Insurance may seem cut and dry, so why the variance in rates from different insurance partners? There are many factors that contribute to insurance rates, including limit options, claim frequency and more.

Factors that Cause Insurance Rates to Vary

Insurance policies and their rates vary from company to company. While you may be tempted to go with the least expensive option, there are many factors that impact insurance rates. Look beyond premium prices and consider these factors to ensure you are fully covered at an attractive rate:

  • Breadth of coverage—Some policies may include additional coverage benefits that may lead to a higher rate over a basic insurance policy. However, if the policy you purchase does not offer coverage to meet your full needs, you may pay more than a higher insurance rate in the end.
  • Limit/benefit options—The limit/benefit you select directly impacts your insurance rate. The higher the limit/benefit, the more coverage available to you in the event of a claim and the higher your rate will be. The lower the limit/benefit, the less coverage available to you in the event of a claim and the lower your rate will be.
  • Your risks— If you have experienced a business claim or a professional complaint in the past, your insurance carrier will request detailed information on the matter and may increase your business insurance premium rates.
  • Amount of claims and claim costs—If an insurance company sees a high frequency of claims for you or your practice, they may increase your business insurance premium rates at the next renewal. Similarly, if the cost to defend and settle the claims against you or your practice is unusually expensive, it may also necessitate an increase in premium.


Insurance from Lockton Affinity

While all insurance policies are different in coverage and cost, finding a trusted insurance company can make all the difference.

Lockton Affinity has been providing best-in-class insurance for health professionals like you for more than 30 years, so our dedicated team understands the risks you face whether you own your own practice, are a member of an OSO or DSO, or are an orthodontic resident.

Our insurance solutions are designed to help protect your earnings, business, property and more. Plus, the AAO has endorsed Lockton Affinity to represent all orthodontist insurance needs, excluding malpractice insurance which is provided through AAOIC. By working together, Lockton Affinity and the AAO are focused on enhancing the insurance program to help ensure it continues to meet the ever-changing needs of members like you.

See what coverage will look like for you today.