Despite your best efforts, things do not always go as planned. A dissatisfied customer who claims you injured them or made a mistake spells costly trouble. In addition to potentially being responsible for any compensation, you will also incur legal fees.
Aesthetics malpractice insurance will protect your reputation, bank account, and stress levels. It covers the costs of defending yourself in court if you are sued and any damages or compensation you may have to pay if you lose a case.
In this article, we consider 5 of the best providers of this policy. We also have some important information regarding the policy that you may need.
- 5 best medical malpractice insurance for aesthetics
- What is medical malpractice insurance for aesthetics?
- Who needs malpractice insurance for aesthetics?
- What does insurance for aesthetics medical malpractice insurance cover?
- How much does medical malpractice insurance for aesthetics cost?
- How to find cheap medical malpractice insurance for aesthetics?
- Does aesthetics medical malpractice insurance extend to non-physicians?
5 best medical malpractice insurance for aesthetics
We have researched more than 20 companies offering medical malpractice insurance for aesthetics. Here are our recommendations of the top 5 providers.
- CoverWallet: Best for comparing several quotes
- Simply Business: Best for small aesthetics businesses to find low-cost coverage
- HSPO: Best for easy-to-understand policies
- CM&F: Best digital experience
- Baxter Pro: Best for aestheticians with flexible hours
CoverWallet: Best for comparing several quotes
CoverWallet is a concierge service that offers small-business insurance quote comparisons to businesses operating in various industries. The service allows companies to obtain several quotes and manage their business insurance policies in a single location.
Asides from medical malpractice insurance, aesthetics can also compare several quotes to find workers’ compensation insurance, business owner policies, and commercial auto insurance policies at affordable prices.
Simply Business: Best for small aesthetics businesses to find low-cost coverage
Simply Business is a comparison tool that can be accessed online and offers small businesses options for individualized coverage and rates. The company started operations in the United States in 2017, intending to help small-scale businesses find affordable business insurance. With Simply Business, owners of small aesthetics shops can access their coverage options online from various prominent and low-cost insurance providers.
HSPO: Best for easy-to-understand policies
HPSO provides professional liability insurance coverage for Aesthetics under a single, affordable policy. The policy protects companies against allegations of medical malpractice for nearly one hundred non-surgical aesthetic procedures.
HPSO claims to be one of the largest providers of insurance solutions and risk management resources to allied healthcare providers and practices. The company has over 40 years of experience providing healthcare providers.
HSPO allows you to get quotes from their portal in 5 minutes. However, not everyone can get quotes. Sometimes, you have to wait for an agent to contact you.
CM&F: Best digital experience
Since 1919, CM&F has been a trusted partner to millions of healthcare professionals as a family-owned and operated business. The company claims to be the first to produce liability insurance for nurses in 1947.
With a singular focus on providing superior service and innovative insurance products, CM&F continues to lead the way in protecting more than 200 professional specialties across the healthcare industry. CM&F is available whether you need to quickly purchase insurance online, access your policy documents in real-time, or discuss coverage questions over the phone.
Baxter Pro: Best for aestheticians with flexible hours
Most of the time, insurance companies set premiums based on a practitioner’s medical specialty, whether or not they do surgery or certain procedures, and where or what state they work in.
However, Baxter Pro is different in this regard. The insurance company calculates premiums by considering the number of hours worked, procedures, and other important considerations.
This means aestheticians can use their Professional Liability/Errors and Omissions coverage for proper protection. Baxter offers coverage from the best malpractice and professional liability insurance companies. The company works with several insurance companies to offer Preferred, Standard, and Special Risks programs.
The only problem is that they do not offer instant quotes. You must fill out a form and wait for their agents to reach out to you.
What is medical malpractice insurance for aesthetics?
As an expert aesthetician, you are responsible for making people beautiful. However, your education and experience do not assure success. Occasionally, even the best-laid plans executed by the steadiest hands can go awry.
If this occurs, you are in an industry where mistakes cannot be concealed. Customers can easily spot errors, and dissatisfied customers are quick to make claims. Medical malpractice insurance for aesthetics is a specialized policy that protects aesthetic professionals from common claims of errors.
Claims against you require time, knowledge, and money to manage. Aesthetics insurance provides all three benefits.
Other than providing information about what occurred, you are not required to participate. You can continue operating your business with confidence that it will survive the ordeal intact.
Who needs malpractice insurance for aesthetics?
There is always the potential for complications during cosmetic procedures. For instance, accidental cuts, allergic reactions, infections, etc., can cause customer issues.
If someone believes they are entitled to compensation, they will pursue the name above the door. Therefore, if they were treated at your clinic, they will file a claim against you, even if one of your aesthetic nurses performed the procedure.
Solo aestheticians who visit patients in their homes or are independent contractors within a larger practice are equally at risk. As they are individually accountable for their work, they will require their protection.
What does insurance for aesthetics medical malpractice insurance cover?
Different insurers have their limits regarding their policies. However, in most cases, malpractice insurance for aesthetics should cover bodily injury, illness, or death caused by the negligence of your business when providing treatments. Also, the policy covers negligence, breach of confidence, or dishonesty.
If a client is unhappy with your work, they can file a malpractice and negligence claim against you. Usually, this policy covers you for these two claims, among other things.
Typically, malpractice claims allege that your treatments caused bodily injury, illness, or death. If this occurs, you will need a lawyer to defend you and deep pockets to pay any resulting compensation if you are at fault. It is covered by aesthetics insurance, so you do not have to spend time or money away from your business.
Negligence claims are based on someone alleging that you did not perform your duties adequately, and they go hand in hand with malpractice claims. Again, you will need much time, money, and legal knowledge to handle one. Furthermore, your aesthetic insurance will cover it.
Also covered are claims involving the disclosure of confidential information and the computer virus spread.
How much does medical malpractice insurance for aesthetics cost?
No two beauty businesses are the same; as a result, insurance policies differ. Cost varies from $39 to $99 per month based on many factors. The average cost of aesthetic medical malpractice insurance is $62 per month, or $744 per year.
This is just the average. Your rate will be different. Be sure to shop around with a few companies or work with a broker like CoverWallet or Simply Business to compare several quotes to find the cheapest one for you.
Learn more the medical malpractice insurance cost by specialties
Factors impacting aesthetics medical malpractice insurance cost
Here are a few things that will affect how much your beauty insurance costs:
Services
The cost of aesthetic insurance your business needs will depend directly on the dangerous services you offer. Generally, the riskier the services you offer, the more your premiums.
Experience
The longer you do something, the better you get at it. Because of this, an insurance company will usually reward experienced aestheticians with cheaper insurance.
History of insurance
The longer you’ve had insurance as an aesthetician without making a claim; the lower your rates will be.
The number of people who work for you
Most of the time, the more stuff you have, the more expensive your insurance will be. Also important is how much experience they have. On the other hand, if you are a single practitioner who rents space in someone else’s salon, your aesthetic insurance cost will probably be lower.
How much work you put in
The more work you do, the more customers you serve, and the kinds of tools you use can all affect how likely it is that you will make a mistake or have an accident.
Policy details
The higher your policy limits, the lower your deductible, and the greater the number of coverages you carry, the greater your liability coverage will cost.
How to find cheap medical malpractice insurance for aesthetics?
Aestheticians can reduce the cost of medical malpractice insurance by doing the following:
Check for the best prices.
Insurance companies