Independent Opticians - Do you have to buy Professional Liability Insurance?

[optician2601]

Independent owned opticians...
Do you know if its required to purchase Professional Liability Insurance? I have the Liability Insurance only.

If you do have Professional Liability Insurance, can you let me know how much it cost?

Please advise. Thanks.

[rbaker]

I would gladly give you my opinion here but I am afraid of my legal exposure if I gave you the wrong answer and you hauled my sorry butt into court. I dropped my professional liability insurance when I retired. Why don't you direct this question to your insurance broker.

[optician2601]

I would gladly give you my opinion here but I am afraid of my legal exposure if I gave you the wrong answer and you hauled my sorry butt into court. I dropped my professional liability insurance when I retired. Why don't you direct this question to your insurance broker.

I am in the process of applying to accept Medi-cal (State Program in CA), and they said I am required to have professional liability insurance.

OH and dont worry, I wont take you to court for wrong information LOL...

[newguyaroundhere]

Just me thinking and by no means it should be taken for gospel, but anytime you are either required to have a license to work in a state or are going to be as an insurance provider, I would think professional liability insurance would be an automatic given. (Again, just my way of thinking).

[tmorse]

If you do have Professional Liability Insurance, can you let me know how much it cost? Please advise. Thanks.

Here in Canada, $1,000,000.00 (1M) 'Errors & Omissions' (E&O) liability insurance is mandatory for every licensed Optician, and our national OAC association used to charge $75/yr for $1M coverage, $95/yr for $3M coverage and $105/yr for $5M E&O coverage. Actuaries are insurance professionals that determine the level of risk in insurance to determine insurance premium rates, and they have determined that risk to the public from Optician E&O is virtually non-existant. This year in Canada, $1M E&O coverage is included at no charge in the $125.00 annual QAC membership fee.
However, everyone knows that USA is a highly litigous country, so I expect your annual E&O premiums will be much higher.

[optician2601]

Just me thinking and by no means it should be taken for gospel, but anytime you are either required to have a license to work in a state or are going to be as an insurance provider, I would think professional liability insurance would be an automatic given. (Again, just my way of thinking).

I do take lots of insurances, and non have ever asked for professional liability insurance. ONLY General Liability.

[Johns]

I had E/O professional insurance long before I ever took a third party plan. We have a $5 million policy for each office, and while I really don't know what the cost is, I can tell you it's worth every penny. I've got too much invested in my business to risk it to unnecessary exposure.

[rbaker]

I had E/O professional insurance long before I ever took a third party plan. We have a $5 million policy for each office, and while I really don't know what the cost is, I can tell you it's worth every penny. I've got too much invested in my business to risk it to unnecessary exposure.

And, in todays litigious society anyone can sue you for just about anything, (lenses too dark causing me to fall off a bar stool.) You might also find a good lawyer before you need him/her just be sure that they are not under indictment or running for political office. Also, it is spring time and most attorneys are looking to upgrade their boats so legal fees will be on the high side.

But, hey, what me worry!

[optician2601]

Just found out, you can purchase professional liability insurance for opticians at Lockton_ins.com
This is recommended by the AOA Insurance Alliance. They transferred me to an Allied Department.
Minimum coverage $100,000/$300,000 is $230+transaction fee.

[Joannee]

I use cover advantage liability insurance, i find them very affordable than the other one that I have googled and has a
great services and reliable advice. http://coveradvantage.ca/

[Java99]

We have it, and take no vision insurances. I would not want to operate without it.