Insurance for Dental Labs
Your dental laboratory plays a critical role in helping your clients stay healthy and continue smiling and a lot is riding on ensuring that your lab operates efficiently and effectively. After all, your clients rely on your lab to provide accurate and safe dental prosthetics and orthodontics to facilitate their dental health. Your employees rely on you to ensuring a safe and healthy working environment that protects them from accidents and illness. So it’s important to protect your dental lab from the unexpected with a comprehensive insurance policy!
The key to making sure that your dental lab is properly insured lies in assessing not only the type of insurance coverages you need, but the level of coverage as well. For instance, your lab is not open to the public so you may require lower limits on coverage designed to protect you in case a client slips and falls on your property. However, the success of your lab relies on the proper functioning of extremely expensive equipment and large amounts of material; therefore, the coverage limits on your commercial property liability insurance may need to be higher than usual so you can repair and/or replace equipment and materials damaged by fire or natural disaster.
Thus, finding the right insurance coverage that will protect your dental lab from financial loss in the unlikely event of a crisis, whether man-made or natural disaster, requires more than most standard businesses, even within the medical community. When shopping for coverages, most insurance experts recommend working with an independent insurance agent who can help you identify the specific risks your lab must insure against, and identify the levels of coverage appropriate to meet those risks. An experienced insurance agent can develop a comprehensive, flexible, and personalized insurance policy that will help you keep your dental lab operating at top efficiency!
Important Insurance Coverages for a Dental Laboratory in Florida
For your dental lab in Florida, an appropriately comprehensive insurance policy will probably include a mix of standard business coverages, medical coverages, and several extended coverages. While the list of coverages below will help you understand the general types of coverages that may be required, your policy—including deductibles, coverage limits, etc—will be unique to your specific dental lab.
Standard business coverages include:
- General liability protects your premise and operations from lawsuits stemming from injury to someone while on your property, or damage to their personal property.
- Commercial property protects your property, including physical office space, equipment, tools, materials, etc, against damages due to fire, theft, vandalism, or natural disasters.
- Flood insurance is an especially important additional level of coverage in Florida, as water damage to your facilities and/or your property caused by flooding (even if that flooding is caused by a storm) is not covered under commercial property liability insurance.
- Workers’ Compensation Insurance covers medical bills and lost wages for employees if they are injured or get sick at work. Workers’ Comp is required by Florida law for all business with four or more part- or full-time employees.
- Commercial Auto Insurance insures company-owned vehicles used by employees on the job (also required by Florida law)
Specific medical coverages include:
- Medical malpractice (professional liability insurance) protects you and your lab against lawsuits due to mistakes, errors, or negligence in the devices built by your lab should they cause harm to a patient.
- Data breach/first-party Cyber Liability offers financial protection in case of liability relating to the use, transmission, and storage of personal and medical information of both clients and employees, including HIPAA fines.
Understanding the specific risks of your dental lab in Florida—and ensuring that you are appropriately protected against the worst-case scenarios—can be challenging and even stressful. But it doesn’t have to be! Working with the independent insurance experts at Sungate Insurance Agency can help you ensure that you get the right coverages at a price that you can afford!
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