Why Dental Malpractice Insurance Is Mandatory for Dentists?
There are different insurance policies out there but one that stands out especially in the dental profession is the Dental Malpractice Insurance. This insurance is required to become a licensed dentist. Dental Malpractice Insurance is sometimes called Professional Liability Insurance and is designed to protect dental practices against liabilities if a patient files a lawsuit. More than 10,000 medical malpractice claims are received every year in the tone of $3.5 billion as recorded by NPDB. Also, even after a case is dismissed in court, the dentist has to bear the legal expense – this is also covered by Malpractice Insurance for a dentist.
Types of Malpractice Insurance for Dentists
There are three types of Malpractice insurance we’d address in this section, which are:
1. State Patient Compensation Fund (PCF)
2. Occurrence Malpractice Insurance Policy
3. Claims-Made Malpractice Insurance Policy
1. State Patient Compensation Fund
This isn't much of Malpractice insurance but it is designed by the state to protect when a claimant requests huge sums of money and the sum is usually beyond the reach of Malpractice insurance. States like South Carolina, New York, Wisconsin, Louisiana, Kansas, Indiana, Pennsylvania, Nebraska, and New Mexico, have special provisions like this to help limit the liability of the dentists during a malpractice lawsuit. Each of these states has different rules as regards the implementation of Patient Compensation Funds (PCF). Most times, dentists would have to make an annual payment to participate in PCF.
2. Occurrence Malpractice Insurance Policy
This type of Malpractice Insurance Policy responds only to a claim that was based on when the dental treatment took place. This means that no matter when the claim was made, the date of the dental incident or treatment is referred to. The policy period of the incident is considered based on the terms and conditions of the policy. For instance, if a claim is made in 2021 for a dental treatment done in 2018, the 2018 occurrence policy is responsible for addressing the case. This policy is still valid even if you cancel your policy at some future date.
3.Claims-Made Malpractice Insurance Policy
This policy is in contrast to the occurrence policy. It responds to a claim based on the time the claim is made. For instance, if a dental treatment was made in 2019 and a claim is made in 2021, the policy for 2021 covers the claim as long as the incident occurred after the policy’s retroactive period. This means that if the claim comes at a time when the policy is active, you have coverage by the policy, but once you stop paying the premiums, the coverage ceases. This seems to be a downside since you have to continue your subscription to enjoy the benefits of the policy. If you do not need the coverage again, you can purchase tail coverage or extended reporting endorsement to protect you when a claim from the past occurs.
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The Risks Dentists face from patients
When it comes to malpractice, there are many causes why a dentist can be sued. Some common reasons include:
When the patient of the patient’s legal adviser is not well informed about consent.
When a dentist refuses to refer a patient to a specialist.
When proper prosthodontics work is not carried out.
Inappropriate tooth extraction or wrong tooth extraction.
Anesthesia use complications.
These are just a few reasons with others being poor diagnosis of TMJ dysfunction, adverse reaction to drugs, drill injuries, etc. The patient can file a lawsuit for any reason and the awards can be substantial based on the extent of the injuries or problems.
Before a patient can bring a lawsuit to you, they must present three things:
That there is an established patient/doctor relationship with the dentist having the duty to treat the patient
A proper demonstration that the dentist breached the duty by deviating from standard care or treatment done outside the scope of what a standard practitioner will carry out.
The patient must finally demonstrate that damages occurred.
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Where to Purchase Dental Malpractice Insurance
It is worthy of note that having good insurance for your dental practice is very essential to reducing risk in your practice and succeeding as a practitioner. Taking time to evaluate your risk can be made easy with a lawyer, an insurance agent, or both.
You can get your search for a trusted Dental Malpractice Insurance started on Google or you can ask your colleagues or better still get started with Medicanix. Whatever the case may be, ensure you settle for the best.
Cost of Malpractice Insurance for Dentists
Most companies that offer Dental Malpractice Insurance usually give a discount to new dentists. They offer reduced rates and can last for the first five years. Some companies also offer discounts when you take part in annual risk-management seminars via affiliations from Dental schools that have a partnership agreement with the Malpractice Insurance Company.
The rates for Dental Malpractice Insurance vary for different states. On average, a dental graduate can expect to pay around $350 to $1,500 a year for a Dental Malpractice Insurance policy. This depends on the type of policy coverage you've purchased. After the first few years (or the bonus years) you can expect to pay around $2000 to $3000 yearly.