Risk Management for Dentists

Dentists, like physicians and surgeons, have an increased risk for malpractice lawsuits. However, if you run your dental practice with risk management in mind, you can significantly reduce this risk with simple everyday procedures. And as it turns out, these procedures can also keep your practice more organized and enhance your patient care. Sounds like a win-win! Let’s take a look at some of the risk management tips that you can introduce to your practice:

• Keep detailed, accurate and up-to-date records for each of your patients. Include medical and dental histories, diagnostics, patient authorization if copies of records (never the originals) are released from your office and informed consent or refusal for any treatments.
• A satisfied patient is less likely to file a claim against your practice. Improve patient comfort by providing a soothing atmosphere, thoroughly explaining treatments that patients will undergo and ensuring that patients have reasonable expectations regarding treatment outcome before beginning any dental work.
• Examine your patients for signs of oral cancer and TMJ. Record any findings, positive or negative.
• Never conceal information from patients. Inform them of any signs of dental problems or bad outcomes immediately following examination and/or treatment.
• When doctor-patient relationships come to an end, send the patient a letter or email that acknowledges the termination. You may also choose to offer tips for recommended at-home dental care and information about obtaining a copy of his or her dental record.

Prevention is the best medicine, for both patients and doctors. In your case, preventing patients from finding a reason to claim malpractice is the best way to protect your livelihood and reputation. Of course, as a doctor, you’ll never be completely free of risk. Ask your local agent about dental practice insurance, which is designed to cover the unique needs of dentists.
Protect your practice with specialized coverage. Call Alexander & Strunk Inc. at (405) 751-8356 for more information on Oklahoma City dental practice insurance.

Family Protection with Life Insurance

A personal insurance policy is there to cover the cost of the unexpected, but it also provides people with the peace of mind in knowing that financial matters will be taken care of when life’s nasty surprises suddenly rear their ugly head. Of all the different types of personal insurance currently available, it is perhaps life insurance that pulls at the heart strings the most. A sudden death can leave dependent relatives vulnerable, but life insurance can ensure that loved ones are looked after financially when an income is suddenly lost. There are a number of factors to consider before buying the best insurance policy for your needs.

How Much Insurance Coverage Do You Need?
The more coverage you require, the more expensive your premiums will be, so it’s important to gauge your liabilities and purchase only the amount of coverage you need. If you are the main earner in your household, you will want to know that your mortgage is taken care of, your children are looked after until they grow up and any outstanding financial liabilities are paid off. You should consider taking out a policy that will pay beneficiaries at least seven times your annual salary. It is also good practice to assess your life insurance needs once a year. You may not realize it at the time, but growing incomes can lead to higher debts and higher standards of living.

Read more on finding the best life insurance policy for your needs. If you are currently considering Oklahoma city life insurance but are unsure of which type of policy is best for your specific circumstances, call us at 800-375-8356, and we’ll talk you through your options.

Convoluted Dental Practice Liability Insurance Questions

The classic vision of a dentist is someone who hands out toothbrushes and floss to kids during their bi-annual check-up. However, as the sophistication of dentistry increases, so do the expectations and, as a result, the risk of malpractice claims.

Modern dentists face the same type of malpractice claims as doctors. Malpractice claims can result from:

• Medication and anesthesia errors
• Incorrect diagnosis or failure to detect a serious condition
• Failure to fully inform patients of potential costs
• Failure to properly chart client options and choices

A failure to properly chart client options and choices can be particularly hazardous to dentists. For example, a patient in severe pain may choose an extraction instead of suffering through more extensive reconstructive procedures. At the time it may seem like a logical choice. However, weeks or months later, the patient may not like how the extraction looks and blame the dentist.

Documentation is critical. Good charts can save a dentist from an expensive malpractice claim. Professionals recommend keeping track of treatment plans that are rejected by a patient, either through treatment management software of by hand-written notes.

Managing expectations is also key. Adults who want the same bright smile they had in high school are more likely to become disenchanted with a drawn-out, complicated and expensive treatment regime. Laying out costs and realistic expectations in a written treatment plan early on can help avoid complaints when the work is finished.

Even with detailed charting, malpractice claims can occur. It is vital that dentists have malpractice insurance to protect themselves financially against claims. Typical dental malpractice insurance has graduated levels. There are policies for students, first year professionals and full professionals. A dentist who gets insured early in his career and establishes a record of solid record-keeping and claims history, may find his rates remain more stable through his career.

Dental Practice liability insurance is a cost of doing business for any professional and must be factored into the potential cash flow of a practice. Dental practices also must consider malpractice insurance for hygienists and care managers, as well as dentists. Call us at 800-375-8356 to discuss your Oklahoma dental practice insurance needs.

Personal Liability Umbrella Insurance

The United States has seen 512,000 federal civil lawsuits, according to Statistics Brain. While only two percent of these cases went to trial, the sheer amount of lawsuits filed shows a trend toward a litigious society. Homeowners insurance and automobile insurance cover the majority of cases that would cause an individual to get sued. However, these insurance policies do not have an unlimited payout if the court rules that you're held liable for damages. After the insurance company cuts you off with a lifetime limit, your personal assets are at risk of being taken to fulfill a lawsuit judgement. A personal liability insurance policy covers the gaps that other insurance plans leave open. It's commonly called an umbrella policy, as it is an overarching coverage that fills in the protection gaps.

