Most dentists own their practice. If you went to school for dentistry, owning your own business was likely part of the goal. One thing they don’t talk about at many dental institutes is how to set up your practice for success. In addition to renting a building, hiring staff, and attracting patients, you also need protection—which means you need insurance. Learn about different types of insurance to obtain as a new dentist to ensure you don’t run into any financial hiccups down the road.
One of the most important types of insurance you should obtain is life insurance— especially if you plan on having a family. You’ll want to ensure they’re financially protected if something happens to you. Your policy should include a death benefit of $1 million and can be obtained after getting a physical exam.
One of the common myths of disability insurance is believing you don’t need it if you are healthy. This is not true—an accident can happen at any time that could leave you unable to perform your job, hence why getting this type of insurance is so vital. Furthermore, most disabilities that occur in the field of dentistry are due to poor posture or repetitive motions and develop over a period; you may not notice them until it’s too late. If your injury becomes debilitating and you can no longer work and receive income, you will need dental disability insurance.
Pro Tip: Disability insurance premiums are often higher for women than men, while life insurance premiums are higher for men since women tend to live longer.
The most important type of insurance to ensure success for your business is malpractice insurance. All medical offices invest in malpractice insurance to protect themselves. You must have a license to practice dentistry in order to get this type of insurance as a dentist. There are two different types of malpractice insurance: one for claims and one for occurrences. You can purchase additional liability coverage, but you should be aware that your premiums will rise.
Dentists can join the American Dental Association (ADA) or another group to take advantage of group insurance. The policy is owned by the group, and like workplace insurance policies, you pay into the policy to benefit from it. Many types of insurance exist to satisfy every situation. Know the different types of insurance to obtain as a new dentist and choose the policies that are right for you.