Protecting yourself against lawsuits and malpractice claims is an essential part of keeping your practice running smoothly. Having the right dental malpractice insurance can ensure you get the coverage you need to protect your personal and professional assets. Here are three features you should look for in your malpractice insurance.
Consent To Settle
Your dental malpractice coverage provides you with legal counsel who can negotiate settlements in various cases. Choosing a policy that includes a "consent to settle" inclusion means you have the final say in any settlements. If you prefer to take the case to court to clear your name, you can opt not to settle. This is a critical inclusion because it helps you to make decisions that impact your reputation.
Tail Coverage For Retirement
Just because you retire from your practice doesn't mean your need for dental malpractice insurance will come to an end. Choosing a policy that includes tail coverage lets you extend your liability insurance to cover you even after you have retired. If a patient files a malpractice suit after your career is over, tail coverage can help you protect your personal assets so you can stay retired and have a bit of added peace of mind. Tail coverage may also be available if you switch carriers or plans so you never have a gap in your coverage. Ask your carrier whether there is an additional charge for tail coverage or if it is included in your policy.
Legal Fee Coverage
Your dental malpractice insurance should cover the costs and fees associated with defending your case in court. While settling out of court may be preferred to end a case quickly, your policy should provide access a legal team and cover the costs of mounting a defense. If you employ dental hygienists or assistants, you may want to inquire about legal defense coverage for your staff, as some patients may choose to name everyone in your office in a lawsuit. Ask your provider what the terms are for legal assistance and lawyer representation and be sure to find out if your policy covers just you or your entire practice staff.
A single lawsuit can be devastating financially, but dental malpractice insurance is designed to protect your assets and keep your practice safe from frivolous cases. Be sure to shop around to get the best coverage, and look for these features to give you the protection you need. Contact a company like HMBD Insurance Services for more information.