiagnosis, or other situations where a patient suffers injury. There are a number of companies out there anxious to write your dental malpractice insurance policy. The one you select can have important ramifications in the event of a claim.
Because we have been in the business of administering Dental Malpractice Insurance policies in Florida for many years, we have seen insurance companies come and go. Many of them have offered low prices. They have marketed aggressively. They have undercut the best carriers in the state of Florida. And then they are gone, leaving wreckage behind and dentists unable to find quality coverage because they have chosen an inferior carrier.
We have a few thoughts on the subject of choosing the right Dental Malpractice Insurance Company in Florida.
First of all, choose a company that has a strong rating by A.M. Best & Co., the gold standard in rating the financial strength and stability of an insurance company. The worldwide rating and information company performs a thorough vetting of each insurance company and rates them according to their overall strength and ability to pay claims.
Second, choose a company that specializes in coverage for dentists–members of your profession. Many companies sell dental malpractice insurance as an offshoot of their physician and surgeon malpractice business. You want a company that knows dentistry and focuses on your specialty. You want a company with a strong claims history. It is a good practice to ask your colleagues for suggestions, especially those colleagues who have been sued for malpractice and have personal experience with a dental malpractice insurer’s willingness and ability to defend and/or pay claims in a timely manner.
Third, choose a company with a strong policy. Comparing policies is more than determining which is the least expensive, or which provides the highest dollar amount of coverage. The added coverages and features that you need—cyber liability coverage, DPR defense coverage, free tail at retirement, etc. add up very quickly and can spell a real difference for your practice.
Fourth, choose a company that offers credits for claims-free experience and for risk management. These credits can go a long way toward reducing your premium over the long term. A quality risk management program, aimed at the dentist, can help reduce the likelihood that you will have a claim in the first place.
So, you can see that it is vital that you are insured with the right Dental Malpractice Insurance Company in Florida. Our staff stands ready and able to help you.
John Gracey Backer, CPA
John Gracey Backer, CPA, is the Treasurer of Gracey-Backer, Inc., an Insurance Agency in Delray Beach, Florida specializing in All Lines of Malpractice, Professional and Personal Insurance for the Healthcare Provider. He can be contacted at 800-272-6055 ext 128, or at firstname.lastname@example.org.