Dental Practice Insurance

How do I determine how much insurance is required to cover the property of my clinic?

You must evaluate the cost of replacing all of the contents of the clinic, including dental equipment, office furnishings, decorations and management of the clinic, such as the electricity, plumbing, covering the floor, walls and ceiling.

We suggest that you take a special look at the following:

1. Financing

If some or all of the purchase of the office was insured by the lender during the period of financing, you must add the value of the financed property to your multi-risk insurance when the loan is due or when you renegotiate it.

The insurance offered by the creditor is often based on the actual value of the property (e.g. the depreciated value based on the age and wear and tear on the property). If your purchase includes second-hand equipment, you must cover the difference in the actual value of this property and its replacement cost (new value) by your dental office package insurance.

2. Purchases

You must increase the amount of insurance as you make major purchases, and periodically (with each renewal of the insurance policy) for smaller purchases.

3. Replacement value

As your insurance has the benefit of being, in case of loss, settled according to the replacement cost of the property, evaluate from time to time with the assistance of providers, the replacement value of all your property, including rental improvements, so that the amount of insurance indicated in your policy is sufficient to replace all your property.

4. Taxes

Remember to add tax to the new value of the property, since it is also payable in case of damage.