Guest post – By the Treloar & Heisel team, our insurance partner

It’s likely that where you are now in your career as a healthcare professional is very different from where you started. Has your insurance evolved alongside your career growth?

To help ensure that you’re properly protected, it’s recommended that you regularly review your insurance coverage. Career advancements or other qualifying life events may require obtaining new policies or adjustments to your existing coverage.

Here are a few policies to consider obtaining as you reach your career goals.

Insurance Needs: 3 Areas To Consider

Protecting Your Valuables

Policies, including home and auto insurance, can help protect your assets over time.

• Homeowners insurance – When you buy a home, you need a policy that protects this asset in the event of loss or damage. With some policies, you can add your jewelry, art, and other valuables to your coverage for extended protection.
• Car insurance – An auto insurance policy can protect you financially if you’re held liable and may help cover any damage to your vehicle. Should you purchase an additional vehicle or replace your old one, you’ll likely need to update or extend your coverage.

Protecting Yourself and Your Loved Ones

When you protect yourself, you also protect your loved ones. These insurance policies focus on you and your livelihood.

• Umbrella policy – This is additional liability coverage that goes beyond your current coverage limits. It’s important to note that an umbrella policy cannot replace your other types of liability insurance policies, as your umbrella policy is there to help when you’ve exceeded your other policy liability limits.
• Disability income insurance – A disability income insurance policy may help to supplement any lost income should you become unable to work due to an injury or illness. Most likely one of the first policies you obtained to protect your source of income, this insurance coverage is important to revisit regularly to ensure it’s meeting the needs of your current situation.

Protecting Your Career

As you advance in your career, you may decide to pursue practice ownership. If you own a practice or are thinking of making a purchase soon, these two policies should be obtained and reviewed regularly:

• Business Owner’s Protection (BOP) – In the case of a fire, damaged files, or other financial loss, a BOP can help protect your business. A BOP policy can be adjusted to meet your growing insurance needs as a business owner and should be reviewed often.
• Entity Malpractice – This coverage may offer protection should your dental practice be named in a malpractice lawsuit. It can offer similar protections as a professional liability policy for individuals but is for your dental practice as a separate entity.

Ensure You’re Well Protected as Your Insurance Needs Change

Unsure of what your needs are in your current or future career path as a medical professional? Treloar & Heisel works with you throughout your career to ensure you’re properly protected with coverage options that meet your insurance needs as they evolve. To learn more, speak with Treloar & Heisel.

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