37
Volume2 Issue4
|
S
upporting
Y
our
P
ractice
Similarly, therearemany thingsyoucan
domitigate risk inyourpractice.
TRANSFER
Insurance is theprimarymethod that
most peopleandbusinessesuse to transfer
potentiallycatastrophicfinancial risksbypaying
apremium toan insurancecompany inexchange
for apayment in theeventof a large loss.
RETENTION
This is sometimes referred toas self-insurance. If you
areestablishedandhaveahighnetworth, for example,
youcoulddecide that it ismorecost-effective tomanage
anydamages thatmightoccurwithout insurance.Or you
may retainpartof the riskby tailoringyourpolicies.
Regardlessofwhereyouare inyour careerorpersonal life,
managing risk is simplya factof life that cannotbeavoided.
Andwhileyoumay takemany sensible steps toavertor
reduce risk, itnever completelydisappears. That’swhy
insurance is, formostpeople, thepractical option. Yet as
no two situationsare identical, it’sadvisable toworkwitha
professional insuranceadvisor todeterminewhat youneed
givenyourpersonal andbusiness circumstances—toobtain
the rangeof coverages that are right for you. Andasyour
circumstancesarevery likely toevolvewith time, it’s
equally important to reviewyourpolicies regularly to
ensureyouhaveadequateprotection.
a
Living at risk is like
jumping off a cliff and
building your wings
on the way down.
—RayBradbury
CDSPIprovidestheCanadianDentists’InsuranceProgramand
theCanadianDentists’InvestmentProgramasmemberbenefitsofCDA
andotherparticipatingprovincialandterritorialdentalassociations
.
AVERSION
Avoidpracticeownership
REDUCTION
Office safety, cyber security,
informedconsent, documentation,
easy-to-followprocedures,
infectioncontrolmeasures, current
clinical carepractices, knowledge
of human resources law, healthy
lifestyle, stress reduction strategies
TRANSFER
Insurancecoverage: life, accidental
deathanddismemberment,
malpractice, long-termdisability,
officeoverhead, officeperils (fire,
flood, theft, vandalism), practice
interruption, commercial general
liability, homeandautomobile
RETENTION
Self-insurance, higherdeductibles
onpolicies, longer elimination
period fordisabilitycoverage
➊
ExamplesOf RiskManagement
Strategies ForDental Practices
