The success of your optometric practice depends on your office and the people who staff it. Imagine the consequences for your practice if there were a serious accident, fire or theft at the office. These disasters can impact your ability to care for patients and run your business.
Optometric practices like yours need business owner’s insurance to protect your practice from these risks. Without adequate insurance coverage, you could have trouble bouncing back if something happens.
A business owner’s policy (BOP) safeguards your practice and offers coverage for property, business interruption and liability, protecting your business in the event of property damage or lawsuits resulting from injuries.
About Business Owner’s Insurance for Optometric Practices
A business owner’s policy is a handy package of property and liability protection fine-tuned to handle the specific insurance needs of your optometric practice.
A BOP includes:
- Business property coverage—Covers your office building and its contents, such as your equipment, furnishings and inventory.
- General liability coverage—Covers your business in the event of lawsuits or damages that result from a third-party personal injury or property damage claim.
- Business interruption coverage—Helps make up for some of your lost income if your practice experiences a fire, break-in or other business-disrupting event.
With a BOP, you and your practice are protected from the costs and interruptions associated with fires, theft and other hazards, as well as lawsuits and claims due to damages or accidents. A BOP can cover the cost to repair damages to your property and provides protection for legal fees and judgements associated with lawsuits.
Examples of Business Owner’s Policy Coverage
BOP coverage for doctors of optometry combines coverages for several policies, General Liability, Commercial Property and Business Interruption, into a single policy package that is tailored to the needs of your practice. This broad coverage protects you and your practice from several everyday risks such as:
- An older patient enters your practice and trips over the floor mat in the entryway. In the fall they suffer a broken hip, resulting in costly medical bills and a claim for personal injury damages. Your BOP coverage protects you and covers the costs.
- A rash of burglaries hits the area and your office is broken into overnight. The thieves steal two computers and medical supplies from your inventory. Your BOP coverage helps you replace the stolen property.
- An old toaster oven in the breakroom catches fire. The cabinetry is burned and there’s smoke damage throughout the whole office. Your BOP covers the damage to the building and its contents.
- A strong wind blows an exterior sign loose from your office building. It falls on a patient’s car that’s parked in the lot causing damage. Your BOP covers the cost of the damages to the vehicle.
- A lightning strike causes a fire at the office in the middle of the night. Fire crews save the building, but there’s enough damage that it will be weeks before you’ll be able to see patients. Your BOP provides coverage to sustain your business through the interruption.
BOP Protection for Your Practice
Your optometric practice faces many challenges. You have a lot of money invested in your office, equipment and inventory. Plus, the risk of injuries, property damages or liability lawsuits affecting your ability to run your business and care for patients are high in today’s complex world.
A Business Owner’s Insurance Policy from the AOA Insurance Alliance helps protect your investment and safeguard your practice from the risks you face. Get started today.