Oral and Maxillofacial Surgeons Insurance – What Kind and at What Cost

Whenever you budget the expenses of your business, Oral and Maxillofacial Surgeons insurance must be high on the list because you can’t always know exactly what is going to happen in the future.

With the protection provided by insurance against accidents and all the other kinds of insurance we will tell you about, you can protect your business and yourself in case something unwanted happens.

Like any business owner, for your Oral and Maxillofacial Surgeons enterprise, you must consider how much financial risk you are taking on.

If your Oral and Maxillofacial Surgeons business runs without proper insurance, you are taking a tremendous chance not just of losing some money but of a complete wipe-out.

This is because the laws in every state are very strict in enforcing liability on the owners of businesses for the upshots of their actions. 

In this article, we are giving very general guidelines for startup businesses to highlight what the main kinds of insurance that you need are, and where available, a rough guide to how much you can expect to pay.

The question is, can you afford to NOT have insurance for your Oral and Maxillofacial Surgeons business?

What this means, for any Oral and Maxillofacial Surgeons business owner, is that if some person claims that your actions caused them some physical or economic damage, a court can award damages far beyond the total size of your business.

Your Oral and Maxillofacial Surgeons business is not harbored by laws in the same way as states are, where laws can place a “cap” on the maximum level of liability.

In some states, like New Jersey, there are specific monetary levels that limit the amount a judge can award in any case against the state.

In a court case, it’s purely the duty of the jury to award whatever amount they deem appropriate, even sometimes giving a plaintiff more than they have claimed.

When you are running your Oral and Maxillofacial Surgeons operations, you can’t escape responsibility for the results of your actions.

Even more importantly, unless you have spent beforehand the money necessary to have your business running as an LLC, all of that liability belongs to you as a person.

What does Oral and Maxillofacial Surgeons insurance protect you from?

For your Oral and Maxillofacial Surgeons business, the most important types of insurance are designed to cover the risks to your business from accidents, from unexpected events, and from mistakes.

Also there are some legal kinds of insurance that various states require.

In the next few paragraphs, we will describe the most important points any Oral and Maxillofacial Surgeons business owner should know when negotiating the insurance needed.

The main headings of insurance for your Oral and Maxillofacial Surgeons businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.

Liability insurance

General liability insurance

Any Oral and Maxillofacial Surgeons business is dealing directly with other people, and that means you usually have the danger that some accident can happen to them bodily or else something of theirs can be damaged.

In such a case, they can demand compensation.

General liability insurance policy for your Oral and Maxillofacial Surgeons business covers you against claims coming from injury to clients or damage to their property.

It protects your Oral and Maxillofacial Surgeons business from the claims themselves and in addition to any associated court costs and legal fees of the lawsuits.

In many cases, it can also help you to qualify for extra business from city and state organizations, where contracts demand proper liability insurance.

The usual level of general liability insurance for your Oral and Maxillofacial Surgeons business would be with a cap of $1 million for a single claim and a total of $2 million for the whole year.

See the table in the costing section below for average prices of general liability insurance for your Oral and Maxillofacial Surgeons insurance operations.

Professional liability insurance for your Oral and Maxillofacial Surgeons business

In the event where a customer alleges some negligence, errors, or omissions in how you conducted your Oral and Maxillofacial Surgeons business for them, you can quickly be involved in a court case.

Even if the lawsuit against you is ruled in your favor, the cost of defense can be large, and the impact on your reputation can be damaging.

Almost all small Oral and Maxillofacial Surgeons business should have enough professional liability insurance to cover an individual claim of $25,000, with annual cover of $50,000.

See the table in the cost of Oral and Maxillofacial Surgeons insurance section below for average prices of professional liability insurance for your Oral and Maxillofacial Surgeons operations.

Product liability insurance

Whatever goods you sell or advice you give about the goods, you are running a risk that buyers may claim that the results didn’t meet your description of function, or that your recommendation was basically incorrect.

You need to understand the explicit laws of product liability in your own state.

For example, in California, all businesses in the supply chain can be held liable for results caused by products claimed to be defective.

To cover yourself against any possible lawsuit, you need Product liability insurance for Oral and Maxillofacial Surgeons

Only you can determine exactly how much insurance you need.

Best advice is to talk to experienced insurance agents, brokers or company representatives for help.

Commercial insurance

Commercial vehicle insurance for your Oral and Maxillofacial Surgeons business

Take care! – most policies for private vehicle insurance do not cover any occurrence like theft or accidental damage when the vehicle is being used for business purposes.

The proper way to make sure that your vehicle is insured for both its own value, and the valuable contents, is by taking out a proper commercial vehicle insurance package.

Commercial van policies insure the value of any vehicle in case of accident, malicious damage, fire, or theft.

As well, in case of any accident, the car itself, the content and any legal bills, medical expenses, and property damage is insured if your car is involved in a collision.

Most states, other than Virginia and New Hampshire, mandate this type of insurance.

The wanted value of the insurance is worked-out for the depreciated value of the vehicle, and your intended level of cover of contents. 

Tools and Equipment insurance

Since your Oral and Maxillofacial Surgeons business needs specialized and expensive equipment, you know how much it can cost to replace it in case of any damage, loss, or theft.

The equipment may be subject to malicious damage, deliberate fire, theft, other such unexpected acts.

As well, acts of nature like lightning strikes, hurricanes, earthquakes, and other highly damaging natural events can destroy your whole business in one stroke.

Unless you can afford to immediately replace such specific gear quickly out of your own pocket, you must have full-level equipment insurance so that you can immediately buy any equipment needed to keep your Oral and Maxillofacial Surgeons business running.

