Get an Optometrist Insurance quote

What is optometrist insurance?

Optometrist insurance isn't just for big clinics – it's also vital for individual practitioners. Wherever you are in your career, the right coverage ensures your business is protected and ready to tackle any financial challenges that may come your way.

As a business, you’re responsible for more than just yourself. You’re responsible for the work you deliver, the safety of your clients and everyone else who is involved in your work. If something goes wrong, it is you who would have to pay for the damage. In some cases, potential mishaps can cost tens, if not hundreds, of thousands of dollars.

Here’s an example – a client comes in for an eye exam and on the way out they stumble and fall on the floor, breaking their leg. They are unable to work and have to pay for medication. In this case your insurance would cover the costs associated with this event, preventing you from getting an expensive bill In another scenario, your practice might have to be temporarily close (due to a power outage, for example), costing you some of your revenue. In either case, insurance would cover for you.

Sure, insurance itself does cost money, but in most cases, it would be a lot cheaper than paying someone’s medical bills, or worse, dealing with a lawsuit.

Who needs optometrist insurance?

Whether you run an optometrist practice or work in a larger healthcare organization, you need to be insured. Like most healthcare practitioners, you hold the well-being of your clients in the palm of your hand – and that’s a huge responsibility. Things can and sometimes do go wrong.

Often enough, things going wrong can be quickly remedied, without requiring a big financial investment. For instance, a slip-and-fall accident in your practice is not guaranteed to cause a lawsuit, or even an injury. You might get through such incidents unscathed multiple times, for years and years. But if you do hit the jackpot, the financial ramifications of that can be catastrophic – so much so that you can lose your entire practice.

So, if you don’t want to put your livelihood on the line like that, seriously consider getting an insurance policy.

What does optometrist insurance cover my business for?

A standard optometrist insurance policy should at the very least include these key components:

• Professional liability insurance: Covers claims related to errors or omissions in the services you provide. For instance, if a patient claims that a misdiagnosis led to further eye problems, this insurance would cover legal fees and any settlements.
• General liability insurance: Protects against claims of bodily injury or property damage that occur on your premises. For example, if a patient slips and falls in your office, general liability insurance would cover the medical expenses and legal costs.
• Property insurance: Covers damage to your office and its contents due to events like fire, theft, or natural disasters. This ensures that you can quickly recover and continue your practice without significant financial loss.

What insurance coverage add-ons are recommended for optometrists?

While basic coverage is essential, there are several add-ons you might consider to enhance your protection:

• Equipment breakdown insurance: This policy protects your equipment in case of breaks down due to electrical and mechanical issues. Optometrists use a number of expensive tools such as slit lamps and retinoscopes, which is why it's recommended to add this to your policy. If something breaks, the repairs or replacements are covered, helping you continue running your business smoothly.
• Cyber liability insurance: Protects against data breaches and cyberattacks, which are increasingly common in healthcare. The last thing you want is to lose your patients’ data and have no means of legally protecting yourself.
• Business interruption insurance: Covers lost income if your practice has to close temporarily due to a covered event like a natural disaster.

How much does optometrist insurance cost in Canada?

The cost of optometrist insurance in Canada can vary widely based on several factors. On average, you might expect to pay between $500 and $3,000 annually for a comprehensive policy. However, this can fluctuate depending on the size of your practice, location and the specific types of coverage you choose.

What factors determine the cost of optometrist insurance rates?

Several key factors influence the cost of your insurance rates:

• Practice size: Larger practices with more employees generally face higher premiums.
• Location: Urban areas may have higher rates due to increased risks and higher property values.
• Coverage limits: Higher coverage limits generally result in higher premiums. It's important to balance the cost with the level of protection you need.
• Claim history: A history of frequent claims can lead to higher premiums, as insurers view these practices as higher risk.

How does optometrist insurance work?

Optometrist insurance works similarly to other types of business insurance. Once you purchase a policy, you pay regular premiums to maintain coverage. In the event of a covered claim, you would file a report with your insurance provider, who would then assess the claim and provide compensation up to the policy limits.

How to get the cheapest optometrist insurance quote

To secure the best rates for your optometrist insurance:

• Compare quotes: Don’t settle for the first quote you receive. Compare multiple quotes from different insurers to find the best deal.
• Bundle policies: Sometimes, bundling multiple types of insurance (like commercial general liability and commercial property insurance) can lead to discounts.
• Maintain a clean record: Avoiding claims and demonstrating good risk management practices can help lower your premiums over time.