Insurance

[Lily143]

I am a new dentist and am in the middle of purchasing different types of insurance. I was wondering what companies everyone is using and how much you are paying.

Malpractice: Fortress (1,000,000/3,000,000) $250 a year
Disability: Guardian $1200 a year


The malpractice seems rather low to me. I'm not sure if I did something incorrectly while applying.

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[DrJeff]

I am a new dentist and am in the middle of purchasing different types of insurance. I was wondering what companies everyone is using and how much you are paying.

Malpractice: Fortress (1,000,000/3,000,000) $250 a year
Disability: Guardian $1200 a year


The malpractice seems rather low to me. I'm not sure if I did something incorrectly while applying.

Double check that malpractice quote, it may very well be quarterly as somewhere around 1k per year for a 1,000,000/3,000,000 policy for a new grad is the ballpark figure for most companies these days.

Disability also seems about right. Just double/triple check the wording to make sure that the policy kicks in if you're unable to practice CLINICAL dentistry, and wouldn't exclude payments to you if your potential disability still allows you to work in something other than clinical dentistry. Also, see when it kicks in at 90 days? 120 days? 180days? and how that waiting period sits with your comfort level.

 

[NAVY DDS 2010]

Double check that malpractice quote, it may very well be quarterly as somewhere around 1k per year for a 1,000,000/3,000,000 policy for a new grad is the ballpark figure for most companies these days.

Disability also seems about right. Just double/triple check the wording to make sure that the policy kicks in if you're unable to practice CLINICAL dentistry, and wouldn't exclude payments to you if your potential disability still allows you to work in something other than clinical dentistry. Also, see when it kicks in at 90 days? 120 days? 180days? and how that waiting period sits with your comfort level.

Also, check whether the disability is short or long term and the percentage of your income they cover. Plus, see if there is an automatic increase in disability coverage. You may not think that is a big deal, but after you have the insurance, a lot of people don't pay attention to the coverage very often. After a few years, your actual earnings could hae increased more than you anticipated and if you didn't have yearly increases in coverage, you could potentially lose a bunch of money if you have to file a claim. My wife (a pharmacist) had to use her disability because she was bed ridden for 3 months and couldn't work for over 6 months because she broke her hip running a marathon (it broke around mile 7 she estimates and she finished the final 19 miles on the broken hip). Had we not had the disability and the yearly increases, we stood to lose a lot of money.

 

[godbless]

I am a new dentist and am in the middle of purchasing different types of insurance. I was wondering what companies everyone is using and how much you are paying.

Malpractice: Fortress (1,000,000/3,000,000) $250 a year
Disability: Guardian $1200 a year


The malpractice seems rather low to me. I'm not sure if I did something incorrectly while applying.

which malpractice insurance did you end up getting?i got a quote similar to yours...$400 bucks a yr for a new graduate and she said it goes up every year and stabilizes after 5 years.is there a website or some other resource to look up different insurances available?
can someone already in practice shed more light on this?any words of wisdom are welcome!

 

[Lily143]

which malpractice insurance did you end up getting?i got a quote similar to yours...$400 bucks a yr for a new graduate and she said it goes up every year and stabilizes after 5 years.is there a website or some other resource to look up different insurances available?
can someone already in practice shed more light on this?any words of wisdom are welcome!

I double checked the malpractice quote like DrJeff suggested (thanks!). My agent accidentally quoted me for a "claims made" instead of "occurrence" policy. My new quote plus 10% discount for taking a risk management course ended up being about $540 a year for Fortress.

 

[Lily143]

Also, I got a Guardian DI policy for $4000 benefit (which can increase +$6000, if needed). It's $118/mo and will increase with time. True own occ. 90 day waiting period.