“This policy isn’t really necessary for my practice.”

“They don’t understand my practice’s needs.”

There are plenty of misconceptions about insurance but with the right insurer, your misconceptions and concerns can be put to rest.

Read on to learn about 5 common orthodontist insurance misconceptions and how working with Lockton Affinity, the administrator of the AAO-Endorsed Insurance Program, may benefit your practice and livelihood.

5 Common Orthodontist Insurance Misconceptions

1. All insurance is basically the same.

It’s a common misconception that all insurance is basically the same. The thought is that “most types of insurance policies work the same way” or that “all policies of a particular kind offer the same basic coverage.”

In reality, insurance can be as individual as you and your practice are. Take group disability insurance. It may seem straightforward, but the AAO-Endorsed Insurance Program offers specially designed Short-Term Disability and Long-Term Disability insurance for AAO members with coverage details to fit the needs of orthodontists.

One unique benefit offered by the AAO-Endorsed Insurance Program’s Group Disability Income insurance is an own-occupation definition. This definition considers a person totally disabled if a covered illness or injury leaves them unable to work as an orthodontist, even if they’re able to work in another occupation.

For example, if you were to experience an injury and no longer had the fine motor skills required to perform your orthodontic duties but could still work in another field, you would receive benefits under the AAO-Endorsed Insurance Program’s coverage, a perk that is often unavailable on standard disability policies.

2. My risks stay the same over time.

Another common misconception is that risks stay the same year after year. As a practicing orthodontist, malpractice risks always exist. Orthodontists who own a practice will always face business-related risks like property damage and third-party injury.

However, whether your career path changes or the world changes, it is important to evaluate your risks each year.

Consider these common risk changes:

• Cyber attacks have been a growing risk for orthodontic practices over the years, so it may be important for practice owners to add Cyber Liability insurance.
• Property values have risen extensively in certain areas, so it may be necessary to evaluate your coverage and limits to ensure your property is adequately insured.
• Personal changes occur, like you’ve paid off your student loans or your children reach adulthood, so you wish to adjust your Group Level Term Life insurance.

3. Insurance companies aren’t knowledgeable about my industry.

There’s a popular misconception that insurance companies are not knowledgeable about their customers’ industry. There’s an assumption that insurance professionals “probably know enough” about the insurance products they sell and service, but not much about the orthodontic industry.

Without an insurance partner that is knowledgeable about your unique risks, there is always a chance of being underinsured or simply not having the right policies in place, leaving you and your practice financially exposed.

When you work with a partner like Lockton Affinity, administrator of the AAO-Endorsed Insurance Program, we take special care to understand your needs so we can serve you better. Plus, we work directly with the American Association of Orthodontists and strive to make continuous improvements to the insurance program, as well as our service and risk management materials to benefit orthodontists like you.

4. My insurance provider doesn’t have my back.

Another common misconception about insurance is that your provider only wants to hear from you when it’s time to renew your policy or to inform you of a rate hike. An insurer that treats you and your practice as a transaction, rather than a valued partner, may not prioritize service, may not look closely at your risks and may not look out for your practice.

With the correct partnerships, your relationship will not be one-sided. It will be a collaborative effort with an important goal—to ensure you’re protected against key exposures and to help you determine how much risk you can tolerate.

Lockton Affinity, administrator of the AAO-Endorsed Insurance Program, acts as an intermediary between you and the insurer—providing you with a team of highly trained insurance professionals who understand the risks and exposures you face as an orthodontist. You will have a dedicated account manager who will support you, become familiar with your needs and have you and your practice’s best interests in mind. Lockton Affinity works diligently to place your insurance coverage with carriers that are reputable, exhibit superior financial strength and are well regarded for their claims handling services.

5. Most insurance isn’t necessary.

One final misconception that is very common is the belief that most insurance isn’t necessary. The idea here is that a lot of coverage is “nice to have,” but probably unnecessary and not worth the cost outlay in the end.

The truth is that you don’t need to have experienced a claim for your insurance to do its job. While many people correctly look at insurance as a way to purchase peace of mind or hedge against future uncertainty, another perspective is that your insurance coverage helps transfer excessive risk so that you can focus more on your life and practice.

Insurance claims are part of life and work, whether you experience critical injury or death, a fire or flood damages the practice you own, an employee or guest is injured at the practice you own and more. Insurance helps mitigate those risks so you can focus on what’s most important: your life.

Breaking the Common Orthodontist Insurance Misconceptions

It’s easy to get the wrong idea about insurance. Without the right information, you may be unaware of all your insurance options from the AAO-Endorsed Insurance Program and the insurance experts that are ready to help you get the coverage you need.

Visit AAO-Insurance.com to learn more about the customized insurance solutions to protect your income, practice and future.

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