What Insurance Do I Need to Protect My Work Environment?

Fire, theft, equipment malfunction, lawsuit and disability are but a few of the disasters which can threaten your practice. That’s why dentists who are sole owners of their practice and the vast majority of other dentists - including those in partnerships, cost-sharing agreements or associateship arrangements - need insurance coverage specifically designed for their practice needs. If you have any questions about how to protect your work environment, call us.

As a practising dentist, you will need office insurance. Office insurance protects your practice financially in the event of an office disaster by compensating you for the cost of lost or damaged office equipment, lost income due to an interruption in business, or cost of a settlement of a third-party legal action against you stemming from the operation of your practice (other than malpractice actions). Even if you’re an associate and don’t own the practice, you’ll still require some level of protection. Additionally, if you own the building in which you practise, you will need building insurance to cover your building's structure such as the walls, roofing and attached fixtures.

If you suffer a disabling injury or illness, the ongoing expenses of your practice - such as rent, employee salaries, utilities - will still need to be met. If you own a practice, or are a partner, you’ll need office overhead expense coverage which helps you continue to meet these commitments when you are disabled, as your practice’s income will be greatly reduced or halted by your inability to work.

You may also wish to consider Critical Illness Insurance, which provides you with timely financial assistance in the form of a lump-sum payment you can use any way you need it, after the diagnosis of specified medical conditions, and all other policy conditions are satisfied. You could use the benefit, for example, to maintain the value of your practice in the absence of other coverages.

If you are in a partnership or a cost-sharing arrangement, you may also wish to consider using term or permanent life insurance to protect your practice's stakeholders. You can use either to fund a buy-sell agreement in a business partnership or to insure a key person. Use term insurance if you plan to dissolve the practice by age 65 and permanent insurance if you plan to keep the arrangement going past that age. (Consult with your legal and tax advisors to determine how to structure your coverage.)

Consider also the insurance needs of your employees, who need life, accident, disability and critical illness protection of their own and, if they are dental professionals (hygienists or dental assistants), their own malpractice insurance.

For information on the full range of superior practice insurance products designed especially for dental professionals offered through the Canadian Dentists’ Insurance Program, click here to visit the insurance page of our affiliate company, CDSPI.

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