Four key questions to ask when changing dental indemnity provider
Changing service providers can often feel like a big headache. That’s why so many of us tend to just stick with the same one, year after year, and avoid the issue altogether. The thought of sitting down and going through all that information from all the different companies – well, it’s just not all that appealing is it? But, here at iandi (I&I), we’ve taken the hard work out of it and created a simple way to compare the different providers and their policies.
Before you do that, it’s worth thinking about what you really want from your dental indemnity policy. Below are four questions to ask yourself when thinking about moving provider:
1. What kind of financial saving will I make? Saving money is always a big incentive. Perhaps even more so in the wake of COVID-19 when many dentists are looking to cut costs and reboot their finances after several months of closure. Over the years, the price of your policy may have crept up without you even realising. More providers may have come into the market or existing companies might have expanded their indemnity offering since you first took out your policy. You just might be surprised at the kinds of offers out there and the savings you could make, simply by switching providers.
2. Is that financial saving worth it? ‘You get what you pay for’. It’s hard to ignore that old saying when you begin looking at ways to make savings. There’s always a nagging feeling in the back of your mind that cheaper must mean there’s a catch. And, of course, sometimes there is. But the answer to the question of whether it’s worth it really comes down to what you need from your policy.
Dental indemnity is a legal requirement and you must make sure that you are adequately covered for the scope of your practice, whether you’re a single-handed practitioner, an associate or you’re slowly building up a small group of practices. If the savings you make mean you won’t get the right kind of support when you need it, it could actually cost you more in the long run.
3. Do I want claims-made or claims-occurred cover? When it comes to deciding the type of policy you want, there are lots of considerations to take into account, but this is an absolute must-ask question. Claims-occurred cover has been described as the ‘gold standard’ of cover. This kind of policy covers you for claims related to treatment while the policy was in force – even if it has since expired.
4. What run-off cover do I have? If you’re exit planning for the end of your clinical career or beginning to think about retirement, one thing to consider is whether you need run-off cover included in your policy. Run-off cover protects you for a designated period of time even after you’ve stopped practising for claims made against you while you were still working chairside.
Given that a large number of claims are often made years after treatment was carried out, run-off cover can provide additional peace of mind once you’ve moved on from dentistry. It’s worth investigating whether your policy includes this as standard or as an additional extra, for how long the run-off cover lasts and whether there’s a possibility to extend this period.
Not all dental indemnity policies are created equal. There are lots of considerations when it comes to making changes to the providers you work with. But making that move can help you to reap rewards, and not just financially. Feeling secure that you have the right level of support in place can be a big weight off your shoulders.
While there is a lot to think about, we’ve made it as easy as possible for you. All you need to do is register here, and begin finding the best policy for you.