As your practice grows, your earnings increase, or your family gains new members, your insurance needs to increase as well. Washington Dentists’ Insurance Agency recommends that all dentists review their insurance coverage at least once each year to determine if what they currently have meets their present and future needs.
As your practice grows, your earnings increase, or your family gains new members, your insurance needs to increase as well. Many dentists forget to keep their insurance coverage in step with changes in their life and business, which can leave them in a difficult situation financially if an accident were to occur.
Washington Dentists’ Insurance Agency recommends that all dentists review their insurance coverage at least once each year to determine if what they currently have meets their present and future needs.
Ask yourself the following questions to determine if your insurance coverage needs to be reevaluated:
- If I should become disabled, will my Personal and Professional Disability cover my personal and business expenses?
- If I should die, do I have enough Term Life Insurance to cover my business and personal debt and still have enough left over for my family?
- Would the current content limit on my Business Owners Coverage replace all my office equipment if it were destroyed?
If the answer is “no” to any of these questions, you may want to consider increasing your existing coverage or looking into the types if insurance below:
- Personal Disability is considered income protection, so you would receive benefits equal to a percentage of your pre-disability income.
- Loan Protection covers your loans, interest and principal for the duration of the loan in case of disability.
- Overhead Expense Protection will cover the expenses in the day-to-day operations of your practice during a short-term disability. Overhead Expense Protection can be used to cover your rent or mortgage payments, staff salaries, electricity and water bills, professional fees, etc.
- Long Term Care Insurance covers you at any age for the cost of care if you should need assistance with activities of daily living.
- Business Owners Policy covers the replacement costs of rebuilding your office after physical damage such as fire or water damage.
WDIA encourages you to keep all your insurance policies in force and to make sure that you have the amount of coverage you need.
If you would like to review your current coverage or get quotes for additional coverage, please contact WDIA at 1-800-282-9342 or info@wdiains.com.
This article was originally published in the Winter 2022 issue of the WSDA News.