Cosmetic surgeries are becoming more prevalent nowadays. From breast augmentation to laser treatments and dermal fillers, the list can go on and on. Clients seeking treatment are usually covered by their hospitalization insurance or a separate aesthetic insurance cover. Now, what many may not know is that cosmetic practitioners will also need to have their own cosmetic insurance, Here, we will explore several key points pertaining to aesthetic insurance for cosmetic surgeons.
Why do cosmetic surgeons need insurance?
As we all know, not all cosmetic surgeries will go as planned. Sometimes, a treatment can go awry and the consequences can be damaging. A lawsuit from a client suing for negligence and malpractice can hurt the profitability of the business. Not only will the business suffer, the reputation of a cosmetic surgeon is at stake as well. Rather than spending time running the practice, the surgeon will now have to deal with legal battles with an insurmountable amount of legal bills to pay, Even with all the years of practice and experience, there is a still a chance, albeit a very slim one, for things to go wrong. You can leave all the stress to the insurance companies instead and get on with running your aesthetics practice. Just provide them with the details and they will take care of the rest.
What is covered under aesthetics insurance?
Generally, the insurance covers the two broad categories of malpractice and negligence. Malpractice refers to accusations of physical injury, sickness or even death resulting from cosmetic treatment. Negligence is based on the claims from patients that you are not doing the job properly and it is usually less severe than malpractice, In both scenarios, if you do not have an insurance, you will need to engage a lawyer to defend you and be prepared to fork out a hefty sum for compensation if you are deemed at fault. The insurance covers both of the above should there be any complications arising from the treatment.
What are the types of policies available?
Firstly, there is the treatment and professional liability insurance that covers all injuries and death caused by negligence when performing treatments. It also covers the breach of care and confidentiality. The next crucial type of insurance is the public liability insurance which covers all accidents occuring in your clinic such as slip and trip and all damage claims resulting from your visiting patients at their place. While it is optional, it may not be a bad idea to identify and insure the equipments used in your clinic and getting a cyber insurance if you own a website and collect customer’s data electronically.
How much does the policy cost?
While the cost differs between insurance companies, you can expect to pay around EUR3o to EUR40 per month for professional liabilty insurance up to EUR250,000 coverage. Getting an additional public liabilty insurance and a clinic cover for all your equipements will generally cost you about EUR9 to EUR12 more per month, which is a small price for a some peace of mind.
With so many companies out there offering cosmetic insurance, you need to choose a reputable one with a solid track record. Seeking professional help such as insurance brokers will make the process much easier for you.