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 Facilitites to develop, promote and underwrite policies that cover individual RN’s doing Aesthetic services, The medical professional 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. 

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Portable Medical Director Liability Insurance Policies Can Follow You!

Developing premium based upon individual clinical practice of medicine (direct patient care within the specialty)

The Doctors’ Insurance Agency over 25 years has managed the Medical Malpractice Insurance Policies for  thousands of physicians).  Ninety percent of our physician liability insurance policies cover doctors practicing within their medical specialties- full time in clinics, hospitals or medical offices.  These policies are rated by insurance company actuaries developing premiums after studying the claims in those individual specialties. 

Sufficient Premium for clinical practice bodily injury resulting from alleged medical negligence claims

The actuaries develop premiums by studying claims history in the specialties overall (nationwide) and then, in particular  in the state and county of practice; studying the frequency and severity (average claim cost) in each medical specialty and determining the first five years of premium based on those variables.  This model always seems straightforward and makes sense to mepremiums to buy insurance for cars, homes, condos, renters, life, disability all use variables like this to measure and logically price the product

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How Much is Tail (Does The policy Include tail?

Medical Malpractice Tail Premium and Coverage

 

The Doctors’ Insurance Agency provides medical professional liability insurance for physicians and facilities.  In the past thirty years (we were founded in 1988) we have probably answered the question about the high cost and the importance of providing tail insurance for the work that you’ve done over the past weeks, months or many years. Tail insurance can be purchased immediately following the cancellation of a policy by following the terms of the policy; most ‘admitted’, preferred medical malpractice insurance companies charge between 200 and 250 % of the expiring premium to provide a tail policy protecting you  indefinitely into the future.

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Medical Director Liability Insurance Costs $ 2,000 per year regardless of What State you’re in

Medical Director Liability Insurance costs $ 2,000 per year regardless of what state you’re in … Plus taxes and fees..

Unless…..(it’s always that word that starts to add cost and eliminate coverage in the insurance industry).   The more physicians feel constrained by institutional medical groups, which can restrict their practice protocol, their decision making, or feeling of independence, the more physicians sign contracts to work as independent medical directors. There is a very helpful article on ‘Seak.com’:The Biggest Legal Mistakes Physicians Make and How to Avoid them’  This was written by Karen@Seak.com in September of 2014 On Seak.com 

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How to Avoid the High Cost of Tail?

Medical Clinics can purchase Medical Malpractice Policies that can provide (or offset) the cost of tail.

Often clinics (Urgent Care Centers, Internal Medicine/Primary Care Groups)  and medical groups specializing in pain management struggle with the challenge of  on-boarding physician while  promising to responsibly provide their Medical Malpractice Insurance …which is common and mandatory in order to recruit internal medicine physicians and pain management specialist physicians …but how do you afford to manage the seemingly inevitable cost of future cost of claims. 

The future cost of claims is referred to as tail insurance (which is defined as :  Tail Coverage (Extended Reporting Coverage) 
Coverage that protects the physician against all claims that arise from professional services performed while the claims-made policy was in effect, but which were reported after the termination of the policy. Some insurers offer this feature free of charge for retiring doctors who meet certain requirements

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Cosmetic Nurse, Registered Nurse Starting Aesthetic Services

Cosmetic Nurse, Registered Nurse starting Aesthetic Services need smart affordable professional liability policies.

 

If you're an RN about to start your own business or begin slowly and work as an independent contractor performing cosmetic injectable and dermabrasion or micro needling, (or other aesthetic procedures).

If you're an RN doing any of the following:  Injection of Botox including for Hyperhidrosis, Masseters, and/or Platysmal Bands, Dermal Fillers including in the Ear Lobes or Hands, Vitamins/Supplements, Sclerotherapy, PRP (Platelet Rich Plasma), IV Therapy with or with light, Chelation Therapy, Flu Shots, Blood Draws, Injection of a Mesotherapy Solution and/or Kybella.

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Are you Planning to Change Medical Professional Liability Insurer?

There are many reasons to change medical professional liability insurers. The most common reason is due to an increase in premium.  The medical malpractice insurance market has been quite stable since 2006 with carriers holding their rates steady, even decreasing them in competitive locations or favorable legal venues.  While the Medical Professional Liability Insurance market is relatively steady, costs continue to be high compared to other lines of commercial insurance coverages.  When determining where to cut costs in your medical practice, do not look towards changing insurance carriers from a claims-made policy without purchasing tail coverage. 
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Starting the Process of Medical Malpractice Insurance for Telemedicine Doctors, Midlevels and Organizations

Where do you  start to apply for and obtain medical malpractice insurance if you are going to practice telemedicine.

Start by listing the Telemedicine Organization address and describe your niche, describe the medical service that your innovation is bringing.
The underwriters need some ‘data points’ to assign a premium to your telemedicine organization.
The organization is the Named Insured, or as I like to call it, the anchor of the medical malpractice insurance policy;  From this ‘center’ of the policy, the insurance carriers build, sort of from the inside out:  they consider the total number of telehealth consultations provided by your physicians and mid levels,
the type of medical service,  the location of the physician and the location of the patient and the annual revenue

.
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Nurse Practitioners opening their own Aesthetic Medical Practice or Medical Spa

More and more nurse practitioners are opening practices catering to cosmetic procedures. Dependent on the state, nurse practitioners can start their entrepreneurial business independently, without requirements for supervision by a Medical doctor while others mandate that a physician is involved in the practice on a supervisory/collaboration basis or even ownership basis. If you are considering an independent practice, be sure to check with your state nursing board prior to spending money on an injectable education and practice. States vary as to who can start a practice with/or employ a physician or even other nurses or aestheticians. You must also investigate whether your employees that are providing cosmetic procedures will require supervision. Again this varies state by state.
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Do I really Need to buy Professional Liability Insurance as a Laser Technician, Aesthetician or Electrologist?

In our 25 years of experience working with professionals, I think the best answer to this question is personal responsibility of mind there is nothing more unsettling than persistent sometimes automated aggressive legal counsel making demands and threats that potentially can undermine everything you worked for, including your carefully guarded reputation. Professional liability insurance policy brings with it a team of experts, attorneys, accountants and counselors to come to your defense so that you can continue to work.
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