FAQs Regarding Small Business Liability Insurance
If you find yourself overwhelmed by the many nuances and intricacies of small business liability insurance, you’re not alone. As a Top-Rated National® Business Insurance Company, we always work to help our existing and potential clients navigate the often confusing geography of medical spa and dental clinic insurance. Though we encourage you to contact us with any questions you may have regarding policy coverage, we’ve listed the questions we most often receive in order to provide immediate answers. If you don’t see the answer you need, please feel free to call your Professional Insurance Solutions representative for personal attention.
What is a retroactive date? Does my policy have one?
Policies written on a claims-made basis contain a specific date on which coverage begins (also known as the “retroactive date”) and provides no coverage for claims arising out of occurrences that take place prior to this date.
Policies for dentists may be written on an occurrence basis, and there is no “retroactive date” named in the policy. Occurrence coverage applies to claims or suits resulting from professional incidents occurring during the policy period. See the “Glossary of Terms” section for additional information about the differences between the two policy types.
When can my coverage become effective?
New applicants may request an effective date as soon as the date the application is received in our office and up to 30 days into the future. Effective dates cannot be backdated. If you do not select a “desired effective date,” we will default to the date the application was received.
Renewals become effective the date the current policy expires. Customers may renew no earlier than 30 days prior to their expiration date.
Do I need to send money?
Yes, applications for small business liability insurance are considered incomplete without payment. We offer a 50 percent down payment option with the remainder paid in six equal installments due during the first six months of your policy term. Policy renewal payments are due on or before renewal date. Payment may be made by check, money order or Credit Card. You will receive a payment due date notice/invoice from us 30 days prior to your due date. Make sure to let us know of any changes that may affect your premium so we can invoice you correctly. Call our office at (888) 317-4689 if you need assistance. Incomplete payment may slow your renewal process.
We will usually approve & underwrite your application within one business day upon receipt of your completed application; we will rate the application and then bill you for the amount due. Payment in full is required by the due date as shown on your invoice.
Do I qualify for any discounts?
If you have recently (within the last 24 months) been licensed or certified for the first time* as a dental health professional, or if you have taken a continuing education course**, you may qualify for discounts. See the application for more detailed instructions.
*You do not qualify for any Newly-Licensed discounts if you have held a previous license or certification in any state and/or if you have possessed the credentials (required by your state) to practice unsupervised for more than 24 months, if your state does not require licensure or certification to practice unsupervised, or if your state has just recently passed licensure laws where licensure was not previously available or required. The reason is that this discount is meant for new professionals, not people who have recently become licensed due to changes in state law or who elected to get a higher level of licensure than the minimum required to practice in your state.