As an optometrist, patients come to you seeking help with their vision, eye pain and general eye health. As the old expression goes, the devil is in the details, and if any one of your patients is having trouble making out the first letter on the smallest line of text they think they can read or if their pupils are looking a little cloudy, you know it’s time to write up a prescription for eye glasses or to send them to a specialist.
What you may not know is that it’s just as necessary to protect your practice as it is your patients’ eye health. As a working professional who owns their own practice, you will need optometrist business insurance. No matter how solid an optometrist you are or how stellar your front office is, things happen, and some of those things can come with a hefty price tag.
If you’re running your own optometry office, here are four reasons to opt for small business insurance.
Eye equipment will break down
There are several big-ticket items you use to help diagnose a patient’s vision and eye health, including the phoropter, autorefractor, tonometer and retinal camera. With retinal cameras and other eye equipment costing between $5,000 and $20,000, if one piece of equipment were to malfunction or breakdown, it could cost you tens of thousands of dollars to replace. Under a property insurance policy, your eye equipment costs relating to repairs and replacements are covered, leaving your practice clear of debt up to your eyes.
Wrong eyeglass prescriptions will be sent to the patient
After adjusting and fitting your patient’s new eyeglasses, they may come back to you later complaining of headaches and sight problems. If they’re a new eyeglass wearer, this is to be expected, but for a patient who has worn eyeglasses for years, this is a problem. A general liability insurance policy will cover the costs of refunding and replacing the eyeglasses for the patient and will compensate them for their trouble.
Healthcare organizations are on the cybercriminal hit list
According to Dark Reading, cyberattacks on healthcare organizations grew by 63 percent in 2016. Cybercriminals target healthcare because patient data is valuable. Patient data reveals the patient’s date of birth, social security number and health insurance account. Two of these three pieces of data are impossible to change, making identity theft easy, and with health insurance fraud picking up, having someone’s account on file makes for a fast cash flow.
Unlike large companies, small practices usually do not have or maintain a cybersecurity plan. A cyber insurance plan will cover the costs of a data breach and compensate patients affected by the breach, it’ll also protect you if a patient should sue.
Health insurance changes can affect payments
You may have lost patients because of changes in health insurance policies, putting you below your practice’s average take-home pay. Business interruption insurance covers instances of, you guessed it—business interruption. If an event occurs that causes a significant financial hit to your practice, business interruption insurance will compensate you for the loss.
You can’t lose with a business insurance plan. As an optometrist, you no doubt see its many benefits. To find a plan that’s right for your practice, visit CoverHound today.