Optometrist Professional Liability Insurance
Learn about optometrist professional liability insurance coverage, cost, and more.
Written by
Ann Herro has been writing about insurance and employee benefits for over 15 years. She has covered topics as easy as insuring a car, and as difficult as transparency in healthcare costs.
Reviewed by
Cara Carlone is a licensed P&C agent with 20 years of experience. She has her P&C license in RI and TX and holds CPCU, API, and AINS designations.
Optometrists don’t just dole out eyeglass prescriptions; they examine, diagnose, and treat diseases and injuries of the eyes and often aid in diagnosing and treating patients with diseases like diabetes and high blood pressure. Optometrists prescribe medications, refer patients for surgery, and can even play a vital role in diagnosing life-threatening conditions.
As technology and the role of optometrists have evolved, so have the number of lawsuits filed against optometrists for treatment mistakes. Every optometrist needs good professional liability insurance — or malpractice insurance — to ensure they have the resources necessary to defend themselves and compensate an injured patient after a lawsuit.
If you're an optometrist in need of professional liability coverage, contact a local independent insurance agent.
Best Optometrist Professional Liability Insurance Companies
Many insurance companies offer business insurance, including professional liability insurance for optometrists, but not every insurance company operates in your state or specializes in your profession. Here are a few recommended insurance companies that offer professional liability insurance:
- Travelers: Travelers offers highly-rated business insurance, including professional liability insurance. It can meet your additional business insurance needs with a full line of products.
- Liberty Mutual: Liberty Mutual is headquartered in Boston, MA, and has been offering business insurance since 1912. Today, the company offers a flexible, multi-line range of coverages designed to meet the needs of any business, regardless of size or industry.
- Cincinnati Insurance: Cincinnati Insurance is a well-established business insurance carrier that receives high ratings from AM Best and the Better Business Bureau. The company offers a wide range of coverage options, including professional liability insurance.
- Westfield: Westfield is a long-standing insurance company with more than 170 years of experience. It provides a full range of business, personal, and farm and agribusiness insurance, as well as surety bonds.
An independent insurance agent can help you get the optometrist professional liability insurance you need from a highly-rated insurance company.
Why Do You Need Optometrist Professional Liability Insurance?
The most qualified and experienced optometrists can make mistakes. If a mistake or negligent care causes harm to a patient, the optometrist can be sued. Any medical professional can be sued at any time for any reason. And even unfounded lawsuits have to be answered and defended, and your defense will cost a lot of money.
What triggers professional liability coverage?
Optometrist professional liability insurance protects you from the risk of malpractice claims and lawsuits. There are many instances in which optometrists can be sued for malpractice.
Here are some examples of claims where your optometrist professional liability insurance might be triggered:
- Failure to dilate pupil leads to a delayed or incorrect diagnosis
- Failure to properly make a referral or follow-up with a patient leads to a delayed or incorrect diagnosis
- Failure to recommend polycarbonate lenses to a patient who needs greater eye protection (athletes, children, police officers, etc.), resulting in an eye injury
- Failure to perform periodic eye exams for contact lens wearers
- Failing to properly or effectively explain a procedure or medication to a patient, with the patient experiencing a negative outcome or side effect that they were unaware of
Defending a malpractice suit is expensive, even if you win. Costs may include attorney and expert witness fees, payment of damages if you lose, and other expenses. Optometrist professional liability insurance pays for many of these expenses so you can avoid financial devastation and continue to practice.
What Does Optometrist Professional Liability Insurance cover?
Optometrist professional liability insurance allows you to practice with confidence while you protect your livelihood and ability to serve your patients. While it protects your personal and business assets, it's also usually required for you to be affiliated with medical and vision plans.
You will need to work closely with your independent insurance agent to make sure your policy fits the needs of your optometry practice. Not every type of medical professional needs the same type or amount of coverage. Your optometrist professional liability policy should be tailored to the unique risks you face in your specialty.
Does professional liability insurance typically cover negligence?
In general, your optometrist professional liability insurance should cover you for liability claims arising from negligent or intentionally harmful treatment. Medical malpractice insurance typically excludes coverage for negligence due to illegal conduct, sexual improprieties, factual misrepresentations on the application for insurance, hospital or lab administration, or medical records alteration.
How does optometrist professional liability insurance work?
Most malpractice insurance policies specify an individual limit (the most that will be paid for any one claim) and an aggregate limit (the most that will be paid in any policy year for all claims). So, if your policy has limits of $1,000,000/$3,000,000, this means it will pay a maximum of $1 million per claim and $3 million for all claims during a policy term.
There are two types of optometrist professional liability policies: claims-made policies and occurrence policies. Both types of policies are very complex. You need to know how each one works and pays claims, and then purchase the one that works best for your specialty and unique needs.
If you see patients or moonlight outside of your primary practice, you must be sure that your optometrist professional liability insurance covers you for your specific moonlighting situation.
Most healthcare professionals purchase and keep the same malpractice insurance for the life of their practice. Optometrist malpractice insurance is very complicated with a lot of variations.
Be sure to understand your policy and the implications of making changes to it over time.
When you are looking for optometrist professional liability insurance, be sure to select a financially strong insurance company that will be around for as long as you intend to practice.
It is best to work with an independent insurance agent who can help you compare optometrist professional liability policies and companies, read and understand the terms, and make an informed decision.
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How Much Does Optometrist Professional Liability Insurance Cost?
Fortunately, optometrist professional liability insurance usually costs less than malpractice insurance for many other medical specialties. The premiums vary depending on the state in which you practice, the insurance company you choose, and your coverage limits. The higher your coverage limits, the more you will pay.
How Can an Independent Insurance Agent Help You Find Optometrist Professional Liability Insurance?
Optometrists need specialized professional liability coverage for the specific and unique risks they face. It’s important to work with an independent insurance agent who can find insurance companies who specialize in covering your specific professional liability risks, and who sell professional liability insurance specifically designed for optometrists.