Dental schools are post-secondary educational institutions (or faculties within educational institutions) that teach dental medicine to prospective students. They play a crucial role in equipping future dental professionals with the knowledge and skills they need to be successful dentists, dental hygienists, orthodontists, periodontists, dental technicians, and more. Despite the vital service they provide, operating a dental school can be risky. That’s why dental school insurance is so important. The right insurance coverage can protect your dental school from financial risks, such as property damage, lawsuits, and more. Keep reading to learn more about how dental school insurance works and how ALIGNED can help you find it.
Why dental school insurance matters
Dental school insurance is one of the best ways to protect your educational institution from risk. If you want to avoid the financial fallout of a lawsuit, major property damage incidents, and more, dental school insurance matters.
Coverage 101 | Dental school insurance
Insurance policies for dental schools vary between policyholders, though you might find the following coverage to be important:
- Professional liability insurance: Professional liability insurance, also known as malpractice insurance or errors and omissions insurance, is important for businesses where professionals provide clients with services, such as teachers or professors at dental schools. This type of coverage will pay for legal fees (e.g. defence costs, settlements) if a claim of negligence, error, omission, misconduct, or failure to deliver an advertised service is brought against you or your clinic, regardless of the lawsuit’s outcome.
- Commercial general liability insurance: Commercial general liability insurance, sometimes referred to as “slip-and-fall insurance,” protects against the day-to-day risks that come with operating a dental school. For example, if a student slips and falls on campus, they could sue you. With this type of coverage, your dental school may be compensated in the event of a third-party property damage or bodily injury claim. Specifically, your insurer may cover the cost of medical expenses, repair bills, legal fees, etc up to the policy limit.
- Commercial property insurance: Protect your dental school against unforeseen circumstances like theft, vandalism, fire, water damage, etc with commercial property insurance. When you add commercial property coverage to your dental school insurance policy, your insurance provider may pay for repairs or replacements in the event of loss or damage caused by an insured peril.
- Cyber liability insurance: If your dental school practice stores confidential student information online (e.g. personal or financial information), then cyber liability insurance is important. With cyber liability coverage, if a hacker breaches your system and steals important data, your insurance provider may help cover the associated costs, which could include credit monitoring, crisis control, patient notification, and more.
- Sexual misconduct insurance: One claim of sexual misconduct can have serious repercussions for your entire dental school. That’s where sexual misconduct insurance comes in. This type of insurance can help pay for the legal expenses associated with defending your school or an employee against claims of sexual harassment, sexual abuse, and more.
Calculating the cost of insurance for dental schools
It’s important to note that insurance companies consider many factors when calculating premiums for dental school insurance. For this reason, the cost of insurance for one dental school likely won’t be the same as for another. Some of the factors an insurance company may consider include:
- The size and location of your dental school
- The number of employees and students at your dental school
- The annual and project revenue of your dental school
- Your years of experience and training
- Your claims history
- Replacement cost of physical assets including expensive equipment, tools etc.
- The specific programs and services offered by your dental school
- The coverage types, limits, and policy deductibles you choose
Contact ALIGNED to learn more about how dental school insurance premiums are calculated and to receive an accurate and competitive dental school insurance quote. Our team of commercial insurance experts will take the time to listen to your needs and circumstances and provide you with an estimate.
Keep in mind that insurance premiums are set by insurance companies, not brokers. That said, an insurance broker at ALIGNED can still help you shop around for insurance, compare rates, and even walk you through the process of modifying your future policy or filing a claim.
3 reasons to buy dental school insurance from an ALIGNED insurance broker
Not sure if you want to buy dental school insurance with a broker? Consider the benefits of working with an ALIGNED insurance broker, outlined below:
Brokers are knowledgeable about a wide range of insurance products
The first reason to buy dental school insurance from an ALIGNED insurance broker is that brokers have knowledge about a wide range of insurance products. This makes them an unbeatable resource when shopping for dental school insurance. A broker is well-versed in the insurance offerings of multiple insurance providers, allowing them to compare options and find you a great policy.
Brokers work independently of insurance companies
The next reason to work with an insurance broker is that they operate independently of insurance companies. Therefore, you can rest easy knowing your broker is working for you and not the insurance company. You can always count on ALIGNED to provide unbiased, objective advice on the best insurance policy for your dental school.
Brokers do the work for you
One last reason to work with an insurance broker is that they do the work for you. Here at ALIGNED, our insurance brokers do all the heavy lifting. All you have to do is tell us what type of policy you’re looking for, and we will get to work – contacting top insurance providers, obtaining quotes, and comparing policies, all to find you the best dental school coverage at a competitive rate.
What are you waiting for? Purchase dental school insurance with ALIGNED today
Looking for comprehensive coverage at a competitive rate? ALIGNED can help. Our team consists of commercial insurance experts, any of whom would be happy to help you find a dental school insurance policy that meets your needs. Using our unparalleled resources, expertise, and decades of experience, we are confident in our abilities to match your dental school with flexible, customized coverage in no time. What are you waiting for? Give us a call to speak with an ALIGNED insurance broker today or click here for a free quote.