It is impossible to advise how much equipment insurance you need – it’s essentially dependent on how much you have invested in your Oral and Maxillofacial Surgeons business’ equipment.

Commercial Property insurance

Any Oral and Maxillofacial Surgeons business that owns or rents space in a building needs a commercial property insurance policy.

If you own the property, you may already have a substantial capital investment, in addition to a big liability if there’s a mortgage.

Every physical building location must carry insurance coverage for the value of the premises and contents against accidental occurrences like fire and storms, and against criminal damages like theft and vandalism.

If your Oral and Maxillofacial Surgeons business deals in areas of high risk, like California or North Carolina, supplementary coverage may be needed for earthquakes and hurricanes or tornadoes.

In other states like Illinois, where unlimited cold snaps can cause damage to outer coverings of Oral and Maxillofacial Surgeons business premises, there is a need for more supplementary cover than in warmer climes.

Whereas the level of cover depends entirely on the value of the property, it’s not possible to say what cover your need, but we have been able in the table in the cost of Oral and Maxillofacial Surgeons insurance section below to give some idea of the average prices per million dollars of property insurance for your Oral and Maxillofacial Surgeons business.

Temporary insurance by month, week or day for your Oral and Maxillofacial Surgeons business

Is your Oral and Maxillofacial Surgeons business working part-time or casually, or is the level of business fluctuating?

Using short-term insurance makes good sense. Business insurance by the month, day, or week – temporary insurance for Oral and Maxillofacial Surgeons – are special policies where you can cover a specific period when you want to be covered.

By only paying for that period of cover, you will save by having less premiums but still having adequate risk cover.

The essential feature of short-term insurance is that you pay for the cover for a defined period – a specific date, or a week or month starting on a specific date, for example for 30 days beginning on the specified date.

When you are expecting periods of better business activity, get the existing cover improved.

Talk to your insurance agent, broker or the company’s representatives to see what options you have.

Business Owners Policy BOP for your Oral and Maxillofacial Surgeons business

You have the option to combine a few of the important kinds of small business insurance in one policy that is known as the business owner’s policy – BOP.

A BOP integrates commercial property and public liability insurance by packaging these coverages into one insurance policy, which can save you money.

BOP insurance will shield you if any claims of injury or property damage are made.

It is frequently the right choice for small and medium-sized Oral and Maxillofacial Surgeons businesses, such as yours.

There are two limits that will rule whether BOP is suitable for your own business.

BOPs cannot cover your professional liability or commercial vehicle risks.

Also, the size of your business will rule whether you are permitted to take out BOP cover.

The typical business that can take out a BOP policy must have fewer than one hundred employees, and maximum five million dollars in annual revenue.

In addition, you must separately take out the necessary worker’s compensation, health and disability insurance as determined for your state.

Workers Compensation insurance for your Oral and Maxillofacial Surgeons business employees

In most states, it is mandatory to have workers compensation insurance when your Oral and Maxillofacial Surgeons business has one or more employees.

Workers compensation insurance covers the operation against any costs that arise if an employee experiences an injury or becomes sick as a result of work.

The benefits include medical expenses, death benefits, lost wages, and vocational rehabilitation.

Failure to meet a state’s requirements in this regard can leave you as the employer obliged to pay penalties levied by the states.

Some states, such as North Dakota, Ohio, Washington, West Virginia, and Wyoming only allow coverage from the government-run monopoly state funds.

In these states, you may not take out your workers compensation obligations from private insurance companies.

Workers compensation rates are computed based on the employee’s pay, and usually come out at around $1.00 per $100 per month.

However, you must consult the relevant authorities in your state.

Average costs of these types of insurance

Although every Oral and Maxillofacial Surgeons insurance need is unique, there are enough examples of average quotes from insurance companies for us to give appropriate guidelines, including what are the cheapest rates offered.

Of course, you should always check with an insurance representative what’s relevant for your business.

The list below is of annual premiums we have collected for the main types of insurance your Oral and Maxillofacial Surgeons businesses needs.

Cost of insurance for your Oral and Maxillofacial Surgeons operations depends on many different factors.

We have estimated these figures for small independent Oral and Maxillofacial Surgeons businesses.

In larger states like California, premiums are generally about 20%-30% higher than national averages, but in smaller states like Utah, they will be about 20%-30% lower.

The location and size and type of your Oral and Maxillofacial Surgeons business can have a big effect on the cost of different policies.

You should talk to professional insurance agents and brokers, or insurance company representatives.

As well you can let the internet do the work for you by looking for insurance companies near where your business is located.

Another reliable source of information is the local Better Business Bureau in your city.

FAQ

What is small business insurance for Oral and Maxillofacial Surgeons operations?

This is a general term used to describe standard insurance policies designed to protect Oral and Maxillofacial Surgeons business owners from risks like bodily injury, property damage, claims of negligence.

Does my Oral and Maxillofacial Surgeons business have to have insurance?

Some of the kinds of insurance are not mandatory for you to operate your business, but they can protect you from risks in your business operations.

Certain other forms are required by state law, such as workers compensation and vehicle insurance.

What does a small Oral and Maxillofacial Surgeons business insurance policy cover?

Liability insurance provides coverage against lawsuits or claims filed by a client for bodily injury, property damage, or negligence.

The precise cover will vary based on your own operations.

See the table in the costing section above for average prices of the most common policies for Oral and Maxillofacial Surgeons insurance.

How much will Oral and Maxillofacial Surgeons business insurance cost?

In addition to the size of the business, several other factors, such as location and claims history, are used to determine your policy’s cost.

You should talk to professional insurance agents and brokers, or insurance company representatives.

You can search for more information insurance for Oral and Maxillofacial Surgeons, in the search box below, and follow the relevant links.

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