Hey Docs! Episode Finals Insuring Success: Essential Coverage for Orthodontic Practice Owners Welcome to the Hey Docs! Podcast with your host Jill Allen. Today, I am joined by Nick Cepparulo from CFS Dental Division and in this episode we are covering all things insurance. From what you need to protect your practice when you are just getting started to common pitfalls practices face when coverage is lacking there is a lot to discuss. Let’s get into it! Summary Nick Cepparulo, Vice President of CFS Dental Division, discusses the importance of insurance for dentists and orthodontists, particularly those starting or acquiring a practice. He explains the key policies needed during the startup phase, such as general liability and builder's risk, and the policies required for a functioning practice, including business owner policy and workers' compensation. Nick also emphasizes the significance of personal insurance policies like malpractice insurance, disability insurance, and life insurance. He highlights the need for adequate coverage to protect against potential lawsuits, injuries, and unexpected events. In this conversation, Jill and Nick discuss the importance of insurance for dental and orthodontic practice owners. They cover various types of insurance policies, including disability insurance, malpractice insurance, and cyber insurance. They emphasize the need for regular evaluation and updates to insurance coverage as the practice grows and changes. Nick provides valuable insights and advice for dentists and orthodontists starting their careers and stresses the importance of protecting oneself and one's practice with the right insurance policies. https://cfsdentaldivision.com/https://www.instagram.com/cfsdentaldivision/ Takeaways Insurance is crucial for dentists and orthodontists, especially during the startup or acquisition phase.Key policies for startups include general liability and builder's risk, while functioning practices require a business owner policy and workers' compensation.Personal insurance policies like malpractice insurance, disability insurance, and life insurance are essential for protecting against lawsuits, injuries, and unexpected events.It is important to have adequate coverage and consider factors like reputation, claims payouts, and financial stability when choosing insurance carriers. Regularly evaluate and update insurance coverage as your practice grows and changes.Disability insurance is crucial for protecting your income in case of injury or illness.Malpractice insurance is essential for dental and orthodontic practice owners to protect against professional liability.Cyber insurance is becoming increasingly important in today's digital age.Work with an insurance professional to ensure you have the right coverage and are paying the best rates.Insurance policies should be reevaluated annually or every two years to ensure adequate coverage.Consider getting multiple opinions and doing research before purchasing insurance policies.AI is a trend in the insurance industry that is expected to have a significant impact.Work hard, do your research, and find what you love to do to be successful in your career.Chapters 00:00 Introduction and Overview02:34 The Unsexy Side of Being a Business Owner09:46 Key Policies for Startups and Acquisitions17:14 Understanding Additional Insureds and Policy Duration19:52 Protecting Yourself with Personal Insurance25:07 Importance of Adequate Coverage27:42 Protecting Your Income with Disability Insurance30:54 The Growing Importance of Cyber Insurance33:16 The Need for Regular Reevaluation of Insurance Policies35:45 The Impact of AI on the Insurance Industry46:23 Advice for Dentists/Orthodontists Starting Their Careers Connect With Our Advertisers OrthoFi - startmoresmiles.comGreyFinch - https://greyfinch.com/jillallen/A-Dec - https://bit.ly/3ZtGyRFSmileSuite - http://getsmilesuite.com/ Are you ready to start a practice of your own? Do you need a fresh set of eyes or some advice in your existing practice? Reach out to me- www.practiceresults.com. If you like what we are doing here on Hey Docs! and want to hear more of this awesome content, give us a 5-star Rating on your preferred listening platform and subscribe to our show so you never miss an episode. New episodes drop every Thursday! Episode Credits: Hosted by Jill AllenProduced by Jordann KillionAudio Engineering by Garrett Lucero
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Dec 12 202457 mins