Insuring your dental practice? Here are three factors to look for

You make choices every day. Deciding which scrubs to wear or when to break for lunch are choices with minimal long-term impact. Other choices are more involved and impactful, like determining a patient’s diagnosis, creating treatment plans or selecting a practice to purchase. 

Insurance is another choice with long-reaching effects. Selecting the right insurance company to protect your dental practice is crucial for your peace of mind and your financial security. With a wide variety of insurance providers in the market, determining which one is the best fit for your unique needs can feel overwhelming.  

To narrow the field, look for an insurer that consistently earns high ratings from trusted organizations and your peers. Prioritize key factors in your search that signal an insurer can be a trustworthy, long-term partner: policyholder satisfaction, proven stability and dentistry expertise. 

Policyholder satisfaction: Look at customer ratings and reviews 

When choosing an insurer, dentists should consider customer feedback and reviews to gauge the overall satisfaction of policyholders. Customer satisfaction is a means to gauge the quality of service provided by an insurance company. Positive reviews often reflect an insurance company's commitment to excellent customer service, seamless claims processing and reliable coverage.  

ClearlyRated's "Best of Insurance” Award recognizes insurance companies that have demonstrated exceptional service quality based exclusively on ratings provided by their policyholders and employees. Based on comprehensive client feedback, ClearlyRated awarded The Dentists Insurance Company the “2024 Best of Insurance” award for outstanding service.  

The responses from ClearlyRated’s surveys highlight TDIC’s responsive customer support, tailored policy offerings, and a deep understanding of the challenges faced by dental professionals. ClearlyRated reported that TDIC received satisfaction scores of 9 or 10 out of 10 from 71.8% of their clients, significantly higher than the insurance industry’s average of 52%. 

Proven stability: Review the insurer’s financial strength 

Another critical factor to consider when selecting an insurance provider is stability. You’ll rely on their insurance coverage to protect your practice in the event of unforeseen circumstances or liabilities. Finding an insurer with a longstanding history of financial strength and reliability offers assurance that your claims will be processed efficiently and your coverage will be upheld, even in challenging times. You can concentrate on providing quality patient care without worrying about insurance uncertainties. 

An "A" rating from AM Best, a global credit rating agency focused on the insurance industry, signifies exceptional financial strength and stability. This rating should be a critical factor for policyholders when selecting an insurance provider, as it guarantees the insurer’s ability to meet its ongoing insurance obligations. 2024 marks the 30th consecutive year that TDIC has received AM Best’s highest rating. 

By choosing a longstanding AM Best “A” rated insurer, you are partnering with an insurer whose robust financial health ensures long-term security. 

Dentistry-focused expertise: Consider the insurer’s knowledge of your profession 

A singular focus on dentistry is an asset that sets leading insurance companies apart from the competition. Insurers with specialized knowledge of dentistry recognize the unique risks and challenges that dentists face. 

Consider the value of a dentist-centric insurer that knows the type of equipment used in your practice, the way your office is set up to serve patients and how a dental practice functions differently than other businesses. When an insurer understands dentistry, loss of equipment and income calculations are fine-tuned rather than pulled from an average of many other types of businesses in your geographical area.  

By insuring only dentists, TDIC can craft policies that offer comprehensive coverage tailored to the nuances of dental care and dental practice equipment and property. When you choose an insurer dedicated to exclusively serving the dental community, you benefit from insurance solutions that meet your specific needs. 

Additionally, TDIC's risk management resources and educational programs help dentists mitigate potential risks before they result in claims. These proactive measures demonstrate a commitment to safeguarding the interests of policyholders, providing them with the knowledge and tools to maintain secure and efficient practices. 

Selecting a highly rated insurance company like TDIC is essential for dentists looking to safeguard their practices and ensure long-term success. By prioritizing customer satisfaction, proven stability and industry expertise when selecting an insurer, you can make an informed decision that protects your financial interests and enhances your overall practice management.