Hawaii Ophthalmologist Insurance

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Hawaii Ophthalmologist Insurance Policy Information

HI Ophthalmologist Insurance

Hawaii Ophthalmologist Insurance. Ophthalmologists are licensed medical doctors who specialize in the diagnosis, treatment, and prevention of disease, injury, damage, or loss to the eye. They may prescribe corrective lenses or medications. Ophthalmologists perform eye surgery needed to correct farsightedness or nearsightedness using laser or refractive surgery. Other surgical procedures include cataract removal, corneal transplants, vitreous or retinal repair, or enucleation. While most ophthalmologists work from their own private offices, some are employed by hospitals or clinics.

Following is important information you should know about Hawaii ophthalmologist insurance as you look for the right coverage for your practice.

Hawaii ophthalmologist insurance protects your practice from lawsuits with rates as low as $37/mo. Get a fast quote and your certificate of insurance now.

The Risk Exposures Ophthalmologists Should Consider

Following are some of the more common risks that Hawaii ophthalmologist insurance can help protect against:

Professional Exposure: Professional exposures are of great concern. All employees and ophthalmologists working directly on patients must be trained, experienced, and licensed. A more varied procedure has a higher risk of professional loss compared to a less varied procedure. Equipment like needles should be sterilized and sanitized to prevent the spread of infestations such as HIV & AIDS and hepatitis.

On-site surgery should be closely monitored by an experienced, trained individual. A trained individual should also monitor the administering of anesthetics. Safety equipment needs to be in place to prevent exposure to radiations when performing an X-ray.

There are so many areas where professional (malpractice) Hawaii ophthalmologist insurance can help protect your practice.

Premises Liability: This is where slip and fall claims happen. Although the exposure is minimal, the Hawaii ophthalmologist insurance general liability offers protection.

Customer areas should be neat and free from obstructions. It should also be well-light when patients are traveling to and from the examination section. Overhead equipment must be moved before the patients exiting examination chairs. Further, if surgery is performed, the area should be sterilized very carefully. On the other hand, the patient's area should be designed for patients that are visually impaired after the surgery. Escort procedures need to be clear for every personnel.

Workers Compensation Insurance: This insurance pays benefits to the workers if injured while on the job. Mainly, it covers death benefits, vocational rehabilitation, a portion of lost wages and medical bills for your employees. Almost each state requires employers to carry some form of employee's compensation insurance.

HI Workers comp is a type of Hawaii ophthalmologist insurance that is required for any non-owner or partner employees in most states. When an employee suffers an injury, the incidence is immediately reported to the workers compensation insurance carrier. The employee then seeks proper medical attention, while the insurance company caters for the bills. However, if an employee misses work due to the injury, the insurance company pays the worker limited benefits to cover the lost time.

If an employee is not able to return to work because of a permanent injury, the insurer compensates to re-train the worker for a different line of work.

Property Exposure: Property exposure is for crime and fire and weather damage. A majority of the asset items are covered with the surgeons and physicians inland marine floater. However, business interruption exposure can be minimized if the ophthalmologists have arranged for temporary facilities with other HI ophthalmologists.

Inland Marine Exposure: Inland marine exposure is the surgeons and physicians floater items. This coverage includes items that the Ophthalmologist might take off site to address emergencies. This Hawaii ophthalmologist insurance can be extended to cover all office furnishings.

An Ophthalmologist office will include a sophisticated computer as well as medical equipment. The electrical wiring should be up to code and the equipment properly maintained. However, a small fire, which produces smoke, can cause lots of damage due to the need for sterile equipment. Additional exposures that Hawaii ophthalmologist insurance can cover may include accounts receivable, valuable papers and records which include patient's records plus medical research books.

Crime Exposure: Crime exposure can occur due to dishonest workers who might steal money and inventory. Different individuals should handle the ordering, billing and disbursement processes. These processes should be monitored constantly.

Other Ophthalmologist Insurance To Consider

Apart from the coverage mentioned above, other common insurances that Ophthalmologists should consider include commercial property, Money and Securities, Employee Dishonesty, Accounts Receivable, Surgeons and Physicians Floater, Computers, Valuable Papers & Records, General Liability, Professional, Umbrella, Commercial Auto and Employee Benefits.

Hawaii Ophthalmologist's Risks & Exposures

Premises liability exposure is moderate due to patients' access to the premises. To prevent trips, slips, and falls, all areas accessible to patients must be well maintained with floor covering in good condition. The number of exits must be sufficient, and be well marked, with backup lighting in case of power failure Steps should have handrails, be illuminated, marked, and in good repair.

Parking lots should be maintained free of ice and snow. Housekeeping should be excellent and spills must be cleaned up promptly. Overhead equipment should be moved before patients exit examination chairs. If surgery is performed, the area must be kept sterile at all times and carefully controlled. The patients' area must be designed for patients who are visually impaired following eye surgery.

Escort procedures must be clear for all personnel. Maintaining a patient's privacy is critical. Examination rooms, check-in and checkout stations must be in private areas so one patient cannot view information or overhear conversations regarding another patient's' confidential information.

