Malpractice insurance is a MUST for your practice. If something were to ever happen and you are to get sued, Med-Spa related verdicts have reached over 1 million dollars, but have an average of $25,000. An annual premium for malpractice insurance can be between $4,000 and $10,000. This might seem unnecessary until it happens to you. A lawsuit can permanently damage your practice, so make sure you are protected. As with everything, malpractice laws vary from state to state so make sure you do your research to find out what kind of coverage you need in your state. Here are some tips that we have found:
If you are an independent contractor, finding an underwriter that allows you as an independent can be very tricky. However, you can find malpractice insurance that will cover you as an independent practicing cosmetic dermatology, injectables, lasers, sclerotherapy, skin treatments, skin tightening, fat dissolvers, dermal fillers etc. If you limit the scope of your insurance to just the treatments you provide, you can keep down the price of your insurance.
We recently talked about having a medical director in your practice. In some cases the medical director is there to know how to treat a burn, a cannulated blood vessel, or other side effects of procedures, but not actually performing the procedures.They are more there for client relief or incase of emergency. If your medical director is performing treatments on your clients, they will need to have their own malpractice insurance for those treatments. If not, you can still protect them with medical director coverage. That way, if someone tries to go after the medical director, they are still covered with your malpractice insurance, even if they are not performing any procedures.
A great idea is to have your medical director trained in your field anyways. This looks good on your record, but can also further relieve clients and make them feel even more at ease. Have them take a few classes so they know the basics.
Overall, malpractice insurance is a MUST for your practice. It will save you and your staff in the long run. Plus it makes you more credible and looks good to patients.