We specialize in providing property & casualty insurance programs for Dental Practices.
Our approach is unique and adds value to your Dental Practice. We are not attempting to sell you insurance. We work with our clients to develop a program that fits the needs of their practice while providing strong risk management support.
As insurance and risk management professionals, we are constantly looking for ways to educate our dental clients. You can sign up for our risk management tips by e-mailing firstname.lastname@example.org Here are a few recent tips we distributed:
Save 7.5% on Workers Compensation by implementing a drug free workplace.
➤The State of Georgia mandates that any employer that signs up for a drug free workplace receives a 7.5% premium discount.
➤Sign up at https://sbwc.georgia.gov/drug-free-workplace
➤A drug free workplace eliminates mistakes, absenteeism, and creates a safe and more lucrative dental practice!
Like high blood pressure, Cyber Liability is a silent killer!
True fact: Most businesses have never had a Cyber attack. At least, that’s the story I hear when I discuss Cyber Liability. Cyber Liability IS the Silent Killer. Like untreated high blood pressure, a Cyber attack will leave you wondering aloud why you didn’t ask more questions, and take the threat seriously. By design, your General Liability policy does not cover the exposures related to Cyber Liability.
Criminals want data because data is money. Did you know one medical record can fetch $100 on the black market? Your credit card company may extend cyber coverage to the credit cards they process, (Read the fine print), but who is covering the financial loss associated with the theft of medical records? Your spouse knows who is covering the loss! Do you want to break the news over the phone, or at home in the comfort of your home?
What can you do to decrease the probability of an attack?
The following 5 points are a good start:
- Count: Know what’s connected to and running on your network. If you have five employees, it’s easy. If you have 500, it’s tough. Include all personal devices, even a smart watch.
- Configure: Implement key security settings to protect your systems.
- Patch: Regularly update all apps, software, and operating systems.
- Control: Limit and manage admin privileges and security settings.
- Repeat: Regularize the top priorities to form a solid foundation of cyber security. Cyber security is not a destination, it’s a journey, and you want to keep as far ahead as you can. Hackers will move forward.
Great news: Cyber Liability is not expensive, and the criminals are targeting your dental practice! There are only 8 questions, so the response time is almost immediate.
The questions are as follows:
- What is the gross revenue for your practice?
- Does your practice, or an outsourced firm, back up your data and systems at least once a week, and store these backups in an offsite location?
- Does your practice have antivirus and firewalls in place and that these are regularly updated (at least quarterly)?
- Are you aware of any or have any grounds for suspecting any circumstances which might give rise to a claim?
- Within the last 5 years, has your company suffered any system intrusions, tampering, virus or malicious code attacks, loss of data, loss of portable media, hacking incidents, extortion attempts, or data theft, resulting in a claim in excess of $25,000 that would be covered by this insurance?
- Does your practice have dual control when transferring funds in excess of $25,000 to external parties?
- Does your practice provide training for staff members who transact funds in excess of $25,000 externally?
- Have there been any losses for a Cyber Deception Event in the past year in excess of $10,000?
The Consent To Settle Endorsement and The Hammer Clause
The Consent to Settle is an endorsement in your Professional Liability policy which states that the insurance company does not settle any claim or suit without the named insured’s consent. You want a Consent To Settle Clause! However, within the Consent To Settle endorsement, many dental practices have what is known as a Hammer Clause. You do not want a Hammer Clause!
Here’s how it works: The insurance company may recommend a claim settlement to you which they believe will be acceptable to the claimant. With the consent to settle clause, you have the right to say no, but be extra aware because if you reject the insurance company’s potential settlement, and the claim is eventually settled above the original recommended amount, YOU WILL PAY THE DIFFERENCE between the original suggested amount and the final agreed upon amount!
Now you know why it’s called the Hammer Clause!
Occurrence based Professional Liability versus Claims-Made Forms
Occurrence based professional liability forms are always preferred to Claims-Made coverage forms. On claims made policies, the trigger date is the date the claim is made or the policy holder becomes aware of a claim being made. Occurrence policy key date is the date of the Occurrence or accident. If that date is during the effective policy period, that policy applies. Claims-Made coverage is much more narrow and may require expensive “tail” coverage when a doctor retires, sells practice, merges or changes carriers. There are carriers willing to write Occurrence based coverages with prior Acts included.
Cincinnati includes flood coverage for your business contents
Get broader coverage at a lower price with Cincinnati. Most carriers completely exclude the peril of Flood. Your only choice is to buy coverage via the NFIP, which does not cover loss of income from a flood. Under the Cincinnati program, flood coverage is provided for your contents and triggers loss of income coverage. You will still need an NFIP policy if you own your building.
Business Income / Extra Expense
Professional Liability (Malpractice)
Business Overhead Expense
Cyber / Privacy Liability