Running a dental clinic means caring for patients while managing complex business risks. Insurance for dentists in Canada is about protecting both you and your practice.
This guide outlines key areas of risk management for dentists and how Mode Money Managers™ helps design cost-effective protection.
1. Personal disability insurance
Your ability to work is your biggest asset. Dentist disability insurance should:
- Replace a large portion of your income if you cannot work
- Cover long-term disabilities, not just short-term issues
- Reflect your occupation as a dentist
Mode Money Managers™ can compare policies and riders so you understand what you are paying for.
2. Critical illness and life insurance
Critical illness insurance provides a lump sum if you are diagnosed with covered serious conditions. Life insurance protects your family and can also secure business loans or buy-sell agreements.
3. Clinic overhead and business interruption coverage
Clinic overhead insurance can help cover ongoing expenses if you are disabled and cannot work for a period. Consider coverage for:
- Rent or mortgage
- Staff salaries
- Equipment leases
- Utilities
Business interruption coverage may also help if the clinic must temporarily close due to covered events.
4. Key person and buy-sell insurance
If you have partners or key associates, key person insurance and buy-sell insurance can provide funds if a partner dies or becomes disabled. This helps stabilize the clinic and protect surviving partners and families.
5. Professional liability and malpractice
Dentists already carry malpractice coverage through their professional associations or regulatory bodies. A financial planner does not replace that, but can help ensure the rest of your insurance and risk management plan is coordinated.
Mode Money Managers™ works as part of your advisory team to make sure your personal and practice risks are properly covered without excessive overlap.
Secure your Financial Architecture™ with a consultation.
