New Mexico Optometrist Insurance Policy Information
New Mexico Optometrist Insurance. Optometrists are doctors of optometry who specialize in diagnosing problems with vision. They prescribe corrective items such as eyeglasses or contact lenses, but generally do not make the glasses or lenses. Because they are not medical doctors, in most states they cannot perform surgery or prescribe medications so will refer patients who need these services to an ophthalmologist.
Some states have expanded the licensing of optometrists to include the administration of pharmaceuticals for examination purposes (DPA), treatment of eye diseases with pharmaceuticals (TPA), perform lacrimal irrigation and dilation procedures (TPL), treat glaucoma (TPG), and perform lacrimal irrigation and dilation procedures and treat glaucoma (TLG). While most optometrists work from their own private offices, some are employed by retail stores or clinics.
Following is everything you need to know about New Mexico optometrist insurance as you go about the process of defining your professional needs.
New Mexico optometrist insurance protects your practice from lawsuits with rates as low as $37/mo. Get a fast quote and your certificate of insurance now.
Why You Need Optometrist Insurance
Once you graduate and enter your field, you're responsible for binding professional liability insurance. This is also known as malpractice insurance and all professionals who are licensed to practice should have this protection. More importantly, however, New Mexico optometrist insurance coverage can protect your financial health and give you peace of mind.
Over the course of designing and implementing patient treatments, a lot can go wrong. Problems can occur as the result of human error or oversight, or you may find yourself facing various forms of frivolous litigation. All optometrists must consider the liability associated with any wrongful practices that cause increased medical expenses, property damage, bodily injury and death.
For doctors in this niche who want to practice medicine confidently, New Mexico optometrist insurance is absolutely essential. This coverage will help you protect your personal assets in the event of lawsuits. This coverage is also an essential part of getting credentialed to accept various vision and medical plans.
Even a single lawsuit can be an incredibly costly and time-consuming experience. For practices without proper optometrist insurance, these events can be downright debilitating. When damaged are awarded in these cases, medical malpractice will cover the costs of these awards and your own legal fees.
Given the increased rate of frivolous lawsuits, and the complexities of providing medical care, the risk of facing litigation is extremely high among medical professionals. While there are countless insurance companies that doctors can choose from, every medical professional should do his or her own due diligence in order to properly vet these carriers. When conducting your research, bear in mind that insurers do not automatically customize malpractice policies to ensure that these cover the entire scope of state-allowed procedures in the policyholder's area. Keep in mind that there is nothing worse than finding out that you're only partially covered right when you have to rely on your plan.
General Liability Insurance As Part Of Your Optometrist Insurance Plan
General liability is an essential part of your New Mexico optometrist insurance plan. This is especially true if your practice spends a lot of time physically interacting with patients and if you sell any tangible products out of your office space. Practices with binding contracts such as property leases or property loans may be required to have this coverage, along with specific limits.
Other Types Of Optometrist Insurance
Commercial Property Insurance - NM commercial property insurance will protect the physical assets that your practice acquires over time, whether your commercial space is leased or owned outright. This can include the building and/or contents. You should note that commercial property insurance only provides protection for covered events. Additional New Mexico optometrist insurance coverage is necessary for optometrists who operate in earthquake or flood-prone areas.
Workers' Compensation - This New Mexico optometrist insurance coverage will pay the costs of medical care for employees in the event of injuries that are sustained while on the job. NM Workers' comp will additionally cover lost wages and other expenses and services that could be essential for helping an injured worker recover and get back on the job. More often than not, workers' compensation insurance is legally required by the state for all businesses that have two or more non-partner or owner employees.
NM Commercial Auto Insurance - Whether your practice has a paid employee who runs errands for the office staff or a third-party company that's paid to shuttle your clients around, you will need to have non-owned or hired auto insurance at the minimum. This will make sure if your employee injures someone while doing company business - your insurance will kick in above his or her policy limits if the claim is big.
New Mexico Optometrist's Risks & Exposures
Premises liability exposure is moderate due to public 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. The patients’ area must be designed for patients who are visually impaired following administration of eye drops. 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.
Products liability exposure is from the glasses or contact lenses that are prescribed and fitted. While the optometrist generally does not make the glasses or lenses, they will write the prescription and often sell frames as a service to patients.
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 procedures performed the more chance of professional loss. A patient's medical history must be checked prior to prescribing medications.
The optometrist must stay within the O.D. license and not attempt to prescribe medicine or treat diseases of the eye outside of their licensure and training. Glaucoma screening is a must for every patient and should be performed by a trained individual because early detection is vital to treatment and preservation of vision.
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. 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 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 optometrist has arranged for temporary facilities with another optometrist.
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 optometrist 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 optometrist may take off site to visit nursing homes or schools or to handle emergencies. Duplicates of all records and programs should be kept off site.
