Choosing the right dental professional liability carrier takes careful consideration. But in the end it all comes down to their REP – Reliability, Expertise, and Premium.
Reliability
- How long has the carrier been in business?
- How long have they been writing Dental Professional Liability?
- What is their A.M. Best rating? A.M. Best is a credit rating agency for the insurance industry. Knowledge of this rating will help you assess the financial strength of the carrier. For more information on A.M. Best visit their website at www.ambest.com.
- Does the carrier write in only your state or are they able to write in other states, and if so is your coverage portable? You may not be planning to relocate now, but if you should move out of state, it would be nice to know if you have the option to continue your coverage with the same carrier in another state.
Expertise
- What has been their experience defending dentists’? Since dentists’ claims are unique to dentists’, this is an important consideration.
- How often do they settle a claim versus litigation?
- What if any input will you have regarding a settlement?
- What kind of advice, risk management techniques, and consent forms are provided by the carrier to help you prevent a claim?
Premium
- Have there been rate increases in the past five years, and If so why?
- What was the overall rate increase for a dentist based on your characteristics? Assessing the carrier’s past rates will often provide insight into their future rates.
When purchasing a Dental Professional Liability insurance policy (also known as dental malpractice insurance), you are essentially purchasing a promise. The carrier promises to defend and pay damages on your behalf for a future professional liability claim made against you. Knowing the REP of the carrier is essential in helping you determine a carrier capable of keeping their promise.
