MediSpa Growth industry:
MediSpas are one of the fastest growing niches within the healthcare industry. This growth is opening up many new job opportunities for Esthetic Nurses; now able to maintain more independence than before, the aesthetic work enables RN’s to combine clinical with aesthetic work.
With this growth, however comes the responsibility of obtaining professional liability insurance. Cosmetic Nurses should have enough knowledge to purchase their own, or, to understand the details of the policy so that they can ask the business owners (or, research these issues on their own).
We would like to be a ready resource for all Cosmetic Nurses starting their own independent contractor business, or signing a contract for esthetic services. The issue of who is providing the medical malpractice insurance.
The Specialty MediSpa/Cosmetic Liability Insurance Carriers
We work with a few different companies to place this insurance: Namely: Lloyd’s of London, Medical Protective, AIG, The Doctors’ Company and Beazley Insurance.
The insurance programs for Estheticians are extremely cost effective; they are not all tied directly to membership, or training from one associate. Our insurance agency has worked with Plastic Surgeons, Dermatologists and MediSpas for so many years, it was a natural lead into the liability insurance markets for Estheticians, Cosmetic nurses, NP’s doing botox and other combinations of this. Our goal was to keep the cost affordable and ensure that you will have access to liability insurance through hard, and easy/soft markets.
Developing advocacy through experience:
Whether you are an RN, or Nurse Practitioner combining clinical with aesthetic services, The Doctors’ Insurance Agency has access to and developed long standing relationships with specialty insurance carriers with competitive Aesthetic Liability Policies.
Staying focused on Health Care Professional Liability Insurance
The Doctor’s’ Insurance Agency has worked with physicians and medical facilities since 1988, we work hard to limit what we do to just this. Our goal is to understand the unique nuances, differences between insurance companies and limits and policies so that you do not over or under ‘buy’ the insurance.
The Request for insurance coverage for a cosmetic nurse should be accurate. Generally with limits of 1 Million/6 Million negotiated through a third party focusing on just this niche and bringing those economies and expertise to the buyers within this tight niche.
Occurrence, Tail and what type of policy for a Cosmetic Nurses
Understanding when a Cosmetic Esthetic Nurse needs their own policy and when they are covered as a Named Insured, employee can save you unnecessary premiums. Ensuring that you are part of a physician or clinic’s liability policy also will help guarantee that there is tail coverage for after you cancel.
The difference between an independent contractor occurrence policy and a covered employee are significant. The Doctors’ Insurance Agency works hard to help our policyholder clients understand the difference and advises on what type is best under the circumstances. When you’re just starting out in practice, marketing your services to Spa’s, Therapists, Wellness Centers, it might be best to purchase a claims made policy (which can be 1/3 the cost of an occurrence policy. There are ramifications of this decision, and, the increased cost for an occurrence esthetic liability policy just might not be worth it in the early years.
Medical Malpractice Insurance for Dermatologists, Plastic Surgeons:
The Doctors’ Insurance Agency business model of focusing on Dermatology, Plastic and Oto practices for so many years prepared us with the industry expertise necessary for these unexpected businesses: various salons, spa aesthetic, and colon hydrotherapy practitioners that contact us for insurance protection.
Because of our commitment to The Doctors’ Company Physician Medical Malpractice insurance, we have studied this industry for years. We have learned which companies are interested and how the policies can be placed in order to avoid the big premiums if possible. The issue often times in avoiding the Esthetician paying unnecessarily high premiums hinges on how tail is funded.
Because our staff has an average tenure of over 10 years experience, we understand the liability insurance market; with hard work, commitment to the same market and daily interactions with our producer, we have a unique understanding.
Finding a stable, A+ Carrier
Our policies are written through A and A+ rated insurance carriers in order to offer a stable market for coverage. We represent multiple insurance carriers in order to ensure that we continue to offer the best combination of coverage and price for each individual practice.
We look forward to working with you whether you are an independent contractor, or you are purchasing an existing Spa.
The policy can be customized to suit the needs of your business.
Most Professional Liability Insurance Policies are for the limits of : - $1,000,000 per claim / $2,000,000 aggregate
General liability (slip and fall) coverage -- $1,000,000 per claim / $2,000,000 aggregate
with Property coverage that can be specifically named, customized to include your equipment, supplies, furnishings, etc. Botox, injections, laser, waxing, microdermabrasion and peels are covered.