GUEST POST by Ed Kuhn
Because your practice is also a business, over time you will have an increasing amount to protect. Liability insurance for yourself and your facility is the cornerstone of any business protection package. Today’s healthcare practitioners and business owners don’t need to be sophisticated in the technicalities of liability insurance, just know enough of the basics. Healthcare practitioners practicing todays new and fulfilling medical procedures like stem cells, BHRT, and hcg medical weight loss can be assured that quality and affordable liability insurance exists today from “A” rated insurance carriers.
- Make sure you have all your procedures covered. The annual cost for a professional liability policy for a med spa/anti-aging/integrative medicine clinic is $2,500 – $5,000 based on certain variables.
- $1,000,000 in liability is the standard limit of liability in most states and is a sufficient limit for your type of practice.
- You have to have the policy in force in order to report a claim. This is known as a “claims-made” policy and is the predominant type of form on the market.
- Documentation and support like Informed Patient Consent Forms and a good relationship with your patient is your best defense. Insurance is there for the unexpected.
The risk profile of your practice is still the main underwriting consideration. The more unique your practice or situation, the more likely it is that you may not be able to purchase mainstream coverage from the state physicians owned mutual or standard insurance company due to their rigid underwriting guidelines. That is where we, as solution driven independent insurance agents, can help in customizing a comprehensive and cost effective package addressing not only professional liability insurance, but ancillary coverages such as general liability, business interruption, workers’ compensation and property.
To summarize one’s approach should be to:
- An insurance quote is always a blend between price and coverage. So always look for the best value.Risk is born by more of what you do, not how well you do it. An OB/GYN will still be a
- Risk is born by more of what you do, not how well you do it. An OB/GYN will still be a high risk class, no matter the individual performance.85% of all physicians will have at least one claim in their career, so seek out a good carrier partner.
- 85% of all physicians will have at least one claim in their career, so seek out a good carrier partner.An independent agent is the best way to procure insurance and assist you with your insurance needs because your agendas are aligned – they don’t get paid unless they sell you a policy that is to your satisfaction.
- An independent agent is the best way to procure insurance and assist you with your insurance needs because your agendas are aligned – they don’t get paid unless they sell you a policy that is to your satisfaction.
Complete product listing and more informational material is available from our website at www.medispacover.com.
Ed Kuhn is an independent agent for Wellness Medical Protection Group, a licensed nationwide independent insurance agent specializing in property and casualty insurance for the Integrative Practitioner.