Whether you’re a seasoned optometrist with 30 years of practice under your belt, or a newly minted professional just starting out, having the right liability insurance is essential.
Every practice is different, with diverse coverage needs and circumstances. Here are a just a few of the questions medical professionals often ask the AOA Insurance Alliance administered by Lockton Affinity.
“Isn’t all professional liability coverage the same?”
No. There can be critical differences that make one policy more comprehensive than another. For example, professional liability can be added to a typical business owner’s policy, but the coverage may be insufficient for an optometrist.
What’s more, some exclusions could leave you open to being denied a claim. That’s one of the benefits of AOA Insurance Alliance, administered by Lockton Affinity. Coverage is created specifically for the special circumstances of optometrists and our policy covers everything defined in your state’s scope of practice. What’s more, if the state updates that scope of practice, our policy automatically covers any new procedures at no additional cost. We’re knowledgeable about the specific insurance requirements of ODs, unlike a local agent, who may be unaware of the unique coverage needs of medical professionals like you.
“My practice has several locations. Is there coverage for that situation?”
Yes. We offer specific insurance policies to cover just one office, or several locations. In addition, the professional liability policy automatically covers each listed optometrists at any location they practice, including other states.
“I’m buying equipment for my practice. Is there specific coverage for tools and instruments?
Yes. If you’re purchasing or financing equipment, it may not be automatically covered under just any policy. For example, professional liability insurance doesn’t cover equipment, while a Business Owners Policy (BOP) does. And leased equipment is covered at the same rate as owned equipment. Descriptions of coverage for equipment can usually be found on a property policy.
“Can I get insurance coverage if I moonlight outside of the practice I work for?”
Yes. If you’re looking for insurance that covers you outside of your main practice (where you’re already covered) we can get you a policy specifically for a “moonlighting” situation. If the extra time outside your usual practice is less than 20 hours a week you may be eligible for a discount, unless you’re in your first or second year of practice.
Our policy automatically provides coverage for ‘moonlighting’ at multiple locations. With an individual policy, you also have more control over coverage should you leave your current practice or switch from an employer claims-made policy.
“I work for a government department. Can I get coverage for work I do outside of my current position?”
Yes. If you work for a government body and need coverage for work you do outside of that position, AOA Insurance Alliance administered by Lockton Affinity offers policies that will cover you.
“What about coverage for issues beyond my regular practice? Like a legal issue?
There are many coverage issues that can arise outside of seeing patients. For example, If you become involved in a medical board review or complaint; have an issue with an insurance carrier or HIPAA; become involved in a billing error disagreement; or other similar situation, the policy includes coverage for legal defense counsel and costs. Having added coverage for these situations provides a layer of protection, not to mention peace of mind. Worried about a data breach? The AOA Insurance Alliance administered by Lockton Affinity also offers Cyber Liability coverage designed for small to medium-sized businesses.
“Can I get coverage to protect myself against a false claim?
Yes, our policies can cover you and your practice against false claims. Many optometrists don’t often think about the importance of defending themselves against an erroneous claim. But it can – and does – happen. And it can be expensive. So you want to be prepared with the proper coverage.
Have a question of your own?
Email us or call us today – we’re happy to answer any questions you have. Whether you practice individually or in a group, we’ll be happy to help in any way we can.
Coverage may not be available in all states and is subject to actual policy terms and conditions. Coverage is provided by an excess/surplus lines insurer which is not licensed by or subject to the supervision of the insurance department of your state of residence. Policy coverage forms and rates are not subject to regulation by the insurance department of your state of residence. Excess/surplus lines insurers do not generally participate in state guaranty funds and therefore insureds are not protected by such funds in the event of the insurer’s insolvency.