Policyholder Services



Do I need entity coverage for my limited liability corporation or partnership?

Regardless of the form of the business organization, physicians would be well advised to maintain adequate professional and general liability insurance.  A limited liability corporation or partnership is not a substitute for insurance. Entities can be, and frequently are, named in suits. Even though the entity may ultimately be dismissed from a claim, legal expenses can be costly. 

In addition, entity coverage offers protection to corporations and partnerships and to their members for their vicarious liability exposure arising from services rendered by other members of the practice.  Entity coverage also protects the entity’s non-physician employees for their direct liability exposure.  For example, if a physician, her two partners, their business entity, and the entity’s employed technician are all named in a lawsuit based on the physician’s and technician’s actions, the entity coverage would provide vicarious liability coverage to the entity, direct liability coverage to the employed technician, and coverage to the partners for any liability they incur due to their status as partners in the business.  (The physician’s direct liability would be covered under her individual coverage.)

Entity coverage also covers members of the entity for their professional committee activities, such as credentialing, accreditation, and quality assurance performed for the entity.

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Six reasons OMIC is the best choice for ophthalmologists in America.

#1. Consistent return of premium.

Publicly-traded insurance companies exist to make profits for shareholders while physician-owned carriers often return profits to their policyholders. Don’t underestimate this benefit; it can add up to tens of thousands of dollars over the course of your career. OMIC has one of the most generous dividend programs for ophthalmologists and has returned more than $20 Million to our members through dividends.

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