You take pride in protecting the dental health of your patients. You must also take steps to protect your practice in the unlikely event of a patient lawsuit.
The type of malpractice insurance you choose can make or break your business. But don’t worry. At W.E. Davis, we’ll help you weigh each option’s drawbacks and benefits.
“Claims Made” Forms Can Leave Coverage Gaps
Most Professional Liability polices use a Claims Made form, which only gives you coverage if the policy is in force both at the time of the incident and the time the claim is reported. This can be a problem.
Let’s say you had a policy with a ͞”Claims Made” form and decided to sell your practice or retire. You probably think you could discontinue the policy, right? But if you did, and someone sued you for malpractice afterwards, your former policy might not protect you. You would need to buy an ͞”Extended Reporting Period,” which generally only provides a year or two of additional coverage.
Dentists who practice on children are especially at risk for these kinds of situations. They are vulnerable to malpractice lawsuits for two years after young patients reach the age of majority (until their 20th birthdays). If you treated a 10 year old, you could be sued for that treatment for 10 years after that.
“Occurrence” Forms Provide Another Option
The W.E. Davis Insurance Agency represents the Cincinnati Insurance Company, which offers dentists a competitively priced “Occurrence” form for Professional Liability.