Selecting the Right Dental Malpractice Insurance Provider Before Trouble Calls
Focus on dentistry rather than general physician insurance; it assures they do what they do well as they only have one client base. While a generalized provider may supply you with adequate coverage, they aren’t going to be as focused or as well-versed in the needs of a dental office. Further, those that don’t specialize in dental malpractice insurance tend to have strapped on this form of coverage to their pre-existing surgical and physician offerings. No one wants to work with an insurance provider who considers their practice an afterthought.
Table 1: Comparison of Numeric Data
| Insurance Company Name | Years of Experience | Trial Win Rate | Company Size | States Covered | A.M Rating |
|---|---|---|---|---|---|
| MedPro Group | 118 Years | 95% | 500-1000 | 50 States | A++ |
| Professional Solutions Insurance Services | 74 Years | N/A | 200-500 | 50 States | A |
| CNA | 123 Years | N/A | 5000-10000 | 50 States, International | A |
| Professional Protector Plan | 51 Years | N/A | 1000-5000 | 50 States | A |
| TDIC | 40 Years | N/A | 51-200 | 15 States | A |
Select a provider with good financial strength as indicated by a strong rating with insurance rating companies such as A.M. Best. This includes their ability to cover clients’ claims and other resources such as notes, securitization products, and bonds. Companies with at least an A rating with this organization have shown a long-standing ability to meet the obligations they’ve made to their clients regarding insurance claims. It is advisable to select a provider that AM Best rates as A or higher to ensure coverage when needed.
Insurance providers must also incorporate strong policies as part of their coverage. This goes beyond offering a fair premium rate and extends into the type of coverage they offer. Coverage like DPR defense, cyber-liability, and others can be essential offerings for your practice. Ensuring that your provider delivers these policies will ensure you have the coverage you need when it counts.
Top 5 Professional Dental Associations & Societies
You also want a provider that rewards clients who run their practice in a way that prevents malpractice insurance from being needed. Many companies offer credits to clients who have gone long periods without experiencing any claims. These providers will regularly reassess your risk level and adjust your premiums accordingly. They also frequently offer discounts to practitioners with a risk management program that helps prevent occurrences of malpractice claims in the first place.
We researched numerous malpractice providers, referencing respected voices in the dental community and rating companies like A.M. Best and Dentaltown. Below we have compiled a list of top-rated companies that have a good reputation with practitioners and a reputation for providing great coverage.
Table 2: Comparison of Important Features
| Insurance Company Name | Company Type | Industries Covered | Policy Types Offered | Additional Resources/Features |
|---|---|---|---|---|
| MedPro Group | Privately Held | Wide range | $1M – $3M+ | National endorsements |
| Professional Solutions Insurance Services | Privately Held | Malpractice insurance | $100K – $4M | Expert defense attorneys, professional claims representatives |
| CNA | Public | Wide range | N/A | Backing of over 120 years of experience, resources for mitigating exposure |
| Professional Protector Plan | Public | Dental | Various | Advising malpractice experts, coverage for staff members |
| TDIC | Privately Held | Dental | Professional liability, worker’s compensation, cyber suite liability | Local, personal relationships with policyholders |
1. MedPro Group – Dental Liability Insurance
Company Type: Privately Held Insurance Company
Years of Experience: 118 Years
Trial Win Rate: 95%
Company Size: 500-1000 Employees
States Covered: 50 States
A.M Rating: A++ (Excellent)
MedPro Group has been the go-to malpractice insurance for dentists for ages; MedPro has been providing students with free insurance for their first year as a dental practice, and many dentists tend to decide to stay with MedPro for its financial strength, variety of policy types, and national endorsements from associations such as the American Association of Endodontists and American Academy of Periodontology. Their policy rates range from $1 million to above $3 million, and have resolved over 400,000 nationwide.
2. Professional Solutions Insurance Services – Dental Malpractice Insurance
Company Type: Privately Held Insurance Company
Years of Experience: 74 Years
Company Size: 200-500 Employees
States Covered: 50 States
A.M Rating: A (Excellent)
PSIC specifically specializes in malpractice insurance, offering multiple policies that go in-depth into their claims processing and coverage. PSIC has been operational since 1946 and offers resources such as expert defense attornies and professional claims representatives to initiate healthcare strategies for your practice. PSIC offers policy limits ranging from $100,000 to $4 million and discounts for new graduates and part-timers.
3. CNA – Healthcare Professional Liability Insurance for Dentists
Company Type: Public Insurance Company
Years of Experience: 123 Years
Company Size: 5000 – 1000 Employees
States Covered: 50 States, International
A.M Rating: A (Excellent)
CNA, a reputable company serving more than just the dental industry, has an exceeding global reputation for being one of the most financially stable and ever-growing insurance companies. From small businesses to corporations, CNA has the backing of over 120 years of experience, serving over 1 million businesses and professionals each year. For healthcare professionals, CNA was a founding member of the National Patient Safety Foundation and has been named the Best Medical Malpractice Provider back by PropertyCasualty 360 in 2018. CNA gives dentists valuable resources regarding their practice, such as subpoena assistance, disciplinary proceedings coverage, and numerous resources for mitigating exposure.
4. Professional Protector Plan For Dentists
Company Type: Public Insurance Company
Years of Experience: 51 Years
Company Size: 1000-5000 Employees
States Covered: 50 States
A.M Rating: A (Excellent)
PPP designs its insurance solely around dentist needs, creating a fully-encompassing dental malpractice insurance plan through advising malpractice experts and dental professionals. PPP chooses agents across the United States to represent their company to help assist in malpractice insurance claims. Each agent is chosen based on their involvement in the dental community and field of expertise. The PPP offers a variety of policies to choose from that are modern and forward-thinking, making it easy and comprehensive for any dentist in search of insurance; for instance, the professional liability plan consists of first aid payment for accidents during procedures, full consent to settle, and coverage that extends to staff members.
5. TDIC – Professional Liability and Dental Business Liability Insurance
Company Type: Privately Held Insurance Company
Years of Experience: 40 Years
Company Size: 51-200 Employees
States Covered: 15 States
A.M Rating: A (Excellent)
The TDIC, also called The Dentists Insurance Company, started under the initiative of three CDA-member dentists who wanted an insurance company that solely focused on protecting dentists. The TDIC has expertise in malpractice insurance that’s dentist-centric, meaning their variety of policies help cover many topics such as professional liability, worker’s compensation, and cyber suite liability. The company has earned the representation of being one of the best companies rated by A.M. for 25 years, and its local, personal relationships with its policyholders boost its reputation and customer service.
MedPro Group and CNA offer extensive policies for a wide range of industries, while companies like TDIC and PPP offer plans specifically targeting dentists. Insurance companies depend on the reputation they gain from their customers; for any dentist searching for the right dental malpractice insurance, comparing rates based on your finances will be the best route to finding the most affordable plan with the most coverage.
