As a new dentist starting out in practice, one of the key decisions you will make is selecting a dental professional liability carrier. Importantly, you want a professional liability carrier that offers more than just protection against claims. You want a carrier that offers stability and financial security, and one that provides the service and resources that will support you and your practice throughout your career.
Here are a few important considerations in making a thoughtful and sound carrier decision.
Choose a dental professional liability insurance carrier with an AM Best rating of A+ or higher.
AM Best is a financial rating organization providing consumers with a reliable way to check the financial stability of insurance companies. Financial stability gives assurance of a carrier’s ability to meet its obligations, including the payment of claims. The strength and stability of your professional liability carrier should be one of your first considerations. AM Best has recently assigned MLMIC Insurance Company a Financial Strength Rating of A+ (superior). Read more on the topic here.
Look at the carrier’s experience to determine if it is right for you.
Liability carriers with decades of experience in the field will have the institutional and practical knowledge to support you throughout your career. When considering the experience of a liability carrier, pay attention to the location of their insureds, as well. You want to make sure you have a carrier that specializes in the intricacies of your state.
As a new dentist, you will want to focus on the day-to-day aspects of your practice and not have to worry frequently about potential liability issues. With an experienced liability carrier like MLMIC, you can focus on your work and put the concerns aside.
Be aware of the service and support the carrier offers its insureds.
Does the carrier offer 24/7 legal support? What about New York-specific risk management expertise and guidance? Can you talk to a real person if you have claim or a question about your practice? It is important to pick a professional liability carrier you trust and can contact easily. Your carrier will be there to protect you during some of the more stressful moments in your career, so you want to select a company you can rely on.
MLMIC has more than 45 years of experience writing professional liability coverage for New York’s healthcare providers. MLMIC offers financial stability and security with our superior AM Best Rating and the backing of Berkshire Hathaway, along with incomparable New York State professional liability experience and unparalleled personalized service.
Contact MLMIC Insurance Company with any coverage-related questions as you start your career. We are happy to offer assistance and a $50 first-year policy to qualifying new dentists. Learn more about the policy and other discounts on our website.
This article is part of our series, “Tips for New Dentists.” Click here to read other articles in the series or check out more topics on our blog! We also encourage you to visit our resources page for information related to COVID-19, New York State Executive Orders and more. If you’re interested in applying for professional liability coverage, dentists can do so online.