If you’re an optometrist, it would be very wise to protect yourself from potential lawsuits. How? By getting business insurance! But first, you must create a business plan outlining your risks and your plans for coverage. Remember that not all your risks can be covered by a standard policy.
To help you determine what those risks are, you should consult your attorney or even an insurance agent. Note that your risks as an optometrist can be very broad because you are exposed to different experiences with your business transactions. Thus, before you pay for costly consultation fees, we’ll help identify the common claims you may encounter in the industry.
Common Insurance Claims for Optometrists
- Property insurance claims. Should your clinic catch fire due to faulty wires, your property insurance will cover the damages. It covers not only the replacement of damaged content but also the cost of cleaning up the debris on location.
- General liability insurance claims. When a customer trips and falls within your premises and is severely injured, you are at risk for a lawsuit. With general liability insurance, you are covered for legal defense should a lawsuit happens.
- Workers’ compensation insurance claims. It’s a different case when your employee slips on the floor and gets injured. Workers compensation insurance will cover medical expenses and lost wages of your employees from being unable to work.
Types of Business Insurance for Optometrists
Business Owner Policy (BOP Insurance)
BOP insurance is a combination of general liability insurance and property insurance. General liability insurance protects you from the costs of injury or damage caused by your employee to an individual within your premises. Property insurance, on the other hand, covers damages to the structure of your office, as well as losses due to theft. Most BOPs, however, may include other coverage such as loss of income and commercial auto insurance.
Professional Liability Insurance
Professional liability insurance, also known as errors & omissions (E&O insurance) or medical malpractice insurance, covers damages caused by your negligence or improper advice. Having this insurance is crucial, most especially in the medical field.
Commercial Vehicle Insurance
You need the same kind of coverage for the car used for your business and the car used for personal purposes. Commercial auto insurance includes medical payments, liability, collision, comprehensive, and uninsured motorist coverage. Although they are the same with personal auto insurance, commercial vehicle insurance differs in many ways.
The state of Kentucky requires employers to get workers’ compensation coverage for their employees. Workers’ compensation covers lost wages and medical expenses when the employee suffers from a work-related illness or injury.
Don’t wait until something happens before you decide on insuring yourself and your business. Lawsuits tend to be very costly, and your reputation is at stake. Here at Professional Insurance Plans, we specialize in providing a high-quality business insurance policy for optometrists and other medical practitioners. We offer reliable coverage that can be customized according to your needs and preferences. Get a free quote from us now and talk to one of our agents. Call us at (859) 543-8955 or visit us at our office today.