Five reasons why you need cosmetic insurance
This is a sponsored blog by Hamilton Fraser. The BAHRS has published this material for your information and does not actively endorse any products featured.
Although it is not currently a legal requirement to arrange insurance before carrying out aesthetic treatments, at Hamilton Fraser we believe it is essential to protect both yourself and your patients.
In this guest blog for BAHRS, we explain how having insurance is a key part of improving patient safety. Here, we take a look at five specific reasons why practitioners need a cosmetic insurance policy.
1. To protect you against allegations of medical malpractice
With medical malpractice claims becoming increasingly costly, medical malpractice insurance is essential for any aesthetic practitioner.
Medical malpractice insurance is designed to protect you, against allegations of malpractice and negligence whilst administering aesthetic treatments. Without adequate cover, you will be left to defend any allegations personally, which could incur significant legal costs. And if you are deemed to be at fault, compensation claims alone can run into the hundreds of thousands of pounds, and that’s before loss of earnings and other costs are considered.
Over the past five years, laser and dermal filler claims alone have accounted for almost half (46 per cent) of all claims received by Hamilton Fraser. With the average pay out (if each one claim was paid) coming in at £2,481 for dermal filler claims, and £4,307 per claim for laser claims.
Medical malpractice cover will protect you against potential costs and damages you may become legally liable to pay, arising out of any insured treatments you provide or advice you give to patients.
Different insurers will provide variable levels of cover so it’s important to check your policy cover is suitable for your business. Hamilton Fraser’s standard policy offers up to £5 million indemnity cover for any one claim or series of claims during the policy period. In the event where the treatment administration has gone wrong, the policy will pay for all costs defending the allegation, as well any sums and costs that are awarded to the claimant. Your policy schedule will detail the treatments or procedures that are covered by the insurance and these can be tailored to your needs.
2. To cover you if your patient has an accident where you are responsible
If you are a practitioner who performs treatments on a mobile basis, such as working in and out of various clinic locations or in patients’ homes, this cover is particularly useful and will protect you if your client or a member of the public trips, slips or falls within the area for which you are responsible.
No matter how careful you are, accidents do happen and whether you work out of a cosmetic clinic, as a self-employed practitioner or run your own clinic, you need to make sure that you have adequate insurance in place and understand what you are covered for.
At Hamilton Fraser, we include work away public liability cover up to £2 million as standard in our medical malpractice policy.
Essentially, work away public liability is a free extension added onto the medical malpractice cover, it provides you with public liability cover in a property you do not own or rent on an ad hoc basis. Please note, if you own a premises, lease one, or have a rental agreement in place; you require separate public liability which is chargeable. This extension also covers third party property damage.
3. To defend you against claims caused by the failure of the product
Products liability cover will protect you against any costs and expenses caused by the failure of the cosmetic product that you are using. Our medical malpractice insurance includes cover of up to £2 million for product liability. But remember, this cover will only extend to licensed and registered branded products so it’s important that practitioners don’t accidentally invalidate their cover or worse, put a patent at risk, by using products such as grey market products.
4. To protect you, even after your policy has ended
The extended reporting period is an important element of cover worth mentioning. A policy needs to be active both at the time of when the treatment was performed, and at the time when it was reported. It’s important to understand that once a policy has not been renewed, it cannot respond to any subsequent claims that might arise.
For example, if you let your policy lapse and a customer complains three months after the treatment was performed and you no longer have insurance, you wouldn’t be able to claim to cover the costs of medical malpractice. However, at Hamilton Fraser, we offer a runoff policy with a five-year extended reporting period built in. So, should you retire, cease trading either permanently or temporarily, you will be eligible for protection from past treatments you’ve carried out for up to five years if you purchase this additional protection.
5. To support your journey as an aesthetic practitioner
In the event of a claim, you should expect full representation and support from your insurer. Complaint handling can appear to be daunting, overwhelming and in some instances disheartening, especially where you have administered the treatment correctly and may have followed the right procedures.
However, your insurer should support you through the process and work with you to resolve the complaint. At Hamilton Fraser, our in-house claims team will work with you to resolve dissatisfaction and prevent them from escalating into a formal claim.
Having a good understanding of what you are covered for should allow you to carry out your treatments with confidence. And although insurance can be a complex product, it is all about providing peace of mind, both to you and your patients.
With over 25 years' experience, Hamilton Fraser are the industry's leading provider of cosmetic insurance services and were the first to offer medical malpractice insurance. As a leader in the market, we’ve got you covered and are proud to insure the most comprehensive range of cosmetic treatments. Get a quote online today.