Advice
Protect Your Practice And Protect Yourself
Kelly
Kerksick, O.D.
QUESTION: I'm starting my fourth
year of optometry school and trying to get an idea of how much I'll have to pay
for malpractice insurance. Can you suggest how much insurance I might need and where
to look for it?
Answer:
Malpractice insurance costs vary from state to state and sometimes even from one
metropolitan area to another. I would encourage you to investigate the different
types of coverage available in the specific area where you'll be practicing.
If you'll be joining a private practice,
your employer may pay for your malpractice insurance. This should be specified in
your contract. If you'll be working in a commercial setting, you'll likely be required
to obtain and pay for your own coverage.
Before shopping for malpractice insurance,
you should become familiar with some of the jargon. For example, a typical malpractice
policy may read as a $1 million/$3 million policy. This means the insuror will pay
up to $1 million per incident to a maximum of $3 million of total, aggregate claims.
Take
a close look at any insurance plans you'll be accepting to determine their malpractice
requirements. Most plans require the standard $1 million/$3 million coverage; however,
some require a $2 million/$4 million policy. Don't assume the $1 million/$3 million
policy is enough. Certain circumstances may require more coverage.
A
2002 graduate of Southern College of Optometry, Dr. Kerksick is in private practice.
You can contact her at kerksickod@yahoo.com
Optometric Management, Issue: September 2006