Malpractice insurance may seem cut and dry, so why the variance in rates from provider to provider? There are many factors that contribute to insurance rates, including scope of coverage, limit options, claim frequency and more.

Factors that Cause Insurance Rates to Vary from Insurance Provider to Insurance Provider

Malpractice policies and their rates vary from company to company. While you may be tempted to go with the cheapest option, there are many factors that impact insurance rates. Look beyond premium prices and consider these factors to ensure you are fully covered at an affordable rate:

  • Scope of coverage—As a doctor of optometry, it’s important to make sure your insurance keeps up with your scope of practice and the latest developments in healthcare science, industry and regulation. Some insurance policies, like Lockton Affinity’s, may use specific language to help ensure you’re always covered under your state’s scope of practice, no matter when or how it changes. Broader coverage may cost more, but better protect you as a practicing OD.
  • Breadth of coverage—Some malpractice policies may include additional coverage benefits, such as coverage for employees, coverage for lost income, business error coverage and more. These additional coverage benefits may lead to a higher rate over a basic malpractice insurance policy. However, if the policy you purchase does not offer coverage to meet your full needs, you may pay more than a higher insurance rate in the end.
  • Limit optionsThe limit you select directly impacts your insurance rate. The higher the limit, the more coverage available to you in the event of a claim and the higher your rate. The lower the limit, the less coverage available to you in the event of a claim and the lower your rate. Learn more about selecting the right limits for your practice.
  • Your risksIf you have experienced a malpractice claim or a board complaint in the past, your insurance carrier will request detailed information on the matter and may increase your premium rate.
  • Amount of claims and claim costs— If an insurance company sees a high frequency of claims for you or your practice, they may increase your premium rates at the next renewal. Similarly, if the cost to defend and settle the claims against you or your practice is unusually expensive, it may also necessitate an increase in premium.


Malpractice Insurance from Lockton Affinity

While all malpractice insurance policies are different in coverage and cost, finding a trusted insurance company can make all the difference.

At Lockton Affinity, we have worked directly with ODs for over ten years to provide expertise about the nuances and specifications regarding the optometry field.

Our Malpractice insurance offers coverage for the broad range of services you provide, within your state’s defined scope of practice. Plus, in the event of a lawsuit, you have access to:

  • The services of an experienced malpractice attorney
  • Thorough administrative defense
  • Lost income protection
  • A substitute optometrist in your absence
  • And more

See what Malpractice insurance available for AOA members through Lockton Affinity will look like for you by answering just 6 questions.