While working in a variety of settings, optometrists also provide a wide array of services. Some give prescriptions for eyeglasses, contact lenses, and other sight therapies from an eyeglasses store; others have an office in a large hospital where they diagnose and treat eye injuries and diseases, prescribe medications, and refer patients for surgery. While the treatments and services offered may vary, and the specific types of risks faced may be higher or smaller, any individual in the optometry health profession may deal with a lawsuit and will potentially be subject to liability.

The best way to protect yourself from these circumstances is with a comprehensive optometrist insurance policy. It will ensure that your practice has adequate coverage for legal defense and potential damages. This guide will provide all the information you need about optometrist insurance costs to make an informed decision about your own policy

We Cover in This Guide

• How much does optometrist insurance cost?

• What is optometrist insurance?

• What does optometrist insurance cover/not cover?

• Benefits and risks

• Types of Insurance you may need

• Tips for buying

• FAQ

• Summary

How Much Does Optometrist Insurance Cost?

Optometrist insurance costs range from $39 to $149 per month depending on your practice, location, provider(s), coverage, and limits. In general, optometrist insurance is much less than malpractice insurance for other medical fields. The price for typical policies are as follows:

• Basic (essential coverages to meet client demands): $39 per month for general liability (GL)
• Standard (when you also have equipment or operate from an office): $49 per month for general liability (GL) and property; bundle them with a business owners policy (BOP)
• Pro (get covered against errors resulting in bodily injuries): $149 per month for business owners policy (BOP) + medical malpractice

When you have specific requirements, most insurance providers will allow you to customize a policy with coverage to meet your particular needs.

What is Optometrist Insurance?

No matter your experience, expertise, or level of care, any optometrist can make a mistake. Additionally, if a patient simply thinks you did something wrong, or blames your diagnosis or treatment for some potential harm, you could be sued for damages. Optometrist insurance protects you from the potential liabilities of claims and lawsuits. In addition to the high cost of damages if you are found responsible, paying for a defense lawyer and other legal fees are extremely costly. Optometrist insurance covers these expenses and others, and will protect your practice from financial devastation.

What Does Optometrist Insurance Cover/Not Cover?

The potential liabilities faced by optometrists vary from those directly related to your medical practice to those risks faced by any store owner. A patient could claim you incorrectly determined their prescription and sue for damages as a result of the stress on their eyes. A customer could fall and suffer injuries while shopping for their next pair of glasses. Most optometrist insurance policies cover these scenarios and others that fall into the following categories:

• Third-party bodily injury

• Third-party property damage

• Personal injury

• Products/completed operations

• Business personal property

• Lost business income

• Equipment breakdown or damage

• Errors resulting in bodily injury

• Medical expenses and personal injury

• Defense fees

• Coverage for you as well as your business (if you own it)

Despite the various potential liabilities covered by most policies, basic coverage does not include everything and will require additional insurance for your specific requirements. They can include:

• Negligence due to illegal conduct, sexual improprieties, and factual misrepresentations on various forms and applications

• Medical costs and lost wages of employees who are injured or become ill while working

• Damages beyond the limit of your policy

Benefits and Risks

Optometrist insurance offers various benefits to cover risks, including:

• Protecting business assets: Harming a patient can potentially wipe out your earnings and destroy your practice. Optometrist insurance provides essential protection to protect you from these risks.

• Cover legal expenses: If a patient, customer, third party, or employee sues you, you are protected from the costs of fighting such lawsuits and the damages if you are found liable.

• Peace of mind: ​Knowing that your practice is covered in the worst-case scenario allows you to focus on your patients, and your employees to focus on customers, without being preoccupied with what could go wrong.

Types of Insurance You May Need

• Commercial Auto Insurance: Covers damage and injury liability claims and lawsuits from accidents when employees are driving company vehicles.

• General Liability Insurance: Protects your business against lawsuits, investigations, settlements, and damages from third-party claims of property damage, personal injury, bodily injury, and other related scenarios.

• Workers’ Compensation Insurance: Covers short and long-term medical and rehabilitation expenses for employees who get sick or injured while working.

• Medical Malpractice Insurance: A coverage that protects optometrists from patient claims that your service caused bodily injuries or financial damages. Covers legal defense and settlement costs.

Tips For Buying

When considering optometrist insurance cost, keep the following in mind before making your decision:

• Work with an independent agent: An independent insurance agent will help direct you toward providers with the best rates and the most experience covering optometrists.

• Identify your risks: Be sure to thoroughly analyze your practice, considering your patients, office, and treatments, to identify potential risks.;

• Compare quotes: Policy costs vary between insurers. Consider several quotes to find the best rates and coverage.

• Bundle policies: Providers will often provide discounted rates when you combine certain key coverages like a BOP with liability and property.

FAQ

- Do I need workers’ compensation insurance?

Most states require you to have workers’ compensation insurance if you employ at least two people. Even if it’s not required, your employees will feel better knowing they are protected in case something happens.

- What is the difference between claims made and per-occurrence policies?

Claims Made Policy: Covers any claim while the policy is active.

Per-occurrence Policy: Covers liabilities if the incident and claim occur while the policy is active.

- I sometimes see patients outside of my primary practice, will my policy cover this?

A typical policy may not cover this situation, but you likely will be able to pay more and have this protection added on. Make sure you describe all aspects of your practice to your agent or provider to make sure all your risks are covered.

Summary

Optometrist insurance protects your practice against the various risks involved in an optometrist practice.

By understanding optometrist insurance cost and determining your needs, you will know that your policy covers all potential liabilities and feel secure that your business is safe.