Dental Practice Insurance – Is yours up to date?
Dental Practice Insurance Is yours up to date
?
Although reviewing your Dental Practice Insurance probably won't top your list of "10 things I'd like to do today", it is crucial to recognise the importance of arranging adequate protection, and regular review of the cover you have in place. Your practice is most likely the foundation for a number of livelihoods, including that of you and your family, your associates and your staff members. It is therefore your responsibility to ensure that, in the event of unforeseen circumstances, contingencies are in place to meet the Practice's commitments.
BDA Plus offer a wide range of insurance solutions, available as part of your BDA membership. As the current provider of Practice Insurance to over 4,000 dental practices in the UK, BDA Plus' superior service and knowledge of the dental profession can go a long way in assisting you to make the right decisions.
Reviewing and Relevance
Similar to any product in the modern market place, each insurance policy is likely to differ to some degree from the next. This means that certain cover, which is perfect for one Dental Practice, may be completely unsuitable for another. This also means that, as your Practice evolves and develops over time, it is essential to periodically review the protection in place in order to ensure it still applies to your circumstances.
The first step in reviewing your cover should be assessing your own requirements. How much cover will you need for your contents? How much would it cost to rebuild your practice entirely? How much income would be lost should the Practice be forced to stop trading for a period of time following a disaster such as a fire?
Without asking the necessary questions, it will be impossible to ensure the cover you arrange is adequate in the first place and you could find yourself in one of two undesirable situations. The first is realising that you are underinsured. Usually only becoming apparent in the event of a claim, this is where your declared sum-insured is less than your actual losses. The insurance provider will only be liable to pay the amount insured, or may apply an average' to any claim, which means the amount payable will reduce in proportion to the amount of the underinsurance. Should this be the case, you could see an already disagreeable scenario turning swiftly into a catastrophe.
The second is where the sum insured is so high that you would never realistically suffer such a loss. After all, the premium will reflect the amount of cover offered, so why should you be paying for something that you would never need?
Dealing with professionals
The process of arranging your insurance in line with your requirements can sometimes be a bit of a struggle. However, a professional who understands both insurance and the dental industry, will be able to advise you on what areas of cover you require and which you would never realistically need.
As a BDA member, you have access to such a service through BDA Plus. Specialists in providing insurance and financial services to the dental industry, a BDA Plus adviser can take you through the process from start to finish, whilst making sure you understand the levels of cover your policy offers and, just as importantly, exactly what you are paying for.
Dental Practice Insurance from BDA Plus offers flexible areas of cover and specialist features, which can be adapted to suit your individual needs. This ensures your policy is streamlined alongside the requirements of your Practice, so that you don't end up paying for something you'll never use. For example, Practice Insurance from BDA Plus uses your assessment of the amount required for contents cover and applies a 15% uplift on this declared value to ensure there is an allowance for increases throughout the year.
BDA Membership Benefits
As a BDA member, you also have exclusive access to this service at preferential rates, negotiated on your behalf by BDA Plus. Not limited to Dental Practice Insurance, BDA Plus also have the capabilities to handle the majority of your insurance and financial services, all under one roof. The savings you could make as a BDA member, and the specialist features offered within the policies themselves, could even result in your membership paying for itself.
To take advantage of your membership benefits, and discuss your individual requirements regarding Practice Insurance or any other issue, simply call 0845 130 1366 and speak to a member of the BDA Plus team.
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