Alaska Optician Insurance Policy Information
Alaska Optician Insurance. As an optician, you assist your clients in finding the right pair of eyeglasses. Whether they need bifocal lenses, want to choose from the best designer frames, or simply need a pair of reading glasses for those times when their eyes feel stressed or tired, you help them find the right pair, and perfect set of frames.
With this in mind, your shop has several display cases, you offer a wide range of services (eye exams, testing, etc), and you have pricey equipment which can get damaged. When it comes to choosing your Alaska optician insurance, these are a few forms of coverage to consider adding to your general liability coverage.
Alaska optician insurance protects your practice from lawsuits with rates as low as $37/mo. Get a fast quote and your certificate of insurance now.
Why Do You Need Optician Insurance?
Of course you have general liability for your practice. This will shield you against those slip and fall accidents, if a client is injured while visiting your offices, and to protect you from lawsuits stemming from injuries. Your policy should cover medical expenses, general doctor visits, and the cost of medication or surgery tied to injuries a client suffers, if you are found to be liable for their injuries. But, in addition to your general liability, what else should you add to your Alaska optician insurance coverage?
Property Insurance: This will cover your AK business in a time of need. If a pipe bursts and causes major damage, if a storm hits, or if other damage ensues, this coverage will protect your business (building) as well as its contents. You can protect your designer frames, pricey equipment, testing equipment, and other supplies used in performing eye exams or other testing for clients. Due to the nature of your business, and high cost of equipment and designer frames sold in your storefront, as an optician, it is important to have the right property insurance policy in place.
Malpractice Insurance: - This Alaska optician insurance is also know as professional liability or errors and omissions. In the event of a misdiagnosis, or if you perform eye exams/tests which cause an adverse reaction, or even if you use eye drops or other medications which cause injuries to clients, you have to protect yourself as an optician. Clients are going to sue you for nearly anything; and, as it pertains to their vision, if you are at fault, this can lead to costly and lengthy trials and legal cases. With malpractice insurance, you not only protect your name as a licensed optician, but also your entire practice you've built, in the event of a lawsuit.
Business Owner's Policy: A business owner's policy (BOP) will protect opticians from injuries, liability claims, and protects your office (structure and equipment). It is basically an addition to your general and property liability insurance coverage prongs to your optician insurance policy. Operations liability, contract liability, and advertising liability claims, may also be covered under your Alaska optician insurance BOP, in the event of a lawsuit and pending legal charges or claims.
Cyber Liability: In the event you own an online site, where clients can purchase eyeglasses, order frames, or make purchases online, you should consider adding this form of coverage to your optician insurance policy as well. Due to the high risk of cyber threats, hacks, leaks, and possibly losing confidential information (such as addresses, credit cards, etc), you need to shield yourself from liability as an optician. With this Alaska optician insurance cyber security addition, you can do just that.
Commercial Umbrella: A umbrella policy is excess liability protection. If your liability limits for general, property, cyber, or other insurance protections doesn't fully shield your business from liability, your umbrella coverage can. It is an addition to your Alaska optician insurance policy limits, and can provide additional coverage for your business in the event of damage, injuries, business interruption, or other issues you deal with as a business owner in this field of work.
AK Optician Insurance
As an optician, you have enough to worry about in terms of running a business, advertising, and maintaining a steady patient base. You don't want to have to deal with a single lawsuit destroying everything you've built and worked for, and for this reason you need the right optician insurance coverage in place.
These are some of the different types of coverage you can add to your policy, which will shield you from liability, and help you protect your business from lawsuits, damage, and other forms of loss which would otherwise destroy your business and reputation.
Alaska Economic Data, Regulations And Limits On Commercial Insurance
If you're an entrepreneur who is thinking about starting a business in Alaska, it's important to have a basic understanding of the state's overall economy before you set up shop. Regardless of how high-quality the products and services you are planning on offering may be, if the location where you open your organization doesn't offer a target market that your products and services will appeal to, chances of success are slim. Furthermore, if a workforce isn't available to support your business, you'll have a hard time staying afloat.
With that said, it's important for business-minded individuals who are thinking about starting a company in Alaska to familiarize themselves with the state's economy; it's also a good idea to have an understanding of the commercial insurance requirements.
Following is an overview of economic trends and commercial insurance policies that business owners are required to carry in The Last Frontier.
Economic Trends For Business Owners In Alaska
According to the Bureau of Labor Statistics, the unemployment rate in Alaska was 6.1% in December of 2019. While that's significantly higher than the national unemployment rate, which was 3.4% in December, 2019, it's lower than it was one year prior, when the rate of unemployment was 6.5% in December of 2018. Though the workforce is growing slower than it is in other states, economists do predict that the rate will continue to decline in the coming years.
Despite Alaska's remoteness and cold climate, it's actually a great start to start a business. According to the Tax Foundation, Alaska is the second most tax-friendly state for business owners in the United States, as there's no individual income tax or state sales tax. Additionally, Alaska has the second highest rate of new business owners, as well as the second highest percentage of available employees (as per 2016).
