What to Consider when Evaluating a Dental Malpractice Insurance Provider
Posted on May 14, 2012
Tampa, FL (PRWEB) May 14, 2012 -- The Professional Protector Plan for Dentists, a network of specialized agents, has outlined specific information to aide dentists in the decision process of determining a good malpractice insurance program.
1. Financial Ratings – One important aspect of a company is its financial rating. Several industry-recognized companies provide ratings of insurance companies. A.M. Best and Standard & Poor’s are the two major companies that issue these financial ratings. Both companies assess the financial strength and creditworthiness of risk-bearing entities and investment vehicles. It can take years for a professional liability claim to arise, and even longer to resolve it. A client should be confident that its insurer will be a viable company and remain in business. Rated “A” excellent by A.M. Best and “A-“ by Standard & Poor’s. â�¨
2. Risk Management Program – When selecting a malpractice insurer, be certain the insurance company has a strong risk management program in place. Sound risk management and loss control procedures can be the most effective means of preventing malpractice claims and improving claims defensibility. A medical malpractice insurance provider should provide insureds with the tools they need to incorporate sound risk management practices and decrease the probability of a malpractice claim. â�¨
3. Quality Claim Services – Inevitably, one in 10 dentists will experience a professional liability claim within their career. An even greater amount will experience an incident that could lead to a potential claim. Look for professionals experienced in managing professional liability claims - the law firms are chosen for their expertise in medical and dental professional liability defense.
4. Specialized Agents – Professional liability insurance agents should be extensively trained to analyze a practices specific needs and stage of professional career. An agent should also be an expert in the inherent risks and exposures for a specific state or region, so they can develop a customized, quality and comprehensive insurance policy to meet your specific needs.
Established in 1969, the Professional Protector Plan for Dentists program was developed specifically for the dental practice by providing insurance protection through professional liability, general liability, employment practice liability, workers’ compensation, and property insurance products.