Professional Liability Insurance for Opticians
We get regular requests from our members seeking Professional Liability Insurance, and I have been hard pressed to find an insurance company that will write it, let alone write it reasonable rate.
Below is part of an email message I just got from an agent that called me earlier this and said that she had a company that would write the policies at competitive rate and I asked her send me information that I could share with our members....
I’ve learned that Professional Liability for Opticians will start probably at $1500 for one Optician and 2 technicians and go up from there depending on the number of Opticians. This insurance will cover any professional issues they may have up to the liability limit that they choose.
I was surprised at this rate...
So is there anyone out there that knows a company that is writing policy that is more affordable and more in line with the risk?
Are most opticians paying those kinds of rates?
Or are opticians going without professional liability?
Any thoughts on this issue?
Many Thanks
An update and revised quote on the policy
Thank you to all of you that provided information on professional liability insurance. I consolidated the information and shared it with the insurance agent that had quoted me the original premium of $1500. And amazingly got this response;
Thank you for the opportunity to clear up the question of the quote I provided to you last week.
I talked with my underwriter regarding the cost of Opticians Professional Liability and learned that he was quoting for a store that has one Optician and two technicians and may be bringing in more to their operation.
The cost for one Optician is about $200.00 per year.
I think this will put us on target for meeting your expectations. I would like to continue to discuss the possibility of working together and will wait to hear from you.
Maybe, I should not be so amazed that insurance companies play with the numbers. But a $1300 price shift per year is unconscionable, if not concerning if their rates have any integrity at all.
Thank you again to all of you for your help and insight - it is great to know that there such a great resource available.
Warmly