insurance for optometrists

why do optomotrists need malpractice insurance?

insurance for optometrists

The Westwood Group work with a number of different insurance carriers to source the most suitable insurance for you at the best price. Click the button to get a no-obligation quick quote now.

Malpractice insurance for optometrists is important, because as even though fewer claims are brought against optometrists, it’s is still a risk you face every day. Records from the National Practitioner Data Bank show that optometrists faced 2,813 malpractice cases, or roughly 140 a year between 2000 and 2020. While only 30 percent of these cases actually result in payments awarded to the claimants, it is still a cause for concern.  Even unsuccessful malpractice claims cost optometrists valuable time and reputation, as well as money.

Malpractice insurance, often considered the cornerstone of an optometrist’s insurance portfolio, provides defense and damages coverage if a patient files a claim alleging negligence or error in the provision of professional services. This form of insurance is essential not only for protecting the financial stability of the practice but also for preserving the practitioner’s reputation.

How much does malpractice insurance for optometrists cost?

Malpractice insurance for optometrists is essentialThe cost of insurance for optometrists can vary widely based on the type of coverage, the geographic location of your practice, your claims history, the scope of services offered, and the limits of liability chosen.

Professional Liability/Malpractice Insurance  Annual premiums can range from a few hundred dollars to several thousand dollars. Newer practitioners or those in lower-risk areas may pay on the lower end of the spectrum, typically around $500 to $2,000 per year, while those in higher-risk locations or with a broader scope of practice might see premiums at the higher end.

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what types of insurance do optometrists need?

General Liability Insurance

General Liability Insurance

This is necessary for Optometrists with their own facilities. It  covers medical expenses and attorney fees resulting from bodily injuries and property damage your facility or organization could be legally responsible for.

Business owner's policy (BOP insurance)

Business owner's policy (BOP insurance)

A Business Owner’s Policy (BOP) is a comprehensive insurance package designed for Medical Professionals with small to medium-sized businesses, providing a blend of liability protection and property insurance.

Professional Liability Insurance

Professional Liability Insurance

Professional Liability Insurance overs any negligence or mistakes made by the individual Medical Professional during their practice. It differs from General Liability insurance, which covers the practice itself. 

Commercial Auto Insurance

Commercial Auto Insurance

This is relevant for Optometrists who use a vehicle for your practice-related tasks. This insurance covers you against auto accidents, theft, and other vehicle-related incidents.

Workers Compensation Insurance

Workers Compensation Insurance

Workers Compensation Insurance is usually mandated by law, to protect Optometrists practices and their employees in case of work-related injuries or illnesses.

Cyber Liability Insurance

Cyber Liability Insurance

Covers you against financial losses associated with data breaches, cyber attacks, and other cyber incidents. Insurers will usually conduct rigorous testing of your online system to fix vulnerabilities as part of this policy.

Contact Michael Richards now

Michael Richards, President, Westwood Insurance Group

Michael specializes in insurance for Optometrists. You can call him or one of the team on the number below or fill out the form and he will get your message directly:

we've got you covered

General Liability Insurance

Protecting healthcare organizations against increasingly crippling litigation.

Professional Liability Insurance

Protecting medical professionals against increasingly crippling litigation.

Medical Malpractice Insurance

Protecting medical professionals against increasingly crippling litigation.

Cyber Liability Insurance

Protecting healthcare organizations & professionals against cyber attacks.

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855.351.7487

insurance for hospitals

Hospital Insurance typically covers all or part of the potential liability for hospital services. It includes medical malpractice, accidents involving hospital employees and equipment, care during surgery or any other invasive treatment, after-hours care arrangements by staff who need help with their children and more.

insurance for long term care facilities

Long term care facilities must protect themselves against potential liability arising from incidents within their facility. Westwood can help you negotiate a package tailored to your long term care facility client.

traditional insurance products

Westwood have fostered exceptional relationships with underwriters and we go to great lengths to keep abreast of their latest products, changes in requirements and restrictions, including having weekly calls with the carriers, which you can see here, by joining our insurance insider group.

    Insurance products at Westwood Insurance Group

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    If you have any questions on the different policies, check out our Insurance FAQ’s

    alternative structures

    Westwood President, Michael Richards has extensive experience in setting up alternative structures for larger clients. Here are some examples:

     

    If you think your client could be large and stable enough to benefit from starting or participating in a captive or has a special need for another alternative structure, contact Michael Richards now by phone: 855 351 7487.