Bowman Insurance and Benefit Services
Insurance for Large Groups
Malpractice

As the owner or Chief Operating Officer of a Large Dental Practice, you have many choices to make about your group Malpractice Insurance coverage. Initially, you will have to decide between having one large group policy to provide malpractice for your employee dentists and allowing everyone to carry a personal policy. Next, you must decide on whether or not to standardize these policies. Some employers pay for their employees’ malpractice coverage. If you pay for their coverage, you must set the parameters of the type of coverage and the cost for their policies as well. You will have to make choices between using Occurrence or Claims Made policies, how to handle “tail” coverage issues, the coverage limits, and in some areas, whether or not to join State sponsored funds. Finally you will need to determine whether to have shared or separate limits for your corporation.

Although office staff are generally covered under your Malpractice policy, you may be asked to pay for separate coverage for your Hygienists or Dental Assistants. You will also have the choice whether to “bundle” your group policy with your Umbrella coverage, General Liability, Office Contents, Building coverage, Directors and Officers policy, Cyberliabilty coverage, ERISA (pension Plan coverage), hired auto coverage, and Workers’ Compensation policy. These “bundled” large Group Policies will generally offer you very large discounts for your insurance coverage. No matter the size of your group, we can help direct you to the appropriate Malpractice coverage at the best possible price.

Disability

Group Disability insurance is often a common benefit offered to employees in a large Dental Practice. It is typically very affordable as a group policy and helps protect both the owners and the employees in the event of a tragedy. Typically these large group policies cover both Short Term Disability and Long Term Disability.

Disability insurance can also be an important part of the protection and compensation of the officers and partners of a large corporation. Individual policies can be set up to protect the key members of the group in the event of a disability. Large dental groups may also choose to offer Disability Buy Out policies on key members. This will provide the funds to execute Buy Sell agreements for multiple partners in the case of disability. These types of polices also may provide tax advantages for the corporation.

It is important to have insurance professionals who are extremely knowledgeable about disability insurance for dentists in a large Dental group setting. Let us sit down with you to determine what sort of coverage will meet your goals, your budget, and most importantly, provide great coverage for you and your employees.

Life

Life insurance is often a common group benefit offered to employees in a large Dental Practice. It is typically very affordable as a group policy and helps protect both the owners and the employees in the event of a tragedy. Typically these large group policies are written as Term Insurance.

Life insurance can also be an important part of the protection and compensation of the officers and partners of a large corporation.It can be set up to protect “Key Employees,” be used as a “Golden Handcuff” for partners or key employees, provide Supplemental Retirement funds, and be used to cover Buy Sell agreements for multiple partners (Corporate Owned Life Insurance or COLI). These types of polices are usually set up on a Permanent Insurance basis and may provide large tax advantages for the corporation.

It is important to have experienced life insurance professionals who understand the uses and need for life insurance in the large Dental group setting. Let us sit down with you to determine what sort of coverage will meet your goals, your budget, and provide great coverage for you and your employees.

Health

The best way to cover the employees of a large group would be to form a group health insurance plan. At least 50% of the employee’s premium must be paid for by the group. Any cost related to spouses/dependents would be the responsibility of the employee.

If you would like help setting up a health insurance plan for your large group, please give us a call. If you already have a policy in place, we would be happy to provide you with some different options to consider. As health care coverage continues to change in the United States, it’s important to review other options to see if new plans suit your group better.

Property, Contents & GL

The large Dental group can be responsible for insuring all the contents and fixtures inside the drywall of multiple office locations. They are also responsible for coverage for any General Liability issues inside these offices and may be responsible for coverage outside the immediate outer premises of the offices such as sidewalks and parking lots. General Liability Insurance is typically known as the “slip, trip and fall” insurance and will usually be required by lending institutions, landlords, or mortgage holders with whom the Dental Group works.

In addition, a large dental group may also need to cover the building itself. Coverage limits on these policies vary greatly. Many dental offices are extremely underinsured for the replacement cost of their contents. Ask yourself, “if one or more or my office locations are destroyed today, do I have enough coverage to replace all my equipment, fixtures, and supplies?”

You will also have the choice whether to “bundle” your group business policy with your Umbrella coverage, General Liability, Office Contents, Building coverage, Directors and Officers policy, Cyberliabilty insurance coverage, ERISA (pension Plan coverage), hired auto riders, and Workers’ Compensation policy. These “bundled” large Group Policies will generally offer you very large discounts for your insurance coverage. Let us help you review your coverages and provide great discount pricing on “bundling” your Business Owners policy with your Malpractice coverage.

Workers Comp

Workers’ Compensation is required by law to provide coverage for on the job injuries for your employees. It is one of the least understood insurance coverages for a Business Owner. As a result, some business owners forget to set up coverage for their employees until state officials walk in to do an on-site inspection and ask to see proof of coverage. Fines for failing to show proper Workers’ Compensation coverage are quite large and accrue on a daily basis. Business owners and partners in their legal corporation can be excluded from coverage. We can help set up or review your Workers’ Compensation coverage and provide the best possible rates for this important coverage.

Investments

As a large group business owner or Chief Operating Officer, you will generally be expected to provide some sort of retirement plan to reflect the value of the company for both the directors and partners, and also as a benefit for your employees. There are many plans to choose from that specifically will meet the goals of your corporation. These plans offer many advantages but also some restrictions and they must be offered to your employees. Once you decide to offer a plan, what plan should you offer? Should you offer a SIMPLE IRA, a 401K plan, a SEP plan, or a Defined Benefit Plan? What about a “Golden Handcuff” for a key employees or partners? What sort of contribution or matching limits are there for each plan? If you do offer a retirement plan, how is it presented to your employees and who will manage the paperwork? What sort of fees are there to administer a plan? Finally, what should you consider before you invest? Let us help you come up with a plan to help you meet your company retirement goals.

Employee Benefits

All large Dental Groups will find that offering employee benefits is critical for attracting and retaining good employees. Trying to navigate through all the benefits available while balancing the cost of such benefits can be very difficult. Once you decide to offer benefits, you will also face the challenge of managing these benefits. Your officers and employees may want Retirement Plans, Group Health Insurance, Group Life Insurance, Group Long Term and Short Term Disability, Flexible Spending Accounts, and other benefits. It is important to work with an agency that can help your large dental group provide any of the benefits you require while also providing the services to manage these benefits at an affordable cost.