Are You Appropriately Covered via Your Practices Group Insurance Plan?

If your veterinary or orthodontic practice has a group insurance plan, you may think that you are set for coverage. But, that’s not always the case. In fact, you may need to review your coverage or even purchase supplemental coverage in case you are not covered properly. In fact, if you’re a practice owner, you may not even have the coverage that you’re offering to your employees. 

Group Insurance Plans for Employees

Group insurance is an option for employers to offer their employees. It is a policy purchased in bulk and spread out throughout the employees. The coverage typically comes at a lower cost because it is spread throughout the group. Most employers who offer this coverage do so at a discount to employees either by allowing them to purchase at a reduced price or by paying for some (or all) of the coverage so that their employees don’t have to assume the expense of insuring themselves. 

There are some forms of coverage, like health insurance, that most employers are required to offer their employees while there are also others, like life insurance, that are just a nice perk. The group insurance coverage that you choose can make a nice addition to your benefits package and can make your orthodontic or veterinary practice more attractive to potential employees. has more helpful information on the importance of a good benefits package.

Offering Group Coverage in Your Practice 

When you offer group coverage in your practice, there are many variables that you’ll have to take into consideration. These include things like your budget for benefits packages, the size of your practice, any legal regulations, and — in some instances — the needs of your employees. The Society for Human Resource Management has more helpful information on legal insurance requirements state-by-state. Determining the type of group coverage you’re going to offer is something you’ll need to work through with your insurance professional and will be based on these and many other factors. Before meeting with an agent, you should have a rough idea of the answers to things like: 

  • What insurance coverage am I legally required to furnish? 
  • How many people work in my practice and need coverage? 
  • What are my options for group size? 
  • Will there be several types of insurance included in the benefits package? 

By finding out the answers to these questions before you meet with an agent, you can be better prepared for creating a group insurance coverage package. This can help reduce the amount of time you spend working to come up with the perfect package and will also give you the opportunity to become more familiar with the insurance options that are available to you.

Insurance Coverage for Contractors 

As the owner of an orthodontic or veterinary practice, you may have some contractors who work for you. These contractors — while they do work for you — are different than employees. If they are not on your payroll, you may not be required to offer the same type of group insurance that you do to your employees. While some states are changing the rules and creating different regulations that govern how employers use contractors, it can be a sort of gray area when you’re running a business. 

If you have any contractors, you may not be required to offer them coverage, but it can be a nice perk that will help the contractors be more interested in working with you as opposed to the competition. By the same standards, though, it can be complicated and sometimes not cost-effective to offer this coverage to contractors. 

Additionally, if you are a multi-professional practice, you may need to consider the type of coverage each owner or professional will have. This coverage can sometimes be lumped in with the employees or it can be separate, allowing the professionals to have more control over the coverage that they choose and the benefits packages that are available. 

Determining the Appropriate Amount of Coverage

There is no “one size fits all” coverage that works for every business owner and every business. Determining the right amount of insurance coverage depends on the above factors but also depends on your preferences. If you want to make sure that you are covered for things like life insurance, short-term disability, and business insurance, you’ll first need to look at your needs and the type of coverage that you already have. Do you feel that you’d have enough to support yourself or your business if something happened? Will your family be able to replace your income if you pass away? How will your business continue if you are no longer able to run it? Each of these things are important to ask when determining the appropriate amount of coverage for your business.

When you’re determining your own amount of coverage and whether it is appropriate for your needs, you’ll also want to ensure that your group coverage is sufficient. Even if you purchased group coverage in the past, there are changes that could happen, like growth of your practice and changes to the structure, that would leave you without enough coverage. 

Getting an Insurance Plan 

Whether you want to purchase insurance for yourself or a group plan that you can offer to your entire veterinary or orthodontic practice, getting covered is an easy way to provide a level of protection to yourself and your practice. Make sure you have coverage and that it is appropriate for your needs! 

By not having a group insurance policy or not having adequate coverage, you could leave yourself and your staff at risk of losing income if something were to happen. Don’t leave it up to chance. Working with Loyall Group is simple and provides you with a great opportunity for getting coverage. Get your free quote today!