REAL PRACTICE STORIES. REAL INSURANCE LESSONS FROM DENTAL ASSURED
Case Study 2: Buying a Practice – Finding the Gaps Before Settlement
Purchasing a dental practicise is one of the biggest investments many dentists will make. And when settlement is approaching, there are often countless things competing for attention.
Insurance can easily become something that gets ticked off the list – particularly when an insurance program has already been arranged.
Recently, a dentist approached Dental Assured while in the process of acquiring a dental practice.
They had already obtained an insurance program through another provider but wanted a second opinion before finalising their cover.
After reviewing the proposed arrangements, Dental Assured identified several opportunities to strengthen the overall protection of the business.
Looking beyond the obvious
The review identified a number of areas where the proposed cover could be improved.
This included enhancing theft coverage for high-value dental equipment, strengthening cyber protection for exposures such as phishing and cyber crime, and recommending a dedicated Medical Malpractice policy for the practice itself.
While many practitioners hold their own professional indemnity insurance, practice owners can also face exposures arising from the operation of the business, staff actions, complaints and regulatory matters.
Ensuring the practice itself was appropriately protected became an important part of the conversation.
But the review wasn’t simply about looking at individual policies.
Dental Assured also spent time helping the client understand how their insurance would respond as a new practice owner.
They discussed everything from Business Interruption and Workers Compensation through to the dentist’s future plans for expanding services within the practice.
This broader conversation helped ensure the insurance program was designed around the business the dentist was actually taking ownership of – rather than simply replicating an existing arrangement.
The outcome
The client completed settlement with confidence, knowing they had an insurance program designed around the realities of practice ownership, rather than simply accepting the arrangements that had been put in place previously.
The review had provided an opportunity to identify potential gaps, strengthen protection and make sure the client understood what their insurance was designed to cover as they stepped into ownership.
The takeaway
Buying a dental practice is a major investment – and insurance is an important part of protecting it.
A policy that looks suitable on paper doesn’t necessarily mean it addresses all the risks that come with owning and operating a practice.
A second opinion before settlement can uncover gaps, strengthen your protection and give you greater confidence as you take ownership.
Thinking about buying a practice?
Whether you’re preparing to purchase a practice or simply want to make sure your current insurance arrangements still meet your needs, it can be worthwhile having your cover reviewed by someone who understands the dental industry.
Visit Dental Assured to find out more
Dental Innovations Members: You have access to an exclusive offer through Dental Assured. Contact the Dental Innovations team to find out how you can access your member benefit.
Because when you’re investing in your practice, it’s worth making sure your insurance is invested in protecting it too.