Five tips for securing the right cover for your dental practice
Key points
- Having insurance that doesn’t match the needs of your dental practice can leave you exposed or underinsured.
- We’ve collated five simple tips for securing the right level of cover. (Spoiler: it mostly comes down to getting a good broker to do the work for you.)
- Here’s what you need to know.
The challenges of securing dental practice insurance
Finding the right insurance for your dental practice is just one of the many challenges practice owners in Australia are faced with. The right cover will protect you against liability, safeguard your assets and ensure you’re in compliance with regulatory standards relating to dental practice insurance.
Many of the dental practice owners we work with tell us they don’t have the time to wade through the many insurance products on the market, let alone assess whether a particular product is right for them. That’s why we’ve put together an easy guide for practice owners who need support with finding insurance that matches their practice requirements.
- Never settle
Choosing insurance cover without carefully reviewing it first could land you in hot water when it comes to making a claim. When you’re selecting an insurance product, or even rolling over your existing insurance, always conduct a thorough review first. A good broker will do this for you, by identifying any gaps in the policy and recommending solutions. This could mean alternative product options, or add-ons to ensure you’re comprehensively covered.
- Know your needs
The right policy should reflect all of the facets of your dental practice. Consider the size of your practice, the dental services you provide, patient volume, as well as location, when determining what kind of coverage is right for you. You’ll also need a detailed asset register listing the equipment and contents used at your practice to ensure you are insured for the actual value of your assets. (Head here for more on developing an effective asset register for your dental practice.)
- Seek expert support
Most dental practice owners we work with are incredibly busy human beings. In nearly every case, they rely on us to provide insights and guidance about their insurance. Over the years, we have supported more than 1,750 dental professionals around Australia and take pride in connecting our clients with products that match their budget and requirements. We also take the time to regularly review your cover as you grow, and to ensure you’re still getting the best possible solution for your needs.
- Don’t ignore policy options
One-size-fits-all policies may seem like an easy solution, but they’re more likely to leave you exposed in the event of a claim. When choosing a policy for your practice, be sure to consider cover for:
- Public liability
- Practice buildings, equipment and contents
- Business and practice interruption
- Burglary and theft
- Plate glass
- Breakdown of machinery and electronic equipment
- Crime
- Tax audit cover
- Loss of money
A good insurance broker will tailor a policy to matches the exact needs of your practice. These are just some of the factors they will consider when doing so.
- Review and update your policy
It’s important to review your existing insurance policy at least once per year, to ensure it’s providing the comprehensive cover you require. This is especially important as your practice grows. New equipment and machinery should be added to your asset register and then filed with your insurer, who can then make sure your cover is expanded to include any new purchases.
Need your dental practice insurance reviewed?
We can review your existing dental practice insurance to ensure it’s still the right product for you. We’ll go through your cover with a fine-tooth comb, and make sure it aligns with the needs of your practice. This tailored service is designed to make sure you have the right level of insurance for your practice, so you have the protection and peace of mind you deserve.