Malpractice insurance for Optometrists

Malpractice insurance for optometrists is essential as it’s is still a risk you face every day. Records from the National Practitioner Data Bank show that optometrist faced 2,813 malpractice cases, around 140 a year between 2000 and 2020. While only 30 percent of these cases actually result in payments awarded to the claimants, it is still a cause for concern. Even unsuccessful malpractice claims cost optometrists valuable time and reputation, as well as money.

Malpractice insurance is often considered the cornerstone of an optometrist’s insurance portfolio. It provides defense and damages coverage if a patient files a claim alleging negligence or error in the provision of professional services. The best malpractice insurance for optometrists not only protects financial stability but also preserves the practitioner’s reputation.

Malpractice Insurance for Optometrists can include:

Option to include general liability insurance
Coverage limits of up to $2 million per individual claim
Complete authority to approve settlement decisions
Protection for telemedicine and telehealth services
Legal defense coverage for professional license issues
Legal defense expenses covered in addition to liability limits
Defense coverage for allegations of sexual misconduct
Protection for HIPAA-related privacy violation claims
Portable coverage available 24/7, applicable in volunteer work, telehealth roles, per diem, or moonlighting assignments

How much does malpractice insurance for optometrists cost?

The cost of insurance for optometrists varies widely based on the type of coverage, the geographic location of your practice and your claims history. It is also impacted by the scope of services offered, and the limits of liability chosen.

Professional Liability/Malpractice Insurance Annual premiums can range from a few hundred dollars to several thousand dollars. Newer practitioners or those in lower-risk areas may pay on the lower end of the spectrum, typically around $500 to $2,000 per year, while those in higher-risk locations or with a broader scope of practice might see premiums at the higher end.

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