{ business solutions } by Missouri Dental Insurance Services


Have you checked on your insurance lately? Or do you let a sleeping baby lie?


J by JERRI WILDHABER


ust like parents are the safety net for those sleeping babies — willing to do anything to keep them secure and provide for their well-being — so too, insurance is a critical safety net that helps protect your financial well-being against unexpected events. But just as children grow and needs change, life evolves and so do your insurance needs. Reviewing your insurance coverage regularly is essential to ensure that you are adequately protected and not over- paying for unnecessary coverage. Here’s why you should review your insurance and how to do it effectively.


WHY YOU SHOULD REVIEW YOUR INSURANCE


Life Changes // Major life events such as mar- riage, the birth of a child, purchasing a prac- tice, changing jobs or hiring an associate can significantly impact your insurance needs. For example, a new baby may require you to update your health or life insurance policy, while buying a practice could mean you need to be sure you have Business Owners insur- ance coverage, and hiring an associate can bring new liability issues you never thought about.


Coverage Gaps // As circumstances change, it’s possible your current insurance policy might not cover all the risks you face. A review can help identify gaps in coverage, ensuring you are adequately protected from potential financial burdens.


Changes in the Market // The insurance mar- ket is dynamic, and new policies or updated plans may provide better coverage at a lower cost. By reviewing your insurance, you can take advantage of newer options that fit your current needs and budget.


Cost Savings // Insurance premiums are often based on factors such as age, health, practice location, payroll, revenues or even the pro- cedures you are performing in your practice. Over time, your situation may change, and you may qualify for discounts or lower pre- miums. Reviewing your policy can uncover opportunities to save money.


Regulatory Changes // Laws and regulations governing insurance can change, impacting how much coverage you need or how your policy is structured. A regular review helps you stay compliant and aware of any new requirements.


HOW TO EFFECTIVELY REVIEW YOUR INSURANCE


Assess Your Life Changes // Start by reviewing any personal, financial or professional chang- es that may have occurred. Ask yourself: • Have I recently bought a practice or major equipment to use in my practice?


• Have I hired or reduced my staff size? • Am I working part time, or doing new/ stopped doing any procedures?


• Has there been a change in my marital status or family size?


• Have I taken on more debt or made significant investments?


18 focus | WINTER 2024 | ISSUE 4


Answering these questions will give you a clearer idea of whether you need to update your coverage.


Evaluate Your Coverage Needs // With your life changes in mind, consider if your existing policies still meet your needs. Do you have enough health insurance to cover medical ex- penses, or have your deductibles and co-pays changed? Is your practice insurance sufficient to protect against the risk of natural disas- ters, fire or theft? What about your malprac- tice — are you paying for coverage you don’t need or are you missing any easy discounts?


Check Your Deductibles and Limits // Review- ing your policy’s deductibles and coverage limits can help you decide whether they still make sense for your practice or financial situation.


Review Policy Exclusions // Policies can have exclusions, and it’s crucial to be aware of them. For instance, most Business Owners policies may not cover flood damage, and Malpractice policies may exclude certain procedures unless you add coverage back into your policy. By reviewing your exclu- sions, you can decide whether you need ad- ditional coverage or if certain clauses should be adjusted.


Check for Policy Riders or Add-Ons // Some insurance policies offer riders or add-ons that enhance the coverage. Such as an “own oc- cupation” endorsement on a disability policy. (Do you have that on your disability policy?)


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