Buying or building a dental practice is a major decision for many dentists. Once your decision is made, the next important step is how to protect it.
That’s why CDSPI offers TripleGuard™ Insurance, a comprehensive plan designed to keep your practice safe. Here are some frequently asked questions we get from our dentists.
- Why do I need it?
It not only protects your most important asset, but banks and landlords require proof of fire and liability insurance before your purchase is finalized. Dentists sometimes overlook this and call in a panic days before a deal is about to close, which is why you should apply for this coverage in advance.
- How much coverage do I need?
It depends on your circumstances. If you’re buying a practice, you can use the purchase valuation to determine the value of your tangible assets. You’ll want to cover the entire cost of your equipment, supplies, fixtures and all leasehold improvements in a worst-case scenario. Make sure you have coverage for the replacement cost of your equipment rather than its depreciated value.
- What if I’m starting my practice as a new build?
Lenders and landlords need proof of insurance before you can start to build. Builder’s Risk Insurance covers your premises and liability during the renovation phase. When you are ready to open your practice, you will need TripleGuard™ to cover the full value of your new practice.
- Will my premiums go up if I make a claim?
No, your premiums won’t increase as a result of claims you personally make; however, if there are three paid claims in a three-year period, your deductible will increase from $1,000 to $2,500. The good news is that if no further claims are made for three years, your deductible goes back down to $1,000.
- How are practice interruption payments calculated if my office has to close temporarily?
A claims adjuster will first determine your practice’s average daily billings and use this rate to calculate the payment during the practice closure period. There is no waiting period, and you can make a claim for income reimbursement as soon as your practice is shut down. TripleGuard does not cover loss of income stemming from your injury or illness—DisabilityGuard™ disability insurance covers you for this.
- What if my equipment breaks down?
The TripleGuard Equipment Breakdown Option is a feature that covers repairs and replacement costs for electrical and/or mechanical equipment such as patient chairs, X-ray equipment, copiers and more. Even if your warranty covers damaged equipment, repairs may take several days to complete. If repairs keep you from practising, your income loss may be reimbursed after the first eight hours of work interruption.
- What if I upgrade my premises or equipment?
Don’t make the mistake of thinking your plan will cover any eventuality. If you upgrade or expand your premises, or replace equipment, you’ll need to reassess to keep your coverage level current. A formal appraisal is the best way to determine how much insurance coverage you need.
Good things come in 3's
TripleGuard Insurance offers one convenient, cost-effective package to:
- Protect your office equipment and contents in the event of an incident such as a fire or flood.
- Replace lost revenue while your practice is interrupted.
- Insure you against commercial liability lawsuits.
Do you have questions?
Nobody knows the details of dental practice coverage better than CDSPI. You can rely on the expertise of our insurance advisors* to tell you everything you need to know about TripleGuard and keeping your practice safe.
1.800.561.9401 | insurance@cdspi.com
*Insurance products, services and advice are offered by licensed advisors of CDSPI Advisory Services Inc., an affiliate of CDSPI.
TripleGuard™ Insurance is underwritten by Zurich Insurance Company Ltd.
The information contained here is a summary only. A full description of coverage and eligibility, including exclusions, restrictions and limitations can be found in the Policy Terms and Conditions governing each plan.