Finding The Best Business Owners Policy for Your Practice
We often explain to dentists considering practice ownership that a Business Owners Policy (BOP) is like homeowners for your business.
Similarly to owning a home, BOP is “must have” insurance when you own a practice. BOPs combine general liability and property coverage to protect your dental office, equipment, and income stream. Required by all lenders and landlords, it covers physical accidents (slips, trips), fire or water damage, vandalism, and loss of income during rebuilding.
The bottom line? A BOP sets your practice up for success by reducing risk.
BOP Costs Are On the Rise
Just about everywhere you look, it’s clear that costs on just about everything have increased in the last few years. Insurance for small businesses—including dental practices—is no exception.
One of the main reasons is that replacement costs for materials have gone up. Between Oct. 2019 and Oct. 2024, national commercial reconstruction costs have increased by 41.8%, and between 28.7-45.5% at a state level, with Washington being among the top five (according to Verisk Analytics). This doesn’t include costs to replace business contents: what it would cost to purchase new computers, operative equipment, and more, in today’s marketplace?
Another reason is a nationwide jump in claims. Increases in floods, fires, and other unexpected disasters weigh into the ability for insurance companies to cover future potential damages.
The WDIA Team Can Help
Dental practice ownership involves complexities that extend beyond typical small Business Owner’s Policy coverage. Washington Dentists’ Insurance Agency (WDIA) understands the nuances of running a dental practice because WDIA works exclusively with dentists. Most carriers that WDIA work with allow building and practice coverage to be on one policy, and combining coverage can save money and time.
Each carrier that WDIA works with has specific underwriting guidelines, depending on the practice’s needs. “What we have found is that there are opportunities to save on premium by looking at your coverage limits and ensuring that coverage is aligned with replacement costs due to inflation, etc. If you haven’t done that in a while, we can provide you with a BOP quote,” says Kerri Seims, WDIA Associate Director of Insurance.
WDIA can help you navigate the coverage needs for your practice. “Our main goal is to provide you with the best coverage for your business,” says WDIA Director of Insurance Matt French. “Within the many carriers that we work with, we shop around to get the best rates for what you need.”
We work with carriers that offer comprehensive coverage at competitive rates. To shop and compare your options for your Business Owners Policy, call WDIA at 800-282-9342 or email info@wdiains.com.
Is Your BOP Renewing Soon?
As your renewal approaches, we recommend reviewing:
- Your Limits: Are they where they should be to cover replacement costs—not the items’ current value?
- Your Premium Costs: Are you paying for the right amount of coverage that meets your budget?
Round Out Your BOP With More Options
WDIA can also help with additional coverage that can be independently added to your BOP:
- Employment Practices Liability Insurance (EPLI): EPLI protects you and your practice against claims from current or former employees.
- Cyber: Cybersecurity Insurance helps you and your practice mitigate losses from cyberattacks, data breaches, and other digital threats.
- Earthquake: While other physical incidents are generally covered under a standard BOP policy, earthquake coverage would be additional.
- Umbrella: Umbrella adds an additional layer of coverage above the primary policy.
Contact WDIA for Professional Liability, Disability, Life, Group Medical, Business Owners Policies, and more!
800-282-9342 | info@wdiains.com
