As your practice grows, your exposure to professional financial risks may increase. Your insurance advisor can help you identify those exposures, and enhance your insurance portfolio accordingly.

Accounting for the Insurance Needs of Your Growing Practice

If you’re planning to expand your practice (e.g. add an operatory, upgrade your equipment and/or furnishings, or even open a second practice), you can contact your insurance advisor for an office contents coverage review. He or she can recommend any necessary adjustments to your coverage to help ensure you’re properly protected in the event of loss or damage to items in your practice(s).

Your advisor can also recommend other ways of enhancing your office protection — such as gaining equipment break-down coverage, getting enhanced protection for employee dishonesty losses and obtaining building insurance if you the own the structure where your practice is located.

Managing Greater Malpractice Risks

It’s essential for dentists to ensure they’re adequately protected with malpractice insurance. This is especially important for dentists whose practices have grown to include a large patient base, as well as dental specialists — since they face greater malpractice risks.

Advisors at CDSPI Advisory Services can assist eligible dentists in obtaining higher levels malpractice insurance through the Canadian Dentists' Insurance Program.

Ensuring You Have the Financial Means to Fulfill the Terms of Your Buy/Sell Agreement

Dental practice partners commonly take out life insurance policies on each other as a part of their “buy/sell” agreements. In the event that one partner dies, the life insurance proceeds can make it financially easier for the surviving dentist to purchase the deceased’s interest in the practice. 

If the value of the practice has grown considerably over the years and the amount of life insurance in place for this purpose doesn’t reflect this, an unpleasant financial situation could arise. Fortunately, an advisor can review each partner’s level of life coverage, and if necessary, assist in implementing coverage changes.

For More Information:

TripleGuard™ Insurance

Office Loss Prevention – Equipment Breakdown

Office Loss Prevention – Employee Dishonesty

Malpractice Insurance

Partner Life Insurance

Office Overhead Expense Insurance


Adequately Covering Office Costs in the Event of a Disability

While disability insurance is designed to help replace your personal income in the event of a disabling illness or injury, office overhead expense insurance helps cover specified office costs when you can’t work due to a disability. Your advisor can help ensure your current level office overhead coverage continues to meet the needs of your growing practice.

For no-cost advice for your professional insurance planning needs, contact an advisor at CDSPI Advisory Services Inc.