Dental Office Insurance

Ontario Dental Office Insurance

If you own a dental office, then it's essential that you have Ontario dental office insurance. Not only are you providing a valuable medical service, but you are also running a business. And as a business owner, there are a number of risks that you are exposed to. It only takes one fire, one dissatisfied patient, one broken X-ray machine to put your business in the red.

Don't take unnecessary risks. Make sure you have adequate coverage to protect your dental practice from financial ruin. When you are looking for the right insurance for your needs, look no further than the expert team at Morison Insurance. Our licensed, experienced brokers will shop around Ontario's top insurers to find you the best coverage for your needs at a competitive quote. We know that as a medical professional and business owner, it's important for you to have the most comprehensive coverage possible. Our brokers will walk you through the different options available to you and ensure that you are completely satisfied with your insurance policy.

What is Dental Office Insurance?

Essentially, dental office insurance in Ontario is a type of business insurance. It comprises different coverages that protect a range of perils. In its most basic form, dental office insurance typically includes commercial general liability coverage and commercial property coverage. The former helps protect you from lawsuits alleging third party bodily injury or property damage. An example of this could be if a patient enters your office while the waiting room is being mopped, then slips and falls on the wet floor. If they are injured, the patient could have grounds to sue you.

The latter, commercial property coverage, protects your brick-and-mortar building and its contents from a variety of insured perils. That said, in addition to these two coverages, most dental office coverage plans also offer a range of extra protection by way of endorsements and add-ons that are designed to offer you further protection.

Who Needs Dental Office Insurance?

Anyone who works in or owns a dental office needs business insurance, although it usually is the owner/s who purchase the policy. This could include:

• General dentists
• Dental hygienists
• Periodontists
• Endodontists
• Oral surgeons
• Orthodontists
• Prosthodontists

Why is Dental Office Insurance Important?

It's important to have dental office insurance to protect your business from financial ruin due to a loss experienced during the course of usual business operations. It's impossible to expect the unforeseen, but preparing for the worst will prevent you from paying out-of-pocket to get your business up and running after a loss. For instance, if a patient experiences a problem with their teeth that they allege was due to your negligence while administering your professional services, then you may find yourself facing the tall end of a lawsuit. This could, in turn, lead to devastating financial losses because of defense fees and legal costs. Rather than dealing with the fallout on your own, if you have the right coverage you don't have to worry about offsetting these costs.

Likewise, dental equipment can often be quite costly to replace if it malfunctions. Rather than having to pay out-of-pocket for a new X-ray machine, with the right insurance policy you can breathe easy knowing the cost will be covered by your insurer. That way, you avoid going into the red to purchase a new machine essential to your medical practice.

What Are My Coverage Options?

As mentioned above, beyond basic insurance coverage there are many other insurance options. While you may not need all of these coverages, it's important to know your options. If you are curious to learn more about the coverages available to you, don't hesitate to reach out to our qualified team. Our insurance brokers are always more than happy to offer their expert advice.

Directors and Officers Insurance

Also known as D & O insurance, directors and officers liability insurance covers the costs associated with protecting your directors or officers in the event they wind up in legal trouble. This protects the members of your board as well as those in a position of leadership from being sued personally, as opposed to a company being sued.

Equipment Breakdown Insurance

Dentists use specialized equipment every day to provide essential medical services. The costs of replacing this equipment can be financially crippling without the right insurance policy. Equipment breakdown insurance offers financial compensation for when your valuable medical equipment malfunctions due to an internal error. It's important to note that equipment breakdown insurance does not provide compensation for damage due to usual wear-and-tear or poor maintenance.

Valuable Papers Coverage

This type of insurance covers the cost of reconstructing or transcribing documents and records that were damaged or lost following a covered loss. For instance, if you have flood insurance and valuable medical records were damaged, the cost of replacing those records would be covered by this insurance product. Also, depending on the insurance company, sometimes valuable papers insurance offers to cover the financial value of lost or destroyed documents if they cannot be replaced.

Accounts Receivable Coverage

Should one of your patients be unable to pay for your dental services, then accounts receivable coverage can help. This increases your cash flow, reduces debts and improves your balance sheet. For instance, say a patient is unable to pay for services rendered and their credit card is declined or their dental insurance does not come through. You may be able to claim this using accounts receivable coverage.

Business Interruption Protection

If a fire breaks out at your dental office—which is particularly a risk with all the oxygen that is usually stored at dental offices—then you could find yourself losing money rapidly because you are unable to operate as normal. Business interruption protection will enable you to stay afloat by covering the cost for expenses such as utilities, rent and even payroll, up to the insurance policy's limit.

