How Much Does Dental Malpractice Insurance Cost?

It’s a question we hear a lot: how much is dental malpractice insurance? So, without further ado, let’s get into dental malpractice insurance costs — what you can expect to pay, the factors that determine your premiums (or annual rate), and the ways you can drive those costs down.

What Does Dental Malpractice Insurance Cost?

Dental malpractice insurance isn’t one-size-fits-all, and neither are the premiums. What you’ll pay depends on a bunch of different variables, including your specialty, location, and coverage limits (that’s the maximum amount your insurer will pay for claims), plus the number of hours you work and the services you provide.

To give you a rough idea of what to expect, we pulled sample quotes for Berxi dental malpractice insurance. These quote estimates are for full-time private practice dental professionals in Oregon with four or more years of experience who are looking for occurrence policies with limits of $1 million per claim and $3 million per year.

In addition, these figures don’t reflect any discounts you might be eligible for — we’ll get into those later.

Given these criteria, here’s a snapshot of what dental malpractice insurance costs might look like for different specialties:

• Dental hygienists: $100/year
• General dentists: $1,989/year
• Pediatric dentists: $1,989/year
• Oral pathologists: $1,989/year
• Periodontists: $3,282/year
• Prosthodontists: $3,282/year
• Orthodontists: $3,287/year
• Endodontists: $3,287/year

Of course, your actual premium will depend on a number of factors and details about the risks you face — not to mention which insurance company you choose. See malpractice policy prices for first-fourth year dentists.

What Factors Impact Dental Malpractice Insurance Costs?

There are certain reasons why some dentists might pay more for malpractice insurance than others. Here are some of the factors that can impact insurance costs:

Your specialty

As you saw above, a general or pediatric dentist will pay a lot less than an orthodontist or endodontist. That’s because risk exposure varies from one specialty to another.

The services & procedures you offer

If you perform surgeries, administer general anesthesia, or offer other procedures that are considered high risk, your premiums will be higher than dentists who don’t provide those services.

Location

Where you practice can make a difference. In states that tend to have higher rates of malpractice litigation, like Florida and Pennsylvania, dentists can expect to pay more than they would in states with lower litigation costs, such as Minnesota and Wisconsin.

The number of hours you work per week

This one is simple math: the more hours on the job, the more risk you’ll be exposed to and the higher your premiums will be.

The limits of liability

Your malpractice policy’s limits of liability determine how much your insurance company will pay on claims. Not surprisingly, the higher the limits, the higher the dental malpractice insurance costs. (Note: Berxi offers flexible limits, and defense costs are paid outside the limits of liability. That means the money spent on your lawyer and other legal fees won’t be deducted from the amount of money available to pay settlements.)

Whether you choose an occurrence policy or a claims-made policy

For the first four years of your practice, you may see significant differences in the offerings between a claims-made policy and an occurrence policy. But as of year five, the price typically levels out, with occurrence being only slightly more.

• Occurrence policies cover claims that arise from services you performed while the policy is active, even if the claim is brought well after the policy period expires. They cost more than claims-made policies, but you don’t have to worry about finding additional coverage once the policy period ends.
• Claims-made policies cover claims filed while the policy is active. They usually start with a lower premium than occurrence policies and then increase over time. If you cancel or switch insurers, you’ll need tail coverage to extend the reporting period for claims that aren’t filed until after the policy expires.

How long you’ve been working

Dental professionals who are early in their careers tend to pay less than dentists who’ve been practicing for a while. In fact, some insurers give substantial discounts for dentists in their first few years of practicing. (Spoiler: Berxi is one of them! Check out our new dentist discounts below.)

Your claims history

A history of malpractice claims, even if you weren’t ultimately found to be liable, can increase your premiums: insurers might view it as an indicator of future risk.

How to Lower Your Dental Malpractice Insurance Costs

It might seem like your premiums are determined by a lot of factors you can’t control, and that’s kind of true. But there are also meaningful steps you can take to reduce your dental malpractice insurance costs.

Compare costs from different insurance companies

The insurance company you choose will affect your premiums. That’s why it’s important to get quotes and compare costs from different insurers: a little legwork while shopping for your malpractice policy can lead to big savings down the road.

Most insurers sell through brokers and agents, which can mean commission costs and other additional fees. In fact, broker commissions can be 20% or more! A direct-to-customer insurer like Berxi doesn’t do that. We sell the policy directly to you — so dentists who choose Berxi save an average of 15% versus other companies.

Take advantage of new dentist discounts

Some insurance companies give dentists a lower rate in their first few years of practicing. These are Berxi’s rates for new-to-practice dentists in the first four years of their careers:

• Year 1: $50/year for a claims-made policy or $100/year for an occurrence policy
• Year 2: 60% off the full-priced policy
• Year 3: 25% off
• Year 4: 10% off

Leverage discounts for association membership, risk management courses & more

Berxi doesn’t just offer discounts for new dentists — seasoned professionals can save, too, no matter how long they’ve been in practice. Here are a few ways established dentists can qualify for reduced rates:

• Association membership. If you’re part of a professional dental organization like the American Dental Association, you’re eligible for a discount.
• Risk management training. Completed a risk management course in the past year? That will earn you some savings.
• Free coverage for hygienists at your practice. If you’re insuring your practice as a group, coverage for your hygienists is free.
• Transparent pricing. Berxi policies have zero deductibles, no commission fees, and no surprise charges — just great coverage at a great price.

Keep your claims history clean

Finally, one of the most important ways you can keep your dental malpractice insurance costs down is by avoiding claims. Your claims history plays a big role in determining your premiums, and the more claims you’ve had in the past, the more you’re likely to pay.

To reduce your risk and help prevent claims, it’s important to maintain thorough documentation and keep detailed records of patient interactions, patient consent forms, dental incident reports, and procedures. Establish clear safety protocols within your practice, and make sure every team member understands and follows them consistently. Additionally, be diligent about adhering to all required reporting procedures. These proactive steps not only help protect your patients — they also help safeguard your reputation and keep your insurance costs in check.

What Other Types of Insurance Do Dentists Need?

Your dental malpractice insurance can help protect you and your practice from claims, lawsuits, peer reviews, and challenges to your license that arise from on-the-job mistakes that allegedly harmed a patient. But depending on your circumstances and risks, you may need additional types of coverage.

• General liability insurance covers third-party claims of bodily injury, property damage, and personal injury.
• Commercial property insurance covers damage to your practice from things like fire and vandalism.
• Workers’ compensation insurance covers work-related injuries to employees.
• Cyber liability insurance covers data breaches and cyber attacks.
• Commercial auto insurance covers vehicles owned by your business.

Get Affordable Dental Malpractice Coverage With Berxi

With comprehensive coverage, world-class customer support and claims service, and the financial strength and stability that comes with being part of Berkshire Hathaway Specialty Insurance, Berxi is the easy choice for great dental malpractice insurance. Plus, our customers save an average of 15%. Take a moment and get a quick online quote today.

 

Image courtesy of iStock.com/Jacob Wackerhausen

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The views expressed in this article are those of the author and do not necessarily reflect those of Berxi™ or Berkshire Hathaway Specialty Insurance Company. This article (subject to change without notice) is for informational purposes only, and does not constitute professional advice. Click here to read our full disclaimer