Professional indemnity insurance for optometrists

As with most health practitioners, optometrists’ indemnity insurance policies are developed specifically for their field, and aim to make cover as cost-effective and hassle-free as possible.

Professional advice for optometrists

Associations work closely with Medical Defence Organisations (MDOs) and Medical Indemnity Insurers (MIIs) to provide cost effective indemnity cover for medical practitioners. In turn, MDOs and MIIs receive financial support from the Medicare system, so that the cost of medical indemnity remains reasonable.

The most prominent association for optometrists is the Optometrists Association of Australia, which operates in state divisions. As health systems are still very much state-run affairs in Australia, with laws and regulations varying from state to state, most professional health associations are divided in this way.

Members must have received their optometrist qualification from a recognised institution in order to join and can be required to undergo continuing education each year. While all OAA members are covered for indemnity insurance automatically, it is limited to $5 million for malpractice.

Two of Australia’s largest MDOs, UNITED Medical Protection (UMP) and the Medical Defence Association of Victoria (MDA), merged in 2007 to form Avant, Australia’s largest MDO. Guild Insurance is also one of the largest insurers of optometrists in Australia. They have worked with the OAA to develop policies specifically for optometrists. They also provide policies for business cover, including income protection.

Insurance needs for optometrists

Professional indemnity insurance is compulsory for optometrists unless a practitioner is expressly exempt, as detailed in the Health Care Regulation 2007. The cover is particularly important for optometrists running their own practice, who are therefore not protected by the insurance of an employer. It includes legal expenses and covers civil claims arising from their business, such as malpractice suits. Policies also include ‘Good Samaritan’ acts worldwide, enabling optometrists to work in a volunteer capacity and still be covered. Specific policies are also available for students.

Most indemnity insurance policies safeguard against misconduct occurring as a result of faulty products, which could be essential, given optometry’s use of specialist equipment and sale of products. Legal fees and related expenses for inquiries, inquests, disciplinary proceedings, employment disputes and disputes between supervisors and trainees are also covered.

With indemnity insurance policies catered to suit the particular needs of optometry as a business, optometrists can also consider an individual policy to suit their specific needs within the profession.