Business Insurance

The program, designed specifically for OAO members, brings you:

• Superior group rates for savings and protection against “wrongful acts”
• Special features including Legal Expenses! Clinic Malpractice Liability Coverage Extension protects members’ professional optometry corporation at a nominal cost.

What is Professional Liability?

Also known as "malpractice liability insurance" and "errors & omissions insurance"; professional liability insurance protects the Optometrist against liability arising from the rendering of, or failure to render, professional optometry services. Such services can be of any nature related to the profession including either practical treatment or simply providing opinions and diagnoses. The policy covers both the cost to indemnify claimants and the cost to defend claims and legal actions. Here are a few short examples to further describe the coverage:

Individual malpractice insurance coverage is required to be eligible for clinic malpractice insurance.

Examples of Claims

1. A doctor failed to refer patient to a specialist. The condition degraded to a permanent impairment. The patient was awarded $253,000. The malpractice policy covered the cost of the award and the cost to defend the doctor, which exceeded $25,000.

2.  A patient sued the doctor following the contraction of a degenerative disease. It was determined that the doctor was not liable, but the malpractice policy paid nearly $15,000 in legal defense expenses before the suit was dismissed.

3. The Optometrist failed to perform a required test for cataracts for his patient. When the condition worsened, the patient required surgery and, ultimately, suffered permanent damage. The patient presented a claim against the doctor for $60,000 which was paid by the malpractice policy.

Your business insurance package was specifically designed to the unique requirements of your profession. It includes -

• Automatic coverage of up to $500,000 business income
• Unique in-house edging and grinding coverage
• In addition to insuring your building, business contents, business income, crime, and liability, and in-house lens edging and grinding, our program covers you for:
  
  
  • Newly acquired buildings
  • Newly acquired personal property
  • Accounts receivable
  • Valuable papers
  • Property off-premises
  • Property in transit
  • Tenants’ legal liability
  • Professional fees
  • Consequential loss
  • Product recall by the manufacturer

Click here to download the OAO Master Liability Policy_08'09