As someone who provides orthodontic care, you do important work repairing and maintaining your clients' oral health and appearance. Your dental services are essential, which is why ensuring you have the right orthodontist office insurance is so important. You can keep providing orthodontic treatment to the clients who rely on you, regardless of the unexpected expenses that have popped up over the years.
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.
Business insurance such as Ontario orthodontist office insurance is designed to protect you from the potentially devastating financial consequences of events such as fire, natural disasters and theft, as well as the costs associated with having a lawsuit brought against you for specific reasons such as third-party bodily injury or property damage. Without the financial protection of Ontario orthodontist office insurance, you could be stuck paying out of pocket for the astronomical costs associated with such events and lawsuits, like water or fire damage mitigation, equipment replacement, legal defence fees and much more.
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.
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.
Ontario orthodontist office insurance policies can include a wide range of coverage types. As both a business owner and orthodontic dental professional, you don't need a one-size-fits-some approach to insurance that only gets you part of the coverage you need to have financial protection from the perils you're most likely to encounter. Instead, having the right Ontario orthodontist office insurance would be best to address your risk exposures. This way, you can have peace of mind knowing you won't have to pay significant expenses out of pocket in the event of an insured incident. Here are some of the most important types of business coverage for Ontario orthodontist office insurance.
Orthodontic care isn't the type of work you can do from a coffee shop or random office space. It's critical that you have full access to the right equipment and an indoor space that complies with orthodontic regulations while at the same time meeting your business needs. Suppose there was sudden damage or loss caused by factors like natural disasters or fire and you didn't have Ontario orthodontist office insurance. In that case, you could end up with no way to practice for months while your equipment was being replaced and the building was being restored.
Business interruption insurance is a type of commercial property coverage that protects you from losing money should an insured event cause your business space or equipment to be unusable. Suppose there's a destructive natural disaster, for example. In that case, business interruption is part of your Ontario orthodontist office insurance and will compensate you for lost income up to the limits of your policy. Hence, you can keep up with basic costs during the clean-up and damage restoration process and handle crisis management expenses. Depending on your Ontario orthodontist office insurance policy, business interruption insurance may also include assistance to pay rent on your commercial business or pay your employees' wages until your revenue stream is back to normal.
Commercial general liability is a critical element of business insurance that most professionals should have, regardless of the nature of their business. Part of your Ontario orthodontist office insurance policy offers you financial protection from expenses such as settlement costs, legal defence charges and more should you be found responsible for third-party bodily injury or third-party property damage. Commercial general liability issues are associated with damage or injury that involve you but are not related to the quality of care you provide or your orthodontic treatments.
An example of a commercial general liability claim is if a patient arrives for an orthodontic consultation and suffers an injury tripping on a loose stair tread on the way to your front door. In a situation like that, they may bring a lawsuit against you to recoup the cost of their medical bills and rehabilitation. The commercial general liability coverage on your Ontario orthodontist office insurance policy will allow you to receive financial compensation for those expenses up to the limits listed on your policy.
Computers and connectivity are, of course, indispensable parts of doing business in the modern world. They are essential for storing and sending vast volumes of sensitive information, including your patients' financial information, identity documents and medical records. While the information you send and receive may seem protected and secure, cybercriminals are always ahead of the curve. They want access to that information for fraud or extortion. If that information is stolen on your watch, it can lead to significant financial problems that are preventable when you have cyber liability coverage included with your orthodontist office insurance. Ontario professionals need protection if they are victims of a cyber attack. If someone makes a cyber liability claim against you, you'll be able to get financial support from your Ontario orthodontist office insurance carrier to deal with legal costs. Sometimes, you can recover losses from ransom payments to regain access to sensitive information.
You need specialized equipment to provide orthodontic care. Suppose it is damaged or lost in an event like theft or fire. In that case, the commercial property coverage on your Ontario orthodontist office insurance policy will help you recover the costs of getting functional equipment back up and running. However, some situations could render your equipment unusable that aren't covered by standard commercial property insurance. Suppose your orthodontic equipment is subjected to a mechanical failure, for example. In that case, you'll need equipment breakdown coverage on your Ontario orthodontist office insurance policy to receive financial assistance from your insurance provider. This also applies to some critical building components, such as heating and cooling, which can come in handy when your commercial furnace stops working in winter and you need to get it repaired before you can continue seeing clients.
Other Types of Ontario Orthodontist Office Insurance Coverage
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.
To get started on finding the perfect Ontario orthodontist office insurance solution for your unique business, call the reliable team of brokers at Morison Insurance. We are dedicated to finding the ideal combination of coverages to give you financial protection and peace of mind. Give us a call at 1-800-463-8074 to get in contact with our friendly brokers, or fill in the online form below to request a quote.
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.