Business auto exposure is generally limited to hired and nonownership 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.
NM Optometrist Insurance
When binding any New Mexico optometrist insurance, it's important to carefully define your needs, the required limits and any extra protections that reflect your practice's specific circumstances.
New Mexico Economic Data, Regulations And Limits On Commercial Insurance
Owning and operating a business can prove to be financially and personally rewarding. However, if you want to have as much success as possible, it's essential that you choose the best possible location for your company.
After all, it doesn't matter how exceptional your products are and how top-notch your products and/or services are, if the location isn't favorable for your specific business, chances are you won't reap the success you are hoping for.
When considering where to start a business, it's important to consider the economic trends of a state. These trends provide insight into the health of a state's economy, which can help prospective business owners determine whether or not a specific location is favorable for their particular operation. Additionally, it's important to understand what type of commercial insurance policies you'll need to invest in to properly protect your business.
If you're thinking about starting a business in the state of New Mexico, read on to find an overview of the economy and the commercial insurance requirements of the Land of Enchantment.
Economic Trends For Business Owners In New Mexico
A state's unemployment rate is an important factor to consider when assessing the economy, as it illustrates whether or not the area offers a favorable environment for businesses.
According to the Bureau of Labor Statistics, as of December, 2019, the unemployment rate in New Mexico was 4.7%, which is 1.2% higher than the national average. However, the rate has fallen; in July of 2019, for example, the unemployment rate was 4.9% and in November of the same year, it was 4.8%.
This rapid decrease shows promise for the Land of Enchantment. Furthermore, economists predict that the jobless rate of the state will continue to decrease moving forward.
New Mexico is a large state with varied topography and demographics. As such, the best locations prospective business owners can expect to see the most success include urban areas and the surrounding regions. Examples include:
- Las Cruces
- Rio Rancho
- Santa Fe
The industries that are seeing the most economic growth in the Land of Enchantment include:
- Administrative and federal government
- Advanced manufacturing
- Aerospace and defense
- Digital media and film production
- Distribution, logistics, and transportation
- Hospitality and tourism
Commercial Insurance Requirements In New Mexico
The New Mexico Office of Superintendent of Insurance regulates insurance in NM. New Mexico mandates very few forms of insurance coverage by law. They enforce worker's compensation.
New Mexico requires you to have worker's compensation insurance if you hire 3 or employees on a regular basis in the construction industry, businesses with even one employee must provide workers compensation insurance. 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.
New Mexico 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
- Dental Lab
- Dental Office
- Diagnostic Imaging Centers
- Healthcare Facilities
- Home Medical Equipment Dealers
- Marriage & Family Therapy
- Medical Laboratories
- Medical Marijuana Dispensary
- Medical Practice
- Medical, Surgical & Hospital Supply Store
- Mental Health Counseling
- Occupational Therapy
- Physicians Office
- 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.
Request a free New Mexico Optometrist insurance quote in Agua Fria, Alamogordo, Albuquerque, Anthony, Arenas Valley, Artesia, Aztec, Bayard, Belen, Bernalillo, Bloomfield, Boles Acres, Bosque Farms, Cannon AFB, Carlsbad, Carnuel, Chaparral, Chimayo, Clayton, Clovis, Corrales, Crownpoint, Deming, Dulce, Edgewood, El Cerro, El Cerro Mission, El Valle de Arroyo Seco, Eldorado at Santa Fe, Espanola, Eunice, Farmington, Flora Vista, Gallup, Grants, Hobbs, Holloman AFB, Jal, Jarales, Jemez Pueblo, Keeler Farm, La Cienega, La Mesilla, Las Cruces, Las Maravillas, Las Vegas, Lee Acres, Lordsburg, Los Alamos, Los Chaves, Los Lunas, Los Ranchos de Albuquerque, Lovington, Meadow Lake, Mesilla, Milan, Monterey Park, Moriarty, Nambe, Navajo, North Hobbs, North Valley, Paradise Hills, Peralta, Placitas, Pojoaque, Portales, Questa, Ranchos de Taos, Raton, Rio Communities, Rio Rancho, Roswell, Ruidoso, San Felipe Pueblo, San Ysidro, Sandia Heights, Santa Clara, Santa Fe, Santa Rosa, Santa Teresa, Santo Domingo Pueblo and Ruidoso Downs, Sausal, Shiprock, Silver City, Socorro, South Valley, Sunland Park, Taos, Tome, Truth or Consequences, Tucumcari, Tularosa, University Park, Vado, Valencia, Waterflow, West Hammond, White Rock, Zuni Pueblo and all other cities near me in NM - The Land of Enchantment.
Also find New Mexico insurance agents & brokers and learn about New Mexico small business insurance requirements for general liability, business property, commercial auto & workers compensation including NM business insurance costs. Call us (505) 349-0657.