Although dentists have not been affected as severely as physicians by rising malpractice insurance premiums, it can still pay to shop around. Many dentists buy their office property coverages from the same company that underwrites their malpractice policy and the difference in costs among these so-called package policies can be significant. In fact, you may be able to save hundreds of dollars a year with no reduction in coverage. But to change your package policy, you also have to be willing to switch your malpractice coverage.

For dentists who have excellent claim records, changing malpractice policies is not difficult. Just remember that, if you have a claims-made policy, you need to secure an extended reporting endorsement . You can purchase it from the insurer you are canceling or your new insurer, in which case it is called a “prior acts endorsement .” If you have an occurrence policy, you need not purchase an endorsement when you cancel your policy.

Although a number of insurers have withdrawn from the professional liability market (e.g., Kemper, Safeco, St. Paul, et. al.,) you still have plenty of choices in most states. To see the companies writing policies in your state, check the directory of professional liability insurers maintained by the Council on Members Insurance and Retirement Programs. They provide links to the web sites of the insurers from which you can obtain rate quotes and/or contact their agents or representatives.