Cosmetic Injectables Insurance
Cosmetic Injectables Insurance
If you intend to open a clinic to provide cosmetic services to the general public, you need to consider many factors. While you must provide a high-quality level of service at all times and follow best industry practices, you must also protect yourself and your organisation from any potential claims. Many people in your situation will decide to offer cosmetic injectable solutions as this is undoubtedly a growth area and is in increasing demand. If you choose to go down this road, what types of insurance will you need so that you can counter any claims should they arise and protect your business as it grows?
Meeting the Growing Demand for Cosmetic Injectables
As you know, cosmetic injectables represent an effective, affordable, quick way to deal with wrinkle formations. It's a non-invasive solution that can help improve the face's general symmetry and shape, creating the necessary fullness and volume. Still, as relatively simple as this process may be, it does carry risks. After all, you're working with modulators such as Botox, designed to weaken or even paralyse specific facial muscles to try and eliminate frown lines and smooth out wrinkles. Occasionally, issues can arise, and a patient may develop complications. They may blame you as the administrator of the process and might seek compensation through their legal representative. As you certainly can't account for all eventualities, you need the right insurance in place so that you can answer any suit.
Exploring the World of Insurance
As you look more closely at insurance options, you'll see that various categories are available to a salon owner. You can talk with us as your insurance agent to put together a package to make sure that you have the best available coverage in your situation.
Medical Malpractice/Professional Indemnity Cover
This is sometimes referred to as professional indemnity insurance, but it's important to look at the detail and read the small print of any policy. Here, you are protecting yourself against claims related to malpractice or, in other words, someone who wants to sue you and your organisation because they believe you made a mistake when administering treatment. They may also decide to bring a case if you gave them advice which they subsequently acted on and which may have caused an injury or loss of some kind.
It is hard to prove a medical malpractice case in court, and the plaintiff will need to bring forward a strong case with other professional witnesses. Nevertheless, you need to be able to defend your position come what may, and as this can involve costs from the outset, we recommend this type of insurance.
Public Liability Insurance
Public liability insurance is certainly essential if you operate a business of any kind. Should someone suffer an injury when they are on your premises, they may blame you, your employees or general negligence. They may slip and fall if you have failed to clean up a solution that had dropped on the floor. You will need public liability insurance to defend any suit and, potentially, pay any awards. This type of insurance will also cover you if you intend to open a mobile salon and take your professional services to other locations. After all, you still need protection when working in a patient's home, just in case they injure themselves and can blame it on you.
Stock and Contents Insurance
Some of the products you use to administer cosmetic injectables can be costly, especially when you buy them in bulk. You will need to protect that investment and look after any other contents you may use during everyday business. This insurance will help replace any equipment (like a laser machine) that may be damaged due to fire or an extreme weather event.
Personal Accident and Illness Insurance
Many salon owners in your situation are also the key "earners," as they practise their skills as part of a growing business. Some may be the only practitioner in the entire operation, and the company could suffer should they not be there. You never know what's around the corner, as accidents can happen at any time. What should happen if you fall and break your arm, for example? You wouldn't be able to administer those cosmetic injectables or perform any other detailed work, and you'd have no income. In this situation, taking out personal accident and illness insurance to counter that risk makes sense. If you were laid up due to illness or accident and unable to open, this insurance would tide you over.
Management Liability Insurance
When you have employees, you are ultimately responsible for what they do when they are working within your organisation. Therefore, you should think about having management liability insurance in place to cover a raft of potential risks. This type of cover will help you defend against a legal claim related to your employee behaviour. It can also help if an employee decides to take a complaint against you or your company to a tribunal. This is even more important for much larger organisations where the principal may not always have direct control. In this situation, they may not be aware of issues that a supervisor should have addressed until they find a complaint has been made.
if you employ workers anywhere in Australia, you need to offer them workers' compensation insurance. This type of protection will vary depending on the category of worker and their duties, and there are many different packages available.
Tailoring the Insurance to Meet the Needs of Your Business
These are the main types of insurance for professionals offering cosmetic injectable services. Putting together a package that adequately covers your organisation is essential as there is no individual "off the shelf" policy to suit all.
With this in mind, reach out to the experts at Salonsure for specific advice and guidance before you go any further. We will help you to gain the right level of protection as you offer cosmetic injectable services to an increasingly hungry clientele.