We free you from insurance concerns so you can focus on what matters.
Whether you’re a seasoned practice owner or a new graduate, we can find the perfect fit for your insurance.
If you’re feeling confused about insurance or questioning if your current coverage is as solid as you were told, you are definitely not alone. Many dentists and practice owners have been oversold or under-protected by bad advice. Loyall Group is on a mission to take every dentist from chaos to clarity on all insurance matters.
Our clients love Loyall Group’s efficiency: we use technology to make the application process faster and seamless. They also express gratitude for our personalized customer service and education, where no client gets lost in the fine print. And, of course, our clients have peace of mind knowing we got them the right-fit insurance without overpaying.
Being a dentist is hard enough—you practice in an ever-changing healthcare landscape while managing and protecting your staff and attending to your personal life. Loyall Group knows that the better we handle your insurance needs, the more free you are to focus on what matters: you, your family, and your career.
We make insurance easy
We represent all the top carriers in the industry so we can provide you the customer service you deserve while guiding you to the best options for you.
Ensuring you are fully protected depends on what stage of career development you are in. The standard insurances recommended for a practice owner are more comprehensive than those recommended for an associate dentist.
Dentist – Associate
Dentist – Business Owner
We recommend an individual disability income insurance policy with a “pure own occupation” definition. This type of policy protects your greatest asset—your ability to earn an income as a dentist.
In the event of an injury or illness that leaves you unable to perform the duties of your occupation, you will receive full benefits from your disability income policy, even if you are simultaneously receiving income from a second occupation you’ve started (unrelated to dentistry).
Some disability insurance carriers also offer an inexpensive rider that allows you to insure your student loans. In the event of a claim, these benefits are in addition to the disability benefits—you won’t have to spend your disability benefits to pay back student loans.
Don’t overpay for complicated life insurance products that pay high commissions to agents. Pocket the difference in premium for yourself, your family, and your growing practice.
We recommend a fixed, “level-term” life insurance policy. It’s an inexpensive way to ensure those who depend on you are taken care of in the event of your premature death. If you are borrowing money to buy a practice, your lender may require life insurance that collaterally assigns the bank as the loss payee.
We generally recommend an “occurrence” malpractice insurance policy with a minimum of $1,000,000 / $3,000,000 liability limits.
If you already have a “claims made” malpractice policy and are looking to change your malpractice carrier, consider getting a “claims made with prior acts” policy, to avoid paying a tail fee during the transition. Your new malpractice carrier will pick up all prior risk for services rendered.
In addition, if buying a practice, consider getting entity coverage added to your malpractice.
Each lender has a different set of minimum insurance requirements to satisfy their practice loans. To ensure that you, as borrower, are fully protected from your bank, the following standard insurances are recommended:
If you are a practice owner, a business owner’s policy combines business personal property and general liability into one policy. BOP insurance protects the physical assets of your practice along with covering third-party losses (think “slip and fall”).
BOP insurance can be tailored to help meet the unique needs of practice owners by adding optional coverages, like workers’ compensation, cyber risk, and other specialized policies.
Workers’ compensation insurance protects the practice and its employees from financial loss when a team member is hurt or sick from a work-related cause.
Workers’ compensation insurance is required in all states except Texas.
If you are a practice owner, cyber risk insurance protects your practice from financial loss due to a data breach. This may include loss, damage, extortion, loss of income, and even damages to your reputation.
Cyber risk insurance is optional. However, given the growing percentage of practices managing their business digitally, it’s becoming more standard. Practice owners looking to protect their business’s personal and financial information and patient records from digital theft and damage are adding cyber risk insurance to their security portfolio.
Purchase the full-length book on both Amazon & Audible now!
What is certain are your dreams, but you are having to do them in the most uncertain times in history.
You need a guide.