CFS Dental Division
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Dental Dummies Digest
When buying a dental practice, the last thing you probably think about after looking over your lease and your conditions letter from the bank are all the insurances they require. They look as easy to attain as your car insurance, just one 30-minute call to the first insurance company that comes up and you’re done! Unfortunately, that isn’t the case for something as overarching as a Business Owner’s Policy. There are many different pieces of information that you probably do not know about that may affect your ability to get the best rates, along with knowing how easy it is to get insurance depending on where you are in the country. Even if you are leasing a practice, when it comes to getting your Business Owner’s Policy, the insurance companies will always ask questions about the building you are going to be in. That includes information like: How old the building is When the last time the electric, roof, plumbing, HVAC was updated What material is the building made out of, etc Now you may ask yourself, “if I am not owning the building, why would I have to know that?”. When it comes to insurance companies and so called “rating information” those are the most important questions they ask, as it helps build your risk profile for how much the insurance company is going to charge for the policy. For example, a building with a wooden frame is going to be much more susceptible to fire damage than a building built out of concrete and metal, and therefore all the office equipment and belongings have a higher risk of getting destroyed in the event of an incident. This also means that without a lot of that information, you may not be able to receive a quote from any insurance company and therefore won’t be able to send your bank or landlord the required documents to close on your loan. Although, the most important reason to not wait until the last minute when looking for your practice insurance is to make sure you are able to easily get the insurance in the first place. Many do not know that in reality, in many areas in the United States nowadays it is getting very difficult to purchase a building as well as business personal property insurance because of events such as hurricanes, tornados, hail, flooding, and even wildfire. States such as Florida, Louisiana, Texas, and even California are getting more and more difficult, and therefore more expensive, for insurance companies to operate and provide good policies that will cover what you want them to cover. And to make sure your, in some cases, multi-million-dollar investment is safe if a big storm or other event comes their way. With that, if you are in a state that gets a lot of bad weather or has wildfires, it will take time for insurance companies to underwrite your project or practice and send out a quote. Even then it may take longer to provide a quote to you, as many insurance companies are now providing policies but without coverage for wind or wildfire. So, it may take some back and forth or even searching longer to find an insurance company that is willing to provide you with a good policy at a decent price that you’ll be happy to take, instead of just taking it because it is your only option. At the end of the day, it is always best to know as much about the space you will be practicing in and to always get a jump on your business insurances, as their job is to protect you on your worst day as a business owner. That way if that day comes, you know what you have and know that you are well protected to face it. This ensures that your business can get back on its feet as quickly as possible and you can continue to take care of your patients with whatever they may need. Written By: TJ Stanton
In the dental profession, securing access to disability and life insurance is crucial for protecting one’s financial future and ensuring continuity of care for patients. However, many dentists may not fully understand the underwriting process and its implications on their insurance policies. This article aims to demystify the underwriting process for disability and life insurance, offering insights tailored specifically for dental professionals. Underwriting is the process through which insurers evaluate the risk of insuring individuals and then determine the terms and premiums associated with their policies. For dentists, the underwriting process involves several critical steps, including medical assessments and occupational considerations. During underwriting, insurers will require a comprehensive medical history, including details of any past medical conditions, current health status, and lifestyle choices. Dentists, given the nature of their work, may have unique health considerations, such as musculoskeletal disorders from repetitive motions, which can influence the underwriting decision. Underwriters often require a medical exam, lab tests, and sometimes, medical records from primary care physicians. Understanding how to present this information transparently can aid in a smoother underwriting process. The nature of a dentist's work can significantly influence underwriting outcomes. Insurers may classify dental professionals as having a moderate-risk occupation due to factors such as the physical demands of the job and potential exposure to health risks, including infectious diseases. When applying for disability insurance, dentists should highlight factors that demonstrate the resilience of their practice, such as their continued patient base and business continuity plans in case of temporary incapacity. To streamline the underwriting process, dentists can take several proactive steps: Choose the Right Insurer: Each insurance company has distinct underwriting criteria and approaches. Dentists should compare policies from multiple providers to find one that best understands their profession and offers competitive rates. Gather Necessary Documentation: Preparing a comprehensive set of medical records can significantly hasten the underwriting process. Dentists should compile their medical history to support their application. Work with Specialized Agents like CFS: Collaborating with an insurance agent experienced in dental insurance can provide valuable insights. Such agents can guide dentists through complex paperwork and help present their profiles effectively to underwriters. Be Honest and Transparent: Misrepresentation or incomplete information can lead to policy denials or unexpected exclusions down the line. Honest communication with insurers can foster a more favorable outcome during the underwriting process. The underwriting process for disability and life insurance can be daunting for dentists, but understanding it is essential for securing appropriate coverage. By being aware of the key considerations—medical assessments and occupational risks—dentists can navigate this process more confidently. With thorough preparation and the right guidance, dental professionals can protect their practice, their families, and their futures from unforeseen events. This proactive approach not only enhances personal financial security but also ensures that they can continue to provide high-quality care to their patients, regardless of the circumstances. Written by: Michael Magargee