Ontario orthodontist office insurance is a type of business insurance specifically tailored to suit the individual insurance needs of an Orthodontist. The exact types of coverage and limit amounts can vary widely from policy to policy, for a good reason—your orthodontic practice is one-of-a-kind, so you need unique Ontario orthodontist office insurance that covers you against all the perils you and your business are most likely to run into throughout your business operations.
Policies can include a wide range of coverage types. There is no one-size-fits-some approach; the right Ontario orthodontist office insurance addresses your specific risk exposures.
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Who Should Have Orthodontist Office Insurance?
Any office or clinic that is set up to provide orthodontic care should have orthodontist office insurance. The experienced brokers at Morison Insurance will seek out the right coverage for your specific Ontario orthodontist office insurance requirements so you can be sure you have the best coverage possible to fit the way you run your practice.
Is Orthodontist Office Insurance Mandatory in Ontario?
Like most other types of businesses in Canada, you are not legally required to have business insurance coverages such as commercial general liability, cyber liability, commercial property insurance, etc. But just because it's not legally mandatory doesn't mean you don't need it. As a business owner, what if your orthodontic office and everything inside it were severely damaged in a fire? Could you replace all your equipment, patient records, computers, office furniture and more, and pay for damage mitigation to restore the building to useable condition, or would that present an impossible financial hurdle? For almost everybody, it would be the latter. You may be a cautious and conscientious person, but no one can prevent every last accident or misfortune that can occur during regular business operations, not to mention the possibility that you could be accused of causing damage or injury you aren't responsible for and be forced to defend yourself in court at your own expense. It's also worth noting that orthodontist associations require their members to have professional liability coverage, typically purchased through that association.
Going without orthodontist office insurance means leaving yourself completely unprotected from the financial consequences of damaging events and lawsuits, which could end up causing bankruptcy and closing your practice forever. With the financial protection afforded by the right Ontario orthodontist office insurance policy, you can sleep soundly at night knowing that won't happen, and you'll get the support you need to recover quickly from disasters and litigation so you can get back to doing what you do best.
Are Orthodontists Required to Get Insurance Through an Association?
Because they are health care professionals offering medical services, orthodontists are typically required by their medical association or regulatory body to have professional liability insurance (also known as errors and omissions or medical malpractice coverage) to register with the association, and the association itself typically offers professional liability coverage. For example, the Royal College of Dental Surgeons of Ontario (RCDSO) offers professional liability as a member benefit with a limit of $2 million and an option to purchase additional coverage up to $25 million.
While you will need to get your initial professional liability coverage through your association, and it makes sense to do so since it's included in your registration fees, you will likely need excess professional liability coverage that goes well beyond a $2 million limit. You are not obligated to purchase that extra coverage through the association, so it can potentially be included with your Ontario orthodontist office insurance. Please speak to your Morison Insurance broker to learn more about how much excess professional liability you may need and the most effective option for your Ontario orthodontic office insurance.
