As an optometrist, you’ve likely heard about the importance of Professional Liability Insurance. Professional Liability Insurance from Lockton Affinity is critical to protect yourself and your career. But when do you choose a group policy versus an individual policy? It ultimately depends on your preference and your practice. Read on for information about both types of policies.

Why Buy a Group Insurance Policy?

If you partner with one other or multiple other optometrists, you can purchase a group professional liability policy. This policy will be shared between you and the others in your group, including premium costs and policy limits.

Because you will be sharing the policy limits with other members of your group, you will likely want to select a higher limit of liability. (See tips for selecting your insurance limit here).The higher the insurance limit, the higher the level of coverage. This will ensure everyone is covered, even in the event that a claim or multiple claims are made during a policy year. Because it is difficult to accurately estimate the maximum possible loss liability, professionals and organizations generally choose the highest limits of liability available to them.

Group policies can also have the option of separate limits, meaning your corporation has an additional limit of liability, the same amount as yours but separate. This is another good option to ensure you and your corporation have the proper coverage.

Why Buy an Individual Professional Liability Policy?

While you may be covered under an employer’s policy, it does not protect you from personal risk. You may still be liable for your own negligence, and as a result, all or part of a plaintiff’s award or settlement. It’s possible you may even be required to reimburse your employer for damages paid to a claimant.

With an individual professional liability policy, you ensure that you’re covered in the exact way you wish to be. Your policy will provide you with limits of liability of your choosing. And, because the policy is issued in your name, many potential conflicts of interest between you and your employer may be eliminated in the event a claim against you is filed.

For more information about group or individual policies, please contact Lockton Affinity at [email protected] or 888.343.1998.

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.