Volume 8 • 2021 • Issue 2

Advisors** at CDSPI specialize in insurance for dentists and can recommend the types of insurance that will best protect you, your loved ones and your practice. Contact us today at 1.800.561.9401 or insurance@cdspi.com . basis following an injury or illness, CI coverage is a lump sum that’s paid should you suffer a life altering illness. CI coverage typically covers 20–26 illnesses, such as cancer, stroke and heart attack. Because it pays out a lump sum, you have the flexibility to use it however you wish. •Accidental Death and Dismemberment (AD&D) AD&D Insurancehelps youcopewith the financial consequences of accidents and generally offers coverage without a medical review, making it one of the easiest coverages to get. It helps in three primary ways: i) By paying a lump sum in the case of injury, ii) by providing financial assistance should you need to start a new career if you can no longer practice dentistry, and iii) by offering specialized benefits (such as hospital stay, emergency transportation and rehabilitation) to help in certain difficult situations. 3) Practice Insurance — To protect your business If you have your own practice, you are exposed to additional risks and therefore need extra protection to safeguard the business you have worked hard to build. Here are some types of insurance to consider. •Office Overhead Expense Insurance While Disability Insurance will help protect your income if an illness or injury keeps you from working, you would still have to contend with the ongoing expenses of your practice. Office Overhead Expense Insurance provides monthly benefits to cover expenses such as rent, utilities, salaries and interest on loans for office equipment. •Office Insurance As a practice owner, everyday risks such as fire, storms, earthquakes, theft and vandalism can interfere with your ability to treat your patients and earn an income. Should your office suffer damage from an unforeseen event such as a fire or vandalism, and you can’t practice for a time, office insurance can cover fixed expenses and reimburse you for lost income. It can also provide coverage to repair, replace or reimburse you for the value of damaged equipment and office supplies, and even to reconstruct patient records that are damaged or destroyed. •Malpractice Insurance As a licensed professional, you are legally responsible for the services you or your staff perform. That means you may be accused of malpractice, error or mistake while you’re practicing, and would be forced to bear the significant financial consequences that come with a related lawsuit. While it’s mandatory to have Malpractice Insurance in order to practice, it’s important to have adequate coverage. Additional protection in the form of CDSPI Excess Malpractice Insurance is available to dentists practising in Ontario and can help ensure you are sufficiently covered against claims. It can also provide claims assistance and legal representation. As a dentist, you have worked hard to establish your career and possibly your own practice. Since the unexpected can occur at any time–whether it’s a health problem, a severe storm or an accident–you will want to take steps to protect what you’ve built. Renata Whiteman Senior Advisor, Insurance CDSPI Advisory Services Inc. 1.800.561.9401 ext. 6806 rwhiteman@cdspi.com *The insurer reserves the right to request medical information depending on your application. **Advisory services are provided by licensed advisors at CDSPI Advisory Services Inc. Restrictions may apply to advisory services in certain jurisdictions. The information contained in this article is of a general nature only and should not be considered personal financial advice. For specific advice about your situation, please consult with your financial advisor. Policy obligations are the sole responsibility of the issuing insurance company. Issuance of coverage is subject to underwriting by the respective insurance company. Please see policy documents for full terms, conditions, exclusions, restrictions, and limitations. S upporting Y our P ractice 39 Issue 2 | 2021 |