Malpractice insurance is a no-brainer for practicing dentists. Because while your intention may be to always provide the best, error-free service to your patients, sometimes accidents and misunderstandings happen, and you need to be protected against that possibility.
There are many different factors that go into pricing the malpractice side of Oklahoma City dentist insurance. One of the most crucial factors is to consider the type of dentistry being practiced by the proposed insured. For instance, if you practice general dentistry versus a specialty that may involve conducting surgery or administering anesthesia, then you can expect a lower premium because there is less risk of incident.
Claims history is another obvious factor in malpractice insurance pricing. A dentist with prior malpractice claims presents a higher risk than a dentist with no claims or one with claims that were inexpensive to settle.
Your exposure to risk, as determined by the frequency of your hours, also has a direct correlation on the amount that you could be charged for malpractice insurance. If you practice on a part-time basis, you will find that your quote is lower than it would be if you practiced on a full-time basis.
Luckily, the determination of malpractice premium rates is not a one-sided activity. There are many ways to achieve discounts on your malpractice insurance quotes. If you waive your right to consent to claims settlement terms and if you agree to pay your premium in full annually, you could find enough savings to make a big impact on your premiums.
You may be tempted to buy a policy with a high deductible and low claim limit as a means of saving money, but remember, if you do this you may reduce your annual premium expense but you are also putting your practice and career at risk. Any claims that fall below your deductible or above your limits will be your responsibility to pay, which could crush your financial future for the sake of just a small premium savings. Instead, allow your malpractice insurance to do what it’s intended to do—protect you, your career, and your financial future from potential liabilities.
No comments:
Post a Comment