Looking for more affordable insurance for me, my partners and our dental practice. We think there is too little choice of insurance companies offering professional liability and other commercial insurance to dental practices and dentists. Does anyone know who else can offer us more choices in competitive coverage?
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Well, professional liability isn't much of a moneymaker, from the insurance company's point of view. Luckily for you, dental malpractice is a lot less hazardous, however, unluckily for you, most insurance companies won't offer just ONE class of malpractice insurance. That means, in any given state, there is very, very little competition for professional liability coverage. You don't say where you are, but there are probably less than five carriers in your state. Several of those would probably be non-admitted carriers. The best thing to do is see if you can hook into a state wide professional group, and have the group negotiate a 5% cut in rate based on volume discount. Sorry !
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