Ophthalmologist Insurance Policy Information
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 ophthalmologist insurance as you look for the right coverage for your practice.
Ophthalmologist insurance protects your practice from lawsuits with rates as low as $37/mo. Get a fast quote and your certificate of insurance now.
Below are some answers to commonly asked ophthalmologist insurance questions:
- What Is Ophthalmologist Insurance?
- How Much Does Ophthalmologist Insurance Cost?
- Why Do Ophthalmologists Need Insurance?
- What Type Of Insurance Do Ophthalmologists Need?
- What Does Ophthalmologist Insurance Cover & Pay For?
What Is Ophthalmologist Insurance?
Ophthalmologist insurance refers to a type of insurance coverage specifically designed for ophthalmologists, or eye doctors.
This type of insurance typically covers various risks associated with providing medical services, such as malpractice, liability, or property damage. It may also offer protection against financial losses caused by unexpected events, such as theft or fire.
The goal of ophthalmologist insurance is to help protect ophthalmologists from the financial consequences of medical errors, legal actions, or other unexpected events that could affect their practice.
How Much Does Ophthalmologist Insurance Cost?
The average price of a standard $1,000,000/$2,000,000 General Liability Insurance policy for small ophthalmologists ranges from $37 to $59 per month based on location, size, payroll, sales and experience.
Why Do Ophthalmologists Need Insurance?
As a licensed medical professional, an ophthalmologist is at risk of being sued for malpractice. Malpractice suits can be very expensive and time-consuming, and can lead to financial ruin for the ophthalmologist. Insurance provides a safety net for ophthalmologists, covering the cost of defense and compensation in the event of a malpractice lawsuit.
Additionally, insurance protects the ophthalmologist's assets and reputation by covering any settlements or judgments, which can be substantial in medical malpractice cases. It also helps ensure that the ophthalmologist can continue to practice and provide for their family, even in the event of a lawsuit.
Overall, having insurance is crucial for ophthalmologists to protect their financial stability and professional reputation.
What Type Of Insurance Do Ophthalmologists Need?
Following are some of the more common risks that 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) ophthalmologist insurance can help protect your practice.
Premises Liability: This is where slip and fall claims happen. Although the exposure is minimal, the 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.
Workers comp is a type of 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 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 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 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.
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.
What Does Ophthalmologist Insurance Cover & Pay For?
Ophthalmologists, like other medical professionals, can face lawsuits due to various reasons. Some of the common reasons they are sued include:
Medical malpractice: This occurs when a patient suffers harm or injury due to the negligence, incompetence, or failure to meet the standard of care by an ophthalmologist. Insurance coverage, such as professional liability insurance, can help cover legal fees, court costs, and potential settlement or judgment payments in the event of a lawsuit.
Failure to diagnose or misdiagnosis: If an ophthalmologist fails to diagnose or misdiagnoses a condition, leading to worsening of the patient's condition or other complications, they may be sued. Again, professional liability insurance can help cover the legal costs and potential settlements or judgments associated with these claims.
Surgical errors: Complications or errors during eye surgeries, such as LASIK or cataract surgery, can lead to lawsuits. Professional liability insurance can assist in covering the legal fees, court costs, and potential settlements or judgments related to these cases.
Informed consent issues: If a patient claims they were not adequately informed about the risks, benefits, and alternatives of a procedure or treatment, they may sue the ophthalmologist for lack of informed consent. Professional liability insurance can help cover the legal costs and potential settlements or judgments associated with these claims.
Improper or inadequate follow-up care: If an ophthalmologist fails to provide appropriate follow-up care, a patient may suffer complications or worsening of their condition. In these cases, professional liability insurance can help cover the legal costs and potential settlements or judgments.
Insurance protection for ophthalmologists typically comes in the form of medical malpractice or professional liability insurance. This type of insurance is designed to help cover legal fees, court costs, and any settlement or judgment payments resulting from lawsuits brought against the ophthalmologist. It is important for ophthalmologists to have adequate insurance coverage to protect their assets and reputation in the event of a lawsuit.
Commercial Insurance And Business Industry Classification
- SIC CODE: 8011 Offices and Clinics of Doctors of Medicine
- NAICS CODE: 621111 Offices of Physicians (except Mental Health Specialists)
- Suggested Workers Compensation Code(s): 8831 Hospital - Veterinary & Drivers
8011: Offices and Clinics of Doctors of Medicine
Division I: Services | Major Group 80: Health Services | Industry Group 801: Offices And Clinics Of Doctors Of Medicine
8011 Offices and Clinics of Doctors of Medicine: Establishments of licensed practitioners having the degree of M.D. and engaged in the practice of general or specialized medicine and surgery. Establishments operating as clinics of physicians are included in this industry. Osteopathic physicians are classified in Industry 8031.
- Ambulatory surgical centers
- Anesthesiologists, offices of
- Clinics of physicians (M.D.)
- Dermatologists, offices of
- Freestanding emergency medical (M.D.) centers
- Gynecologists, offices of
- Neurologists, offices of
- Obstetricians, offices of
- Oculists, offices of
- Ophthalmologists, offices of
- Orthopedic physicians, offices of
- Pathologists (M.D.), offices of
- Pediatricians, offices of
- Physicians (M.D.), including specialists: offices and clinics of
- Plastic surgeons, offices of
- Primary care medical (M.D.) clinics
- Psychiatrists, offices of
- Psychoanalysts, offices of
- Radiologists, offices of
- Surgeons (M.D.), offices of
- Urologists, offices of
Ophthalmologist Insurance - The Bottom Line
When binding any ophthalmologist insurance, it's important to carefully define your practice's needs, the required limits and any extra protections that reflect your specific circumstances.
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.
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The medical industry is a crucial sector that plays a vital role in ensuring the health and well-being of individuals. It is a complex and highly regulated industry that requires specialized knowledge and expertise. As a result, the medical industry is exposed to a variety of risks, including legal and financial liabilities.
One of the main reasons why the medical industry needs commercial insurance is to protect against medical malpractice. Medical malpractice occurs when a healthcare provider deviates from the standard of care and causes harm to a patient. It can lead to costly lawsuits and significant financial losses for the healthcare provider. Business insurance helps to cover these costs and protect the financial stability of the medical facility.
Another reason the medical industry needs business insurance is to cover the cost of regulatory fines and penalties. The medical industry is subject to strict regulations and any violations can result in significant fines and penalties. Business insurance helps to cover these costs and protect the financial stability of the medical practice or facility.
In addition, the medical industry is vulnerable to data breaches and cyber attacks. These incidents can result in significant financial losses and reputational damage for the medical facility. Business insurance helps to cover the cost of recovering from a data breach or cyber attack and helps to protect the reputation of the medical facility or practice.
Overall, business malpractice insurance is an essential component of the medical industry. It helps to protect against the financial and reputational risks associated with the medical industry and helps to ensure the financial stability and success of medical practices and facilities.
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.