Insurance for MediSpa Professionals is Easier Than you Might Think.

The Doctors’ Insurance Agency has been working with our partners at Program Professional Insurance and World Wide Facilities to develop, promote and underwrite policies that cover individual RN’s doing Aesthetic services, the Medical Spa Professional Insurance policies are a great solution for Midlevel Providers working in or owners of a MediSpa.  These specialized liability insurance policies cover as many employees or independent contractors as necessary (according to your growth and business model).

The policies are underwritten by American and London based Carriers with years of supporting this industry. They have access to informed consent forms, risk management tools and fair, competitive premiums that will allow your business to grow in those sensitive early years. 

The professional liability policy covers :

LIGHT / ENERGY SERVICES

Insure yourself and your employees against the burn:

Tattoo removal or Fungus removal, any spa that provides these laser/energy services,  it is important to know that the policy will cover services from head to toe with lasers, IPLs, radiofrequency machines and more.

The MediSpa policies can also be written to cover just injectables:  (we can send you  an ‘injectable

Injectables

The MediSpa policies can also be written to cover just injectables:  (we can send you  an ‘injectable application: which will provide coverage for you as you develop your mobile practice (you don’t have to own an office in order to obtain this liability insurance) a lot of Medical Doctors have this injectable insurance covering them as they travel to other spa’s offices, conventions, conferences or home parties.

The insurance can provide coverage for Myers Cocktail injections, PRP, or Botox.

 

WELLNESS

As MediSpas have expanded their services to include counselors and advisors, the policies have grown to include other professionals providing   Weight Loss and Nutritional Counseling needs.

 

AESTHETICS

Whether your clients are hot or cold, we can help you out from cryotherapy to body wraps and oxygen inhalation to infrared saunas.

The Best way to structure your medispa Professional Liability Insurance Policy is to expand the coverage:

Many owners think that the way to save money is to ask each practitioner (massage therapist or medical doctor – whomever you  have working with you  in the center) to provide their own insurance;

This is not always the best nor the most affordable way to build the medispa policy.  It is somewhat counterintuitive to think that the least expensive premium would be the policy that covers the owners, directors, aestheticians, advanced practice and medical doctors; but this is the way to build the policy!

One premium will generally include all providers and procedures, all owners and offices, the premium is one payment for one policy per claim limit that contemplates and includes everyone and each procedure represented on the application.  The premiums will very rarely go higher than $ 5,000 annually and depending upon the annual revenue or the breadth of services, the premium could be as low as $ 2,500.

 

SERVICES WE CAN COVER

Usually the policies have broad endorsements that name categories of services. They also rely on general definitions :like nutrition counseling, or colon hydrotherapy, or wellness, lifestyle services.

Some of the aesthetic services included in these policies are the following: 

·         Botox/Xeomin/Dysport

·         Dermal Fillers

·         Laser/IPL Hair Removal

·         Tattoo Removal

·         Light/Energy skin rejuvenation

·         Body Contouring/Cellulite Reduction

·         Wrinkle, scar, age/sun spot, vein, and fungus removal/reduction

·         Vaginal rejuvenation

·         Rosacea, Psoriasis and Vitiligo Treatments

·         Acne treatments

·         Sclerotherapy

·         Mesotherapy/Kybella

·         Vitamin/Supplements

·         PRP Treatments

·         hCG & RX Weight Loss

·         Wellness Analysis

·         Nutritional Counseling

·         Bioidentical Hormones

·         Hyperbaric Oxygen Treatments

·         Cryotherapy

·         LED Teeth Whitening & Hair Stimulation

·         Tumescent Liposuction

·         Hair Transplants

·         PDO Threading

·         Fat Transfers

 

Some of the policies premium will not increase at all regardless of the increased number of procedures; and, generally if you have medical doctors providing administrative services as well as direct patient care, the premium will rise over the $ 4,000 level.  It is important to have a realistic expectation of the cost of the coverage;  Highly trained providers, with years of experience providing laser, nutritional, dietary, aesthetic counselling and services (especially practitioners with advanced practice licenses and medical doctors) are going to command a higher premium because they are held to a higher standard of care and thus, can attract some more nuissance (and/or real) claims of negligence and bodily injury.

 Add Services and Personnel for limited premium.

The medical spa professional liability policies can expand and contract as your services do; if you add locations and practitioners some policies will add just a nominal premium. The professional liability policies will also provide appropriate and effective general and property liability coverage which will allow you to cover your equipment leasing company and, or your landlord as an additional insured. 

The business and the entire industry is growing so fast, we find that there are times when we just can’t keep up with the desire to connect with our  doctors’ who have expanded into this market, perhaps unwittingly believing that their own medical malpractice insurance policy is going to cover all of the services and personnel.  We work hard to evaluate the aestheticians we insure on individual policies to make sure that their policies can appropriately grow into more complete mediSpa policies providing the comprehensive coverage needed for a medispa. 

Innovative  Medispa Procedures can be included in the professional liability insurance policy with the right Carriers

If you are starting to do noninvasive body contouring, lipo lifts, stem cell injections, or lifestyle counselling to add to an already successful aesthetic, injectable, laser practice, let us help you find the right policy to fit your business.  Medical Doctors who have the opportunity to work outside of their conventional clinical practice can obtain these policies for just over $ 1,500 per  year  (and, although they are claims-made policies they will not increase each year like many medical malpractice policies. 

Let us help you  find the most affordable way to start your medispa professional liability policy;  the coverage should include all of your contract providers your employees, the people with whom you partner to extend the kind of help and lifestyle enhancements to your customers that you envision….the best way, the most affordable policy is one limit with a split aggregate, claims-made, with the opportunity to purchase a tail that is appropriate given the risk.

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