Business Insurance Requirements for Dentists in Illinois

Illinois is home to top dental schools like the University of Illinois at Chicago College of Dentistry and the Southern Illinois University of Dental Medicine. That might explain why it ranks fifth in the nation for the most practicing dentists: over 4,500 in the state, according to the Bureau of Labor Statistics. But no matter where you learned dentistry, the right type of business insurance can help protect your practice.

In Illinois, some dental insurance policies are optional, while others are mandatory. For example, state law requires all employers to purchase workers’ compensation insurance once they hire employees, including part-time help. Dentists in Illinois aren't required to carry dental malpractice insurance, which is also known as errors and omissions insurance or professional liability insurance. However, most practitioners consider malpractice insurance a business staple for a dentist. That’s because lawsuits regarding malpractice in dentistry can get expensive, fast. General liability insurance can protect your business from lawsuits over non-dental injuries that happen on your premises, and a business owner's policy can protect your dental equipment.

Insureon, headquartered in Chicago since 2011, makes shopping for insurance easy with industry-leading technology that gathers quotes from top U.S. carriers that fit your needs. Read more to find out which policies are most common for dentists in Illinois, and start an application to get your free quotes today.

Find the right insurance policy for your dentistry business

The most common policies for Illinois dentists vary depending on factors including revenue, client contracts, and partnerships. The table below illustrates which policies might work best for your business size.

 

Business type General liability / BOP Malpractice / professional liability Workers' comp
1099 or independent contractor X X  
Business owner with employees X X X
Solo business owner X X  

 

General liability insurance: General liability insurance is the foundation of a dentist’s business protection, with coverage that extends to bodily injury, client property damage, advertising injury, and the cost of legal defense. Most commercial leases require you to have this coverage.

Malpractice insurance: Though Illinois law doesn't require dentists to have malpractice insurance to practice in the state, this policy is essential to protect your business. It can help cover legal expenses if you’re sued for mistakes in your work or misdiagnoses.

Business owner's policy (BOP): Dentists sometimes qualify for a business owner’s policy. This package helps your business save money by bundling commercial property insurance with general liability at an affordable rate.

Illinois workers' compensation: Workers’ compensation coverage helps provide financial compensation when an employee is injured on the job and forced to take time away from work. In Illinois, businesses are required to carry this policy if they have any employees. Sole proprietors and independent contractors have the option to purchase workers’ comp policies for themselves, but they are not required to do so. However, it’s a good way to protect yourself and your income.

Dentistry does have physical risks. Dentists and their assistants work with sharp tools and equipment that could result in an injury; additionally, slips and falls can happen in any industry. With workers’ comp, your business gains protection against the potentially significant costs of medical fees or lost wages.

Business insurance costs for dentists in Illinois

The median cost of business owner’s insurance and workers’ compensation are less expensive in Illinois than the national median, according to data gathered from Insureon applications. A BOP will typically cost Illinois dentists just under $1,000 per year, which is significantly less than the national median cost of $1,455. The prices are fairly similar for workers’ comp, with Illinois dentists typically paying slightly over $900 annually for coverage, compared to the national median of almost $1,500. The median cost for general liability coverage is the same in Illinois as the national median: $425 per year. Insureon does not have the data to report the median cost of malpractice insurance for dentists in Illinois, but the national median cost is approximately $2,250.

Median Insurance Costs for Illinois Dentists

Save time and money with Insureon

Insureon’s industry-leading technology helps dentists in Illinois save time and money shopping for insurance by comparing policies from dozens of top U.S. carriers. Simply apply online and review quotes for the policies that best fit your business needs. Our insurance specialists are licensed in Illinois and can answer your questions as you consider coverage.

To make the application go even quicker, have this information ready:

  • Workforce details, such as the number and types of employees.
  • Current and projected revenue.
  • Business partnerships.
  • Insurance history and prior claims.
  • Commercial lease insurance requirements.

Apply for free dentistry insurance quotes today.