The fresh start of a new year often creates focus on goal setting, team planning, and streamlining operations. But there’s one task that’s often overlooked — reviewing your existing insurance policies (regardless of what date they renew).
Whether you’re a practice owner or associate dentist, the right insurance cover is your last line of defence, your ultimate financial safety net. You don’t want to find out too late that your net is costing more than it should or that is has holes.
“The start of the year is an excellent time to review your insurance cover,” says Clive Levinthal, CEO of Experien Insurance Services a founding partner of the Grow Community. “Policies can be reviewed at any time — and making sure your cover is suitable could save you from nasty surprises later.”
Three common mistakes to avoid
Some of the most common oversights practice owners make when it comes to their cover include:
1. Incorrect policy structure across legal entities
Modern practices are often structured across multiple legal entities — for example, one owning the business premises (often a self-managed super fund) and another, such as a trust, owning the trading entity. Putting all cover under a single business insurance policy can create issues when it comes time to claim with many insurers. Make sure your policies are aligned with your business structure as required by your insurer.
2. Lapsed premiums or missed renewals
Busy practices can miss payment reminders — especially if they’re not set up on auto-debit or if a credit card has reached its limit or been replaced. In some cases, policies lapse without anyone noticing, until it’s too late. Regular checks (especially at the start of the year) can help avoid accidental gaps.
3. Missing cover for key risks
Not sure if you’ve got cyber insurance? Business interruption cover? If you haven’t reviewed your policy in the past year, you may be missing cover for high-risk areas. As Clive explains, “We’ve seen practices hit by cyber attacks or floods without the right cover in place — and it can be financially devastating.”
A proactive review goes a long way
Start your year strong by reviewing these policy areas:
✅Professional indemnity insurance – Are you also covering your practice entity, not just yourself?
✅Business insurance – Is it structured correctly across your legal entities?
✅Cyber insurance – Do you have this ?
✅Life and income protection insurance – Do they reflect your current income and liabilities ? Could you get equivalent cover at a cheaper price ?
Even if your policy isn’t up for renewal, most policies can be updated at any time. An insurance check-in now could give you peace of mind for the rest of the year.
“The good news,” adds Clive, “is that most changes can be made at any time, without penalty or complication. That’s something we help dentists with every day.”
Take the first step
If it’s been a while since you reviewed your insurance or you’re unsure where to start, reach out to the team at Experien Insurance Services at info@experien.com.au for a complimentary review. A few simple updates now could save you a lot of stress (and cost) down the track.
DISCLAIMER: The Grow Community is operated by Grow Management Pty Ltd ABN [55617707212] (“Grow”), a subsidiary of the Credabl Group. Neither Grow nor Credabl accept any responsibility or liability for goods or services supplied by Grow Community network partners. The information provided is general in nature and we have not taken into account your personal objectives or financial circumstances or needs when preparing it. Before acting on this information you should consider if it is suitable for your personal circumstances. Please seek your own independent legal, financial, tax or other advice before deciding to use any goods or services supplied by a Grow Community network partner.
Life insurance and Financial Advice services are provided by Experien Insurance Services Pty Ltd (EIS) ABN 99 128 678 937 and Experien Financial Services Pty Ltd (EFS) ABN 32 631 346 757. EIS and EFS are a Corporate Authorised Representative (No. 320626 and No. 1274354) Count Financial Limited ABN 19 001 974 625, AFSL 227232. General insurance services are provided by Experien General Insurance Services Pty Ltd ABN 77 151 269 279 AFS Licence No. 430190 (EGIS) trading as Experien Insurance Services. This is general information only that does not take into account your personal needs, goals and circumstances. Always read the Product Disclosure Statement issued by the insurer before arranging cover.