For maximum reassurance
Historically, dentists have relied on low-cost Indemnity policies provided by their MDO membership. Times are changing though. With more claims & more compensation payouts, the MDO’s are struggling to offer the same level of cover and dentists are looking for other solutions via specialist dental insurance providers.
The views expressed in this article are specifically those of AllMedPro
The Status Quo of Dental Indemnity Insurance
As a dental professional you may in the past have felt reassured with the help and support from the Medical Defence Organisations (MDO’s) when it comes to cover against professional negligence claims, or allegations of malpractice in the course of your duties.
It was, certainly historically, the MDO’s that have provided the majority of cover for dental practitioners as part of a consistently low membership rate.
To this effect it has been the logical way for dentists to get cover for defence costs and any compensation awards needed in the unfortunate event of a patient complaint or a GDC inspection.
With the MDO’s appointing respected dentists on their board of advisers, this has also certainly been an added layer of reassurance for the dental profession.
Maybe you are one of the fortunate dentists still enjoying this level of cover?
However, the landscape regarding Dental Indemnity Insurance has been changing gradually over the last five years and it is becoming increasingly important for dentists to consider all their options, and not just focus on the status-quo.
The rise of the “no-win no-fee”
Unfortunately, due to the enhanced promotion of the “no-win no-fee” service by solicitors, patients are making more claims than ever before. The promise of a financial return in exchange for their complaint leaves them feeling empowered, and hopeful.
For the professional, this means that even with the greatest care during treatment, there is a higher risk than usual, for a complaint to be made against them.
Also, the costs of compensation and legal fees have increased, so having the maximum protection is essential.
The MDO’s are certainly finding this new claims culture very challenging indeed. While the low membership and comprehensive range of benefits does still largely apply, many dentists are finding that their applications for cover are being refused when they come to renew.
Have you found yourself in this position? Is it possible at your next renewal you could?
If you have been subject to an investigation by the GDC, your renewal with the MDO could be in jeopardy. Even some members that have simply made use of the MDO’s helpline are being refused renewal, as the MDO’s themselves are having to take a risk-based approach to their decision making.
Often reasons of this nature are not provided when the cover is refused. It is becoming more noticeable though that the downside of the proposition from MDO’s is their discretionary policy.
Due to the enhanced risk, the MDO’s are also increasing their membership rates for those dentists they are still able to cover.
Subsequently, more and more dentists are looking for alternative solutions to maximise their protection and minimise the risk it poses from not having sufficient cover.
Dental Indemnity Insurance – your options
The insurance industry has historically lacked the range of benefits for dentists as part of their Dental Indemnity Insurance policies, when comparing to those offered by MDO’s.
However, the insurance market has matured and evolved over the last few years and the range of products available has widened significantly, attracting dentists to seek cover away from MDO’s.
The key benefit of an insurance policy, organised through a specialist broker, is that it provides a clear contract between the insurer and the dentist, guaranteeing indemnity cover at the point of a claim. This contract is legally binding, and can include a “run-off cover” so that the policy still applies in the event of retirement or death.
An insurance specialist can talk though your exact needs before you commit to the policy.
There are a number of key insurance companies that have made solid advancements in the dental industry in recent years, building a reputation for their excellent claims service. Yet differing covers are available and a broker can assess which would be best for you.
If you are confident that your MDO offer will always be available for you, then clearly there isn’t a point in fixing something that isn’t broken.