Ontario optometrist insurance is required by the College of Optometrists of Ontario. The mandatory minimums are $2 million per occurrence, $5 million per year aggregate, aa maximum $5,000 deductible per occurrence, and tail insurance is required.
Covers malpractice lawsuits, including incorrect device use, failure to diagnose, failure to refer, bad advice, and wrong prescriptions; covers legal defence, settlements, and medical expenses
Third-party bodily injury and property damage claims (e.g. patient slips); legal fees and settlement costs
Patient medical records, identity documents, financial information; covers cyber attacks, legal expenses, financial loss recovery, and ransomed information
Covers lost income if your office or equipment is unusable; may cover rent and wages, and crisis management expenses
Coverage for volunteer work overseas up to 90 days; claims brought in Canada; must discuss with broker first
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What is Optometrist Insurance?
Regardless of how careful and conscientious you are in your work life, there's always the potential for an unexpected problem that you couldn't possibly have foreseen or prevented—and the financial effects of those problems can be absolutely devastating. Depending on your specific Ontario optometrist insurance policy and which broader coverage options you choose to include, your optometrist insurance will protect you against paying out of pocket for legal costs, settlements, medical bills, property damage restoration, cyber attacks and more. Some types of enhanced coverage can also help you with the cost of keeping your business in operation while you recover from a disaster such as a fire, or extend your coverage for humanitarian volunteer work overseas.
What is Tail Insurance, and Why Do Optometrists Need It?
Tail insurance is an extended reporting period on a claims-made policy. The College of Optometrists of Ontario requires tail insurance. Without tail insurance, if you retire and cancel your policy but a former patient later alleges injury, you are not covered. The extended reporting period ensures post-cancellation claims are covered.
What Information Will I Be Asked For?
You must disclose your certifications and accreditation, your patient consent procedures, your compliance with Health Canada guidelines, any disciplinary proceedings history, and any prior negligence or breach-of-duty claims.
Is Ontario Optometrist Insurance Mandatory?
Yes, the College of Optometrists of Ontario requires professional liability insurance meeting specific minimums ($2 million per occurrence, $5 million per year aggregate, maximum $5,000 deductible per occurrence, and tail insurance required). However, practitioners are not required to purchase through their optometry association, any College-approved insurer qualifies.
