With so many insurance options in the marketplace, it can be overwhelming to pick an insurance company to work with and insurance policies to protect your business.
The American Association of Orthodontists has partnered with Lockton Affinity as the administrator of the AAO-Endorsed Insurance program to meet the needs of orthodontists like you.
It can be beneficial to think about how to select the insurance partner and policies that best fit your needs. Before buying coverage for your practice, consider these tips:
- Learn about the policies
While insurance may not be the most fun topic to study up on, having basic knowledge of coverage, limits, deductibles and rates can help you in the insurance buying process.
- Look for information from reputable sources
- Research various policies from a handful of companies
- Talk to your colleagues to learn what has and has not worked for them
- Evaluate your practice risk
There are types of insurance your business just won’t need. For example, if your practice operates in the Midwest, you don’t need hurricane coverage, but you may need flood insurance.
- List your risks. Brainstorm scenarios that could happen at your business and how you would respond in such an event.
- Estimate the impact. If an event occurred, how would it affect your business? Could you pay for a lawsuit or settlement without insurance?
- Check industry trends. Are cyber criminals attacking businesses like yours? Is your property worth more than it was a year ago?
- Work with an insurance representative to evaluate your business’s exact risks.
- Research rates, reputation and more
Shopping for insurance most often involves comparing rates and coverage levels from different companies.
- Get quotes for comparable level of protection.
- Make sure to research the company and its partners.
- Look for a company with experience in your industry.
- Check their A.M. Best Company rating for a review of their reliability and finances (A.M. Best is a global, independent credit rating agency. Their letter-grade rating gives you an idea of the carrier’s ability to meet ongoing obligations, while its financial size categorization tells the carrier’s policyholder surplus.)
- Consider insurer benefits
Choosing an insurance company isn’t just about the rate and coverage they can offer.
- Check if a partner has experience insuring orthodontists, so they’ll have an idea of the types of policies you need, various limit options that may be beneficial, how to assist with claims and more.
- Pay attention to how easy it is to use their website, talk to a representative, get your questions answered and get a quote.
- Look for additional benefits, such as risk management resources, best-in-class customer service and access to insurance expertise.
- Switch companies at the right time
If you already have coverage in place, timing the switch of your insurance is best done in the months and weeks before your policy is set to renew. You’ll get the best comparison of new rates and avoid any early cancellation fees.
If you can’t wait to switch, factor in the cost of prorated coverage and surcharges to make sure you’re comfortable with your new deal.
Insurance for your practice from Lockton Affinity
With guidance and insurance coverage from The AAO-Endorsed Insurance Program, administered by Lockton Affinity, you can buy the policies you need and feel confident in having the right coverage to protect your business.
Schedule a risk evaluation with Lockton Affinity’s dedicated insurance representatives today. They’ll be happy to talk through your risks and insurance needs.