What is optometrist insurance?
Optometrist insurance is coverage for optometrists – whether they work within a larger organization or run their own practice. If that’s you, then consider investing in insurance to ensure you have the necessary finances to deal with a potential lawsuit and other unexpected expenses.
For example, if you accidently misdiagnose a clinic vision, and they end up getting the wrong prescription contact lenses causing eye strain, you can have an expensive lawsuite on your hands. With insurance, youre provider will cover any associated costs, but without, it would all have to come out of your pocket. If the amount is negligible, you’ll get through it, but if it’s thousands upon thousands of dollars, then you will take a financial hit. There’s no reason to take such risks. Insurance costs money, sure, but it’s an expected expense that you can budget for. You can’t really budget for a disaster, no matter how hard you try.
What optometrist insurance includes
When buying insurance for your optometrist practice, make sure it at least includes the following coverages:
- Professional liability: Covers claims related to errors or omissions in the services you provide. For instance, if a patient claims that a misdiagnosis led to further eye problems, this insurance would cover legal fees and any settlements.
- General liability: Protects against claims of bodily injury or property damage that occur on your premises. For example, if a patient slips and falls inside your building, general liability insurance would cover the medical expenses and legal costs.
- Property damage: This one covers damage to your practice and its contents due to events like fire, theft or natural disasters. This should help you quickly recover and continue your practice without significant financial loss.
Recommended add-ons for optometrist insurance coverage
While standard optometrist insurance covers the basics, there are several add-ons you might consider:
- Cyber liability insurance: Protects against data breaches and cyber-attacks, which are increasingly common in today's digital age. This is particularly important if you store patient records electronically.
- Business interruption insurance: Covers loss of income if your practice has to close temporarily due to an insured event, like a fire or flood. This ensures you can continue to pay your bills and employees even when your office is not operational.
- Equipment breakdown insurance: This coverage will cover the cost of replacing or reparing your equipment, such as autorefractors, slitlamps, and lens edgers, in case it breaks down because of mechanical or electrcal failure, and as you know they can be very costly.
Common types of optometrist insurance claims
Understanding the common types of claims can help you better prepare and protect your practice.
- Professional negligence: This occurs when a patient believes that an error in your diagnosis or treatment has caused them harm. Even if the claim is unfounded, the legal costs can be substantial.
- Slip-and-fall incidents: A patient may slip and fall inside your practice. These incidents can lead to expensive medical bills and potential lawsuits.
- Data breaches: With the increasing reliance on electronic health records, data breaches are becoming more common. If patient information is compromised, you could face significant legal and regulatory penalties.
How much does optometrist insurance cost?
On average, optometrists can expect to pay between $500 and $3,000 per year for comprehensive insurance coverage. However, your actual premium will depend on multiple different factors that are unique to you, such as the size of your practice and revenue, which means that it may fall outside this range. Larger businesses with more than a dozen employees might actually pay far more – from $5,000 to $10,000 a year.
Here are some of the factors that will play a role in determining your premiums:
- Location: Where your practice is located can matter a great deal. If your building is in an area where certain disasters strike often, such as flooding, for instance, then your premiums will be higher. The same goes for crime. If break-ins and theft are common in your area, then there is a higher likelihood of your building getting robbed. This means higher premiums.
- Size of practice: Larger practices with more employees and higher patient volumes may face higher premiums due to the higher potential of claims.
- Coverage limits: Higher coverage limits generally result in higher premiums. It's important to balance the cost with the level of protection you need.
- Experience: The more seasoned you are, the lower your premium is likely to be, as you would pose a lower risk to your insurer. The opposite is true as well, but with time, that should become less of a problem.
- Claim history: More claims mean higher premiums. That’s because the more claims you file, the higher the likelihood of you filing more claims in the future. To avoid higher premiums, file your claims only when you absolutely have to.
To find out your actual rate, your best bet is to contact insurers directly – either via a broker or a comparison site like LowestRates.ca, where you can secure comprehensive coverage in minutes.
How to get the cheapest optometrist insurance quote
Securing the most affordable optometrist insurance doesn't mean compromising on coverage. Here are some tips to get the best rates:
- Compare quotes: Use online comparison tools to evaluate different insurance providers and their offerings.
- Bundle policies: If you require multiple types of insurance, bundling them with the same provider can often result in discounts.
- Increase deductibles: Opting for a higher deductible can lower your premium, though it means paying more out-of-pocket in the event of a claim.
Optometrist insurance in Canada: What you need to know
For optometrists practicing in Canada, there are specific considerations to keep in mind:
- Regulatory requirements: Each province has its own regulatory requirements for optometrist insurance. It's essential to ensure that your coverage meets these standards.
- Provider options: There are several insurance providers in Canada that specialize in coverage for healthcare professionals. It's worth shopping around to find the best rates and coverage options.
- Claims process: Understanding the claims process is crucial. Make sure you know how to file a claim, what documentation is required, and the timeline for resolution.