Employment Practices Insurance

This type of insurance covers an employer's defense costs and losses from employment related claims. For example, employment practices insurance covers wage and hour disputes as well as allegations of discrimination, harassment, retaliation and unlawful termination. It never hurts to be on the safe side and protect yourself just in case.

Commercial Property Insurance

This coverage is usually included in a basic Ontario dental office insurance policy. It protects your physical building and its contents from a variety of perils, such as fire, natural disaster, theft and vandalism. There are some limits to commercial property insurance. For instance, floods due to overflowing sewers and overland flooding are not always covered; however, they may be available for purchase via an endorsement. Talk to your mortgage broker about what is and is not included in your commercial property insurance policy.

Crime Insurance

Also known as fidelity insurance, crime insurance protects businesses against money, property, stocks or securities being stolen by either employees or third-parties. For instance, if you keep a cash float this could be easy pickings for a dishonest employee. It's also important to have crime insurance to offset the cost of replacing valuable medication should any be stolen while your clinic is closed.

Cyber Liability Insurance

If you work in the medical profession, then you handle important and confidential medical and financial information—including information about your patient's benefits. It's essential that you have cyber liability protection in the event that your Ontario dental office is hacked. A hacker could sell-on benefits information or hold confidential medical information for ransom. Both these situations could be quite costly without the protection offered by a cyber liability insurance policy.

Commercial General Liability Insurance

Also an essential part of any basic dental office insurance policy, commercial general liability only protects you from two risks: third party bodily injury and property damage. This is essential coverage to have, but is often not enough for most dentists and other medical practitioners.

Personal Liability Insurance

Unlike general liability which protects you from lawsuits in the event another person's body or property is harmed on your premises or through your practices, personal liability insurance protects you from libel and defamation. A disgruntled patient attacking your good name as a medical professional could have devastating effects on your business. This insurance will cover any legal fees required to fight such unsavoury allegations.

Frequently Asked Questions

Do you have questions about dental office insurance in Ontario? Keep reading to see if we answer them here. If you'd rather speak to a person, our dedicated brokers are always happy to chat and can be reached at 1-800-463-8074.

Do I Need Malpractice Insurance?

Yes, as a medical professional you need malpractice insurance (also known as professional liability insurance).This coverage protects you from lawsuits alleging that your patient experienced a financial loss due to something you did or did not do. Usually, the claims centre around allegations of misconduct, negligence, bad advice or failure to deliver promised services. However, malpractice insurance is usually available through the Ontario Dental Association.

How Much Does Dental Office Insurance Cost?

Dental office insurance costs vary depending on a range of factors, including the size of your business, its location and if you had a previous insurance claim. While applying for dental office insurance in Ontario, your broker will ask a series of questions to determine what your premiums will be. Of course, costs are also impacted by the amount of add-ons and endorsements you choose for further protection.

How Do I Get Dental Office Insurance?

The best way to get dental office insurance is by reaching out to a qualified, licensed broker such as the team at Morison Insurance. Our brokers are highly experienced, and will shop around on your behalf to find the best insurance policy for your needs. We're dedicated to helping our clients get the coverage they need at competitive quotes.

Is General Liability Coverage Enough Protection?

Typically, no. General liability is not quite enough coverage for medical professionals as they are exposed to a wide range of risks that this type of insurance does not cover. For instance, it does not cover any sort of crime or cyber liability. Unfortunately, a medical professional and business owner can't rely on just a general liability insurance policy to be adequately protected. To find out what other insurance products you need for complete coverage, talk to our brokers today.

Why Choose Morison Insurance?

When it comes to selecting a broker, it's essential that you choose someone who has your best interests at heart and is prepared to grow with you as your needs change. The team at Morison Insurance always puts our customer's interests first. Unlike agents, we don't work for one insurance provider—we work for you. So, you can trust that we'll do our best to find you the most comprehensive coverage at a competitive rate. We have built relationships with all of Ontario's top insurance companies and know how to find our clients the best insurance possible.

Furthermore, our company is family owned and operated. We bring this family mindset to all our clients. When you choose Morison Insurance, you choose to be part of our extended family! We will always make sure you are protected so that you don't have to worry about the future.

If you are interested in learning more about what our Morison Insurance brokers can do for you, then we invite you to give us a call today at 1-800-463-8074. Alternatively, you can fill out the online form on our website. We look forward to providing excellent insurance solutions.

This content is written by our Morison Insurance team. It is provided for general information only. Insurance needs differ from person to person, and this article is therefore not a substitute for professional advice about your individual insurance needs which can be obtained by speaking to one of our brokers.