Personal Liability Insurance Pros
An umbrella insurance policy is available at $1,000,000 and higher in coverage. This additional coverage extends over any other policies that you hold, increasing the total liability by the amount of the umbrella policy. Your future earnings and assets are protected from civil lawsuits with this policy, as you won't have to worry about not having enough insurance coverage for any claims. You'd never want to run into a situation where you didn't have enough coverage, you got sued, and you and your family ended up homeless and without a penny to your name. This type of insurance also covers certain types of lawsuits that other insurances don't protect you against, such as those involving businesses that you run, false arrest, and slander lawsuits.

Should you Get Personal Liability Insurance?
Personal liability insurance is useful to have, but if you're running on a limited budget, you can determine whether you have enough risk factors to require this coverage. You also have to factor in the top premium on your existing insurance policies. Many umbrella insurance companies want you to maximize the amount of coverage you get from your policies before you add on additional protection.

You might not think that you are particularly at risk to be sued. Maybe you don't own a car or a home, and you don't run a business. However, that doesn't prevent you from causing an accident, such as one that makes a doctor unable to work for several years. A severe car accident could cause him to lose full function of his hands, make him unable to stand for long periods of time, or cause other injuries that make it impossible to do his job without extensive physical therapy. If he sues for lost wages, you're going to be hit with significant financial losses. Unexpected situations can happen at any moment, and in a sue-happy legal environment, it's safer to get as much protection as possible.

To learn more about the advantages of getting Oklahoma City personal liability insurance, give us a call at 405-751-8356.

Insurance Tips for Homeowners for the Summertime

Summer is the time for kicking back, soaking up the sun, and having fun with your friends. However, summer can also give rise to some less-desirable effects on your insurance policies. To avoid being stung by an unexpected insurance issue that could leave you out of pocket, take a few moments to familiarize yourself with the top five ways in which the arrival of summer can have an impact on your insurance policies.

Heat Waves During the summer, temperatures rise. Not only will you feel hotter, but your home and your vehicle will also be affected by the heat. One consequence of summer heat is that household air conditioners are forced to work overtime in order to keep the inhabitants cool. This increased use will put a strain on the air conditioner, increasing the likelihood that it will break down. To avoid being faced with a repair bill that you simply cannot afford, you should make sure that your air conditioner is covered by an insurance policy. It would also be a smart move to carry out some routine maintenance on your air conditioner to decrease the likelihood of the unit breaking down and necessitating an insurance claim. Choosing to take preventative action rather than waiting for a breakdown and then claiming on an insurance policy could help to keep your insurance premiums low.

Thunderstorms The other weather condition to watch out for in summer is thunderstorms. Summer storms can lead to flash flooding, which can wreak devastation on homes and other properties. Most home insurance policies do not cover flooding, so you may need to take out a separate flood insurance policy to cover you against this summer weather hazard.

Summer Travel Summer is traditionally the time of year that people take a vacation in another part of the country or even overseas. If you are traveling abroad, you need to organize travel insurance before you leave. Even if you are traveling within your own country, you should check which hospitals you can use in the area where you will be traveling. Many health insurance policies require you to use particular hospitals, so make sure you know which ones are allowed on your policy before you travel.

Road Conditions The hot summer weather can worsen the state of the roads. The road surface can crack in the heat, leading to potholes, which can cause serious damage to a vehicle that drives over them at high speed. Although most insurance policies cover pothole damage, you might find that your premiums rise as a result of your claim. The best way to limit the damage caused by potholes is to reduce your speed when driving.

Summer Activities Summer brings many exciting opportunities for having fun in the sun. From swimming to skydiving, summer is the time to try a new activity, but before you dive in, check that you have the necessary insurance coverage in case something goes wrong. Standard travel insurance policies do not cover all activities, so you may need to take out extra sports insurance or upgrade to a more comprehensive travel insurance policy.

For more information about insuring your home and family this summer, call 800-375-8356. You can get a free Oklahoma City home insurance quote for any extra insurance you need to keep you safe this summer.

The difference between Single and Joint Life Insurance

The decision on whether single life insurance is better than joint life insurance is not a straightforward one. Although many people choose between single and joint insurance based on cost, in reality, the savings may end up being negligible when the unexpected happens. There are many different ways to look at the matter. Insurance decisions vary between different circumstances.  These circumstances include:

- a single professional in a committed relationship with another single professional;
- both partners in a marriage work in full-time careers;
- you belong in a more traditional marriage where one spouse is a higher income earner while the other takes responsibility for home and family.

In addition to the nature of your relationship, other factors include whether you have dependents or a joint business or if critical illness is present. Learn more about single vs joint life insurance. 

People are complex and we live complex lives in which things don’t always turn out as expected. When it comes to life insurance, the possible outcomes are many and varied, and there are different insurance policies to help you adapt to these eventualities. Your insurance professional can help you make the life insurance choice that is right for you. Contact us today at 405.751.8356 and to get an Oklahoma City life insurance quote.

Comprehensive Dental Practice Insurance

Dental practice insurance is a necessity.  It is not something a dentist should debate whether or not to have. In fact, the earlier a dental practitioner insures his practice, the better. Those who wait until they need insurance are seldom able to buy it. A typical dental practice faces different risks such as unforeseen disabling illness, malpractice suit and others. Since it is not easy to pinpoint the risks that will befall a dentist, it makes sense to insure against as many risks as possible. A comprehensive dental practice insurance is the best option to go for since it covers everything (nearly) a dentist might need such as malpractice, disability, workers compensation, facility and office overhead insurance. Learn more about the different types of dental practice insurance coverage.