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Providing high-quality care to your patients is your top priority, and ensuring your career
is adequately protected is critical to that goal. Malpractice insurance (sometimes
referred to as professional liability insurance) is a safeguard against the financial and
professional risks of a claim.
Not all malpractice insurance policies are created equally. “Good” malpractice insurance
for a doctor of optometry isn’t defined by price or provider; it’s defined by how well it
protects you in real-world scenarios, not just on paper. So, what should doctors look for
in a malpractice insurance policy?
Use this practical checklist to help evaluate whether your coverage adequately protects
you.
- Does it fully cover your scope of practice? The most important thing to
evaluate with malpractice insurance is whether it actually protects you for the
services you provide. Some policies may fail to clearly define scope of
coverage and exclusions, leaving it up to insurance adjusters to determine claim
coverage. It is crucial to understand exactly what your policy covers and
excludes so that you can practice with the confidence that you are
protected. You’ll also need to check your policy for explicitly
defined exclusions that limit coverage for procedures you are permitted to
perform. Another feature to look for is whether the language of the policy directly
ties coverage to your state’s scope of practice or if it requires updates in cases of
scope expansion.
- Does it provide strong defense coverage, not just indemnity? Some
malpractice policies are “indemnity-only” policies, which means they will cover
settlements or judgments coming out of a malpractice claim, but not the costs of
defense. These policies are often cheaper, but attorney fees, court costs and
other legal expenses can add up quickly, making it more expensive in the long
run.
- Are your limits appropriate for your risk? An insurance limit, or limit of liability,
is the maximum amount the insurance company will pay under the policy. Limits
are articulated as two separate numbers: first the maximum that will be paid per
claim and second the maximum that will be paid for all claims under a policy
term. When selecting limits, consider your practice size, the types of procedures
you perform and potential claim severity. An early career doctor may have less
exposure than a practice owner, for example.
- Is the policy claims-made or occurrence, and is the policy type right for
your situation? Understanding the type of policy you have can help you
ensure you are protected even if you decide to switch policies in the future.
Claims-made policies provide coverage only for claims that occur and are
reported while the policy is in effect, often necessitating the purchase of tail
coverage if switching to a different policy. These policies are often less expensive
at the outset but may be more expensive once tail coverage is added or if failure
to purchase tail coverage creates a gap in coverage. Occurrence policies provide
coverage for incidents that occur during the policy period, even if a claim is not
filed until after the policy has ended. Familiarity with your plan type helps
you plan ahead and prevent coverage gaps during transitions.
- Is your coverage portable across jobs and locations? Many doctors work in
multiple practices, and some even work across state lines. It’s important to note
that employer-provided coverage may only cover procedures at a specific
location or under a specific employer. Policies with portable coverage ensure
the protection follows you, whether you are working for multiple employers,
working in multiple locations or volunteering.
- Does the provider offer responsive service and easy documentation
access? Even the most comprehensive policies can fall short if
they aren’t supported by a responsive, attentive provider with optometry-specific
experience. Check to make sure your provider has a history providing coverage
for doctors of optometry and evaluate whether they provide knowledgeable
customer service and easy access to your certificate of insurance.
“Good” malpractice insurance is defined not by price, but by how well it will protect you if
you face a claim. Regularly reviewing your policy is critical due diligence to help you
provide patient care with confidence. As a member benefit, AOA members can receive
a complimentary policy review from AOAExcel®’s endorsed malpractice insurance
provider, Lockton Affinity.
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