What is professional liability coverage and why do I need it?
Professional Liability Insurance, also known as medical malpractice, is a very specific type of insurance. The sole purpose of professional liability coverage is to protect and defend doctors from any potential allegations of mistreatment, misdiagnosis, or lack of treatment. Each state has its own laws surrounding malpractice so it is important to consult with an insurance professional who specializes in professional liability in your state.
When deciding who to partner with as a trusted advisor for your professional liability coverage you want to make sure to work with an industry specialist. Your practice is unique. Working with insurance professionals who truly understand the industry and the exposures you face as a dentist or oral surgeon will offer you the best protection and consultation.
The JLK Group and the Kohlenstein family are proud to say they have specialized in serving the dental and oral surgery community since 1981. The JLK Group is an independent agency and represents the top dental and oral surgery industry carriers.
Things to Consider:
- Consent-to-settle – working with a carrier who will not settle a claim without your consent is important. Equally if not more important is working with a carrier who has a strong track record of defending dentists and oral surgeons and who can offer specialized claim defense and expertise. Language in an insurance contract is as good as the insurance company who backs it. Know the company who you will trust to protect you and stand in your corner during perhaps your biggest time of need.
- Risk management – What do we mean when we say risk management? Risk management is a term that is too often loosely thrown around with very little weight. What are you really receiving with a risk management course? Most risk management courses should be called CE courses. Just leave out risk management because that is all you are getting…a couple CEs. As an agency who specializes in working with dentists and oral surgeons we partner with carriers who do the same. This powerful agency/carrier combination offers loss control and risk management services that are second to none and extend far beyond an annual CE course.
- Claims-made vs occurrence – When you purchase a professional liability policy most carriers will offer you two types of policies. A claims-made policy or an occurrence. What is the difference? Which is better? Which type of policy is right for me and my dental practice? These are all questions that we will help you navigate. First, the difference between a claims-made policy and an occurrence policy has to do with which policy is triggered in the event of a claim. Under a claims-made policy, it is the policy in effect the year the claim is made. Under an occurrence policy it is the policy in effect the year the procedure took place. Not one policy is better than the other. We work with you personally to understand your individual situation and work to guide you towards the policy that best fits your needs.