There are so many types of insurance available, it can be tricky to figure out what coverage you need. What if something happens to you? Your equipment? The building your practice is in? Depending on the scenario, different insurance applies.
Let’s imagine a worst-case scenario (as insurers tend to do!):
A fire breaks out in your office and causes extensive damage. Your practice will be closed for at least a month. And, in your hurry to leave the building you fall and break your wrist, putting you out of commission for at least two months.
The question is: Are you covered?
What is—or isn’t—covered depends on the trigger.
If a fire, flood or other insured hazard shuts down your practice, CDSPI’s TripleGuardTM Insurance comes to the rescue. If your practice has to close because you’re sick or injured, our DisabilityGuardTM Insurance would protect your income subject to your current limit of coverage, and our Office Overhead Expense Insurance reimburses your eligible office expenses. In this case it’s all three. Here’s how it works:
WHEN YOUR OFFICE IS INJURED
- It insures your damaged office equipment, supplies, computers and contents such as furniture, counters, light fixtures and other leasehold improvements, and the insurer will either repair or replace the damaged items, depending on what is needed.
You can add an Equipment Breakdown Option to cover repair or replacement cost if there is a sudden and accidental breakdown of dental equipment or other mechanical or electrical equipment, not due to wear and tear.
- It protects your gross income from the practice, including your share of billings generated by associates.
- It protects you if you are found negligent for damage that occurs to adjacent premises, through the commercial general liability portion of the TripleGuard™ plan.
WHEN YOU ARE SICK OR INJURED
Some injuries or illnesses mean you can’t practise—leaving you with no income.
DisabilityGuard™ insures your earned income. Eligible coverage amounts are based on your income pre-tax, after expenses, and coverage amounts are available to a maximum of $25,000 per month.
Office Overhead Expense (OOE) Insurance2
When you’re sick or injured, your office expenses don’t stop. You still need to pay your rent, salaries, utilities, taxes and more.
OOE offers coverage for up to $40,000 per month to reimburse your on-going eligible expenses, depending on your age and level of expenses, for a period of up to 12 or 24 months.
How much TripleGuard™ Insurance coverage is right for you?
The best way to assess your limits of coverage for the contents in your office is to get a formal appraisal to determine their replacement cost. Once you are insured, make sure to keep your coverage up to date. Call CDSPI to review your insurance if your circumstances change (e.g., you renovate, or buy or lease new equipment).
Contact the professionals for advice.
Contact a professional insurance advisor from CDSPI Advisory Services Inc. to find out how to best protect yourself.
- TripleGuard™ Insurance is underwritten by Aviva Insurance Company of Canada.
- DisabilityGuard™ Insurance and Office Overhead Expense (OOE) Insurance are underwritten by The Manufacturers Life Insurance Company (Manulife), P.O. Box 670, Stn. Waterloo, Waterloo, ON N2J 4B8.
This information is presented for your general guidance. Complete terms, conditions, exclusions, restrictions and limitations governing the coverage are found in the insurance contracts for each of the plans.