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Business insurance can provide Dental Practice owners’ financial protection against insured losses relating to property damage, and from liabilities arising from certain events.  Property damage could include damages from fire or a burst water pipe, to property such as a dental chair or a reception area fit-out.  Insurance for liabilities could include liabilities arising from accidental damage to patients from negligence regarding general safety, such as not fixing slippery floors.

A business insurance policy does not normally cover liabilities from professional (clinical) work done and this is usually provided by a specific policy known as a Professional Indemnity Insurance policy.

There are many different insurers that offer business insurance to Dental Practice owners.  And the features and pricing will differ from insurer to insurer.  Each insurer will provide optional components for the insured to consider and pay for. Examples include, but are not limited to :

1. Property damage, such as damage to desks.  If the owner of the Dental Practice also owns the building that the Dental Practice operates from, then a Business Insurance policy can cover the property damage to the building.  But care is needed to identify which legal entity of the business owns each item of property to be insured. For example, the SMSF of a practice owner may own the business real property (building) of the practice, but a separate trading legal entity may own other property like the desks.  A separate policy may be required for each owner.
2. Public liability cover which can protect your business financially if a claim is brought against the business for personal or property damage to a 3rd party because of negligent business activities (other than those from professional clinical services).  Care is needed with regards to public liability to patients for any contracting dentists and this needs to be considered separately.
3. Theft
4. Damage to glass
5. Damage to portable items
6. Insurance for equipment breakdown

Care is needed when buying business insurance and the Policy Disclosure Statement and Policy Wording issued by the insurer must be carefully reviewed to note what is covered and what is not covered.  Experien General Insurance Services acts as a broker for many different insurers and can liase with them on behalf of Dental Practice owners to arrange coverage and maintain coverage. This is general information that does not take into account your specific needs, goals and circumstances. If you would like a review of your business insurance please don’t hesitate to contact us at any time.