Professional exposures are extensive. The exposure increases if the provider fails to conduct thorough background checks to verify employees' credentials, education, and licensing. The more varied procedures that the ophthalmologist performs, the more chance of professional loss. A patient's medical history must be checked prior to prescribing medications. Very serious losses may result from failure to secure patient approval before performing procedures.

Needles and other equipment must be sterilized and sanitized to prevent the spread of blood-borne infectious diseases such as hepatitis, HIV, and AIDS. Training and safety equipment should be in place to prevent exposure to radiation when performing X-rays. On-site surgery must be closely monitored, with an experienced trained individual administering and monitoring the use of the anesthetic.

Workers compensation exposure is due to the possible transmission of disease from a patient. Gloves and masks should be worn at all times when working around any bodily fluids. Unruly or unpredictable patients can cause harm including strains, back injuries, and contusions.

Training and safety equipment should be in place to prevent exposure to radiation when performing X-rays. Since patient information and billings are done on computers, potential injuries include eyestrain, neck strain, carpal tunnel syndrome, and similar cumulative trauma injuries that can be addressed through ergonomically designed workstations.

Property exposure is moderate due to the use of expensive diagnostic and ophthalmological equipment. Ignition sources include electrical wiring, heating, and air conditioning systems, and overheating of equipment. All electrical wiring must be up to code and equipment properly maintained. A small fire which produces smoke can cause considerable damage when sterile equipment and environments are compromised.

Most property items are better covered on inland marine forms such as a computer form or a physicians and surgeons floater. The business income and extra expense exposure can be minimized if the ophthalmologist has arranged for temporary facilities with another ophthalmologist.

Equipment breakdown exposures are high as operations are dependent on diagnostic equipment being available. All equipment should be maintained on an ongoing basis.

Crime exposure is from employee dishonesty. The potential for identity theft is great. Background checks should be conducted on all employees handling money. All ordering, billing, and disbursement must be handled by separate individuals. Money and securities are a concern if payments are accepted on premises. Deposits should be made regularly and money should not be kept on premises overnight.

Inland marine exposure includes accounts receivable if the ophthalmologist bills for services, computers, physicians and surgeons floater (which can include all office furnishings), and valuable papers and records for patients' and suppliers' information. Computers are used for patients' records and other office purposes, but some diagnostic equipment is now also computerized. Physicians and surgeons equipment includes items that the ophthalmologist may take off site to handle emergencies. Duplicates of all records and programs should be kept off site.

Business auto exposure is generally limited to hired and non-owned liability for employees running errands. If there are owned vehicles, all drivers should be licensed with acceptable MVRs. Vehicles must be maintained and records kept in a central location.

HI Ophthalmologist Insurance

When binding any Hawaii ophthalmologist insurance, it's important to carefully define your practice's needs, the required limits and any extra protections that reflect your specific circumstances.

Hawaii Economic Data, Regulations And Limits On Commercial Insurance

Made In Hawaii

Location is one of the most vital factors that prospective business owners need to take into consideration when they are thinking about establishing an operation. You can have the best possible products and offer the most exceptional services, but if the location doesn't offer a market that can benefit from those goods and services, your business will have difficulty thriving.

As such, if you are an entrepreneur who has set your sights on Hawaii for the headquarters of your business or a new division of an already existing corporation, it's a good idea to familiarize yourself with the state's economic data. It's also important to understand what type of commercial insurance you will need to invest in to protect yourself, your employees, your vendors, and the clients you serve.

Below, we provide a brief overview of important economic data and the commercial insurance requirements for business owners in the Aloha State.

Economic Trends For Business Owners In Hawaii

A state's unemployment rate is a good indicator of the overall economy of the region. It indicates that there are enough jobs available to support the economy, which is a direct reflection of the success of businesses in the state. As of 2019, the Bureau of Labor Statistics indicated that the unemployment rate in Hawaii was 2.6%, 0.8% lower than the national average of 3.4% from the same timeframe. This rate has also decreased throughout 2019, as it was 2.8% in July of 2019.

As with most states, the best locations to start a business in the state of Hawaii include urban areas and the suburban regions that surround them. The top cities for business owners in HI include:

  • Hilo
  • Kahului
  • Waipahu
  • Pearl City
  • Kaneohe

While several industries do well in Hawaii, certain sectors thrive. Tourism has long been the leading industry in the state, as people from around the globe flock to Hawaii each year.

Agriculture is also a booming industry here; the state is the second largest producer of sugar can in the U.S. Defense is also a key sector here, as all branches off the armed forces have bases located in the state. Another industry that also thrives here is manufacturing; specifically the manufacturing of cotton-based goods, such as clothing.

Commercial Insurance Requirements In Hawaii

The Hawaii Department of Commerce and Consumer Affairs regulates insurance in HI. Hawaii mandates very few forms of insurance coverage by law. They enforce worker's compensation.

Hawaii 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.

Hawaii 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.


Medical And Dental Insurance

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 Hawaii insurance agents & brokers and learn about Hawaii small business insurance requirements for general liability, business property, commercial auto & workers compensation including HI business insurance costs. Call us (808) 300-0578.

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