Insurance Tips When Purchasing a Dental Practice
We’ve assembled insurance tips for dentists who are purchasing a dental practice.
Everything changes when you evolve from being an employee to becoming a dental practice owner. Private practice ownership is a big step, and it’s a dream come true for many dentists. Your practice becomes your nest egg, and it needs your protection.
First, when it comes to insurance for your new practice, start your research early. This helps your loan and lease processes go smoothly. In fact, your bank will require proof of insurance before they provide funds. Reputable landlords also require proof of coverage before lease documents are finalized.
At WDIA we’re in your corner. We’ve helped thousands of dentists in Washington move into practice ownership with excellent insurance coverage at affordable rates.
Insurance Policies Every Dental Practice Owner Needs
As you assume ownership of your practice, your insurance policies will need to be expanded. For practice owners, you want insurance that covers:
- Business owners’ insurance to cover the physical space of your practice, equipment, and technology. Be sure to consider a rider policy if you require coverage for your practice loan(s).
- Disability and life insurance policies to cover costs if you are injured, ill for an extended period or pass unexpectedly. These policies can ensure income for you and your family, pay off debts, and support a successful business sale should one become necessary.
- Group medical coverage matters to your dental care team. To retain top talent, you’ll want to provide great benefits.
- Professional liability and disability policies to fit the career you have today and your vision for the future.