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Wednesday / April 17.
HomeminewsNew Kid on PI Block

New Kid on PI Block

A new insurance provider has moved into the space previously reserved by Optometry Australia, offering professional indemnity insurance to all Australian optometrists.[/vc_column_text][/vc_column]

Professional Indemnity (PI) Insurance is a compulsory component of registration as an optometrist. The Optometry Board of Australia sets out strict standards requiring minimum levels of professional indemnity insurance to be in place as a prerequisite to practise.

Aon Australia said it began looking at professional indemnity insurance for optometrists after an approach by one of the biggest optometry chains in 2013, requesting the development of an alternative PI package. That PI package is now open to all optometrists.

An Aon Risk Solutions spokeswoman said “A lot of people still don’t realise they have a choice when it comes to PI insurance. Aon recognise the financial pressures that many optometrists face, our PI offering complies with the Optometry Board’s strict standards, offering optometrists a way to reduce business expenditure.”

In Australia, “Aon provides cover to over 300 optometrists,” an Aon spokeswoman said.

The majority of Australia’s optometrists, who are members of Optometry Australia (OA), are protected by OA’s master insurance policy with Avant. This PI is included as part of OA’s annual membership fees.

OA Chief Executive Officer Genevieve Quilty told mivision that the OA was “proud of the PI insurance policy we have developed – it is OBA compliant, it works and provides significant peace of mind for members.”