As in most states, the best spots to start a business in Alaska are the state's biggest cities and the surrounding areas. This includes Anchorage, Juneau, and Fairbanks. Other key areas that are seeing a boost in business development in recent years include Homer, Sitka, Prudhoe Bay, and Ketchikan.
While there are several industries that are experiencing growth in The Last Frontier, specific sectors thrive more than others. Businesses that are related to the following industries are booming in AK:
- Fishing, which is also one of the largest contributors to the state's economy.
- Mining, which provides more than 4,500 jobs in Alaska.
- Petroleum, which is responsible for 34% of jobs in the state. In fact, Prudhoe Bay is North America's largest oil field.
- Tourism is the second largest private sector employer in the state. Each year, millions of people from around the globe travel to Alaska to marvel at the numerous natural wonders that can be found here.
Commercial Insurance Requirements In Alaska
The Alaska Division of Insurance regulates insurance in AK. Alaska mandates very few forms of insurance coverage by law. They enforce worker's compensation.
Alaska requires you to have worker's compensation insurance if you hire even one employee on a regular basis. This includes part-time employees, family members, minors, and immigrant employees. It is not required for independent contractors or domestic employees, though you should check to make sure any contractors you have are true contractors, and not employees.
Alaska also requires all business-owned vehicles to be covered by commercial auto insurance. Other types of business insurance that business owners should carry depend on the specific industry.
Additional Resources For Medical Insurance
Discover small business insurance for medical and dental professionals. Medical malpractice insurance is a type of professional liability that protects health care professionals from liability causing in bodily injury, medical expenses and property damage.
- Ambulatory Surgical Center
- Art Therapy
- Assisted Living Facilities
- Blood Banks
- Dental Lab
- Dental Office
- Diagnostic Imaging Centers
- Healthcare Facilities
- Home Medical Equipment Dealers
- Marriage & Family Therapy
- Medical Clinics
- Medical Laboratories
- Medical Marijuana Dispensary
- Medical Practice
- Medical, Surgical & Hospital Supply Store
- Mental Health Counseling
- Occupational Therapy
- Osteopathic Physicians
- Physicians Office
- Plastic Surgeons
- Skilled Nursing Facilities
- Speech Therapy
- Substance Abuse Counseling
Health care providers are the most trusted individuals in our society. Ironically, they are the same ones who can do the greatest harm. They actually have the right to invade our bodies with knives and to poison us with chemicals - all in the name of health care and with the goal of relieving our symptoms and hopefully bringing about a cure.
While the actions of these professionals normally benefit us, insurance coverage must be available for the times when mistakes happen and things go wrong. These professionals and their facilities have extensive property exposures that are becoming more and more intricate and whose values are increasing exponentially.
The 'one size fits all' approach that once could have applied to insurance for health care providers and their facilities no longer applies.
Professional liability offers protection against claims of malpractice for all sums that the medical professional becomes legally obligated to pay as damages because of rendering or failing to render professional services.
Professional and medical malpractice exposures are the most expensive and difficult of all exposures for health care providers. The commercial general liability policy excludes these exposures so separate coverage is needed. Most professional liability policies are written on a claims-made basis and, as a result, tail coverage and retroactive dates are important coverage issues to be aware of when evaluating the insured’s coverage needs and comparing coverages.
The coverage provided is often called medical malpractice. For decades, many involved in the health care field and insurance companies that provide insurance coverage to providers have stated that malpractice lawsuits have created an ongoing crisis of restricting insurance availability, due to loss of insurance companies that write the coverage and significant rate increases.
As a result, state legislatures have taken the following actions to address the situation:
Imposed a dollar limitation of liability for malpractice suits.
Modified statutes of limitation to limit the number of years that a suit may be brought against a physician following a negligent act.
Modified when the statute of limitations takes effect. An example is beginning from a negligent act's occurrence rather than from its discovery.
Passed laws to modify tort law procedures and doctrines that relate to malpractice.
Because of differences in law by state it is important to know the states in which the covered health care providers are licensed and regularly practice. Some health care providers may practice in multiple states because of their particular specialty, their reputation or the demand for their services. Some hospitals may have ownership in facilities or provide services to patients that are outside of their main location state.
Minimum recommended small business insurance coverage: Business Personal Property, Business Income and Extra Expense, Employee Dishonesty, Money and Securities, Accounts Receivable, Computers, Physicians and Surgeons Floater, Valuable Papers and Records, General Liability, Employee Benefits, Professional, Umbrella, Hired and Non-owned Auto & Workers Compensation.
Other commercial insurance policies to consider: Building, Earthquake, Equipment Breakdown, Flood, Leasehold Interest, Real Property Legal Liability, Computer Fraud, Forgery, Cyber Liability, Employment-related Practices, Business Automobile Liability and Physical Damage and Stop Gap Liability.
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Also find Alaska insurance agents & brokers and learn about Alaska small business insurance requirements for general liability, business property, commercial auto & workers compensation including AK business insurance costs. Call us (907) 531-9001.