No matter how much training you’ve had or how much experience you’ve got, the reality is, sometimes problems happen. And, whatever the case may be, it’s really important that you’ve got both yours and your clients’ backs covered - and that’s where Aesthetics Insurance comes in.
Now, I know insurance can be a bit daunting and confusing. So, I spoke to one of the UK’s top Cosmetic Insurance providers, Cosmetic Insure, to give you the low-down on everything you need to know.
Do I really need insurance?
Yes - 100%. Insurance should be at the top of your list - it’s the safety net in case you run into any difficulties and, without it, you could face much bigger problems.
Lizzie Newton, Section Leader from Cosmetic Insure, says “having Aesthetics Insurance in place means your assets are protected should a claim be brought against you, and an experienced insurance provider will always offer support and guidance throughout, thus giving you peace of mind. It can also be a requirement of certain professional and regulatory bodies, and having sufficient cover also shows responsibility towards patients.”
What insurance cover do I need as an aesthetics practitioner?
You’ll need to bear in mind that, depending on things like whether you have your own clinic, you’ll need various types of insurance cover.
“The core cover is Medical Malpractice insurance which, essentially, provides protection for the practitioner in the event a claim is made against them for a treatment they have provided, and negligence has been proven,” says Lizzie. “Then, depending on whether a practitioner has employees or their own clinic, for example, they would also need Employers Liability cover, which is a legal requirement if you employ staff; Public Liability cover to protect them against claims for damage to third parties and their property; and cover for Stock and Contents.”
How to choose an insurance provider
So, what exactly should you be looking for when choosing an insurance provider?
“First and foremost, it’s important to remember that a cheaper premium doesn’t necessarily reflect better cover! Practitioners should always take the time to review the level of cover offered. Typical Limits of Indemnity start at £2-5million, and different treatments attract different excesses,” says Lizzie.
She also notes the importance of your insurance provider having experience and knowledge. “There are many insurance brokers in the market, but only a handful have the specialist aesthetics knowledge and experience you’d want in the event of a claim. Lastly, get recommendations from colleagues, friends and training schools. They will be able to comment on the service they have received and help you decide.”
Is there a difference between Aesthetics Insurance and Business Insurance?
You might also be wondering, how is Aesthetics Insurance any different to standard Business Insurance? Well, there are some things that set them apart...
Lizzie says “Aesthetics Insurance is a type of Business Insurance tailored specifically for the industry. Medical Malpractice policies are issued on a ‘claims made’ basis, meaning that a policy must be in force at the time a claim is made against you, so it is important that you notify your insurance provider of any claims immediately. In addition to this, ‘retroactive’ and ‘run-off’ covers are available, meaning a practitioner would not be left exposed should a claim be made against them for a treatment they have provided in the past.”
Can I do anything to reduce my insurance premium?
Everyone wants as small an insurance premium as possible, right? But, Lizzie told me that higher premiums aren’t always a bad thing…
“In the majority of cases, a larger premium reflects a higher annual turnover, complex treatments, or a large number of practitioners. Medical Malpractice policies don’t earn ‘no claims discounts’; however, if a practitioner remains claim-free, their premium will not be affected by anything other than their business activities.”
So, there we have it! With some expert help, hopefully you’re now feeling a little bit more clued-up about Cosmetic Insurance. Covering yourself with good insurance is key to getting started as an aesthetic practitioner and, to learn about other important considerations about entering the aesthetics industry, head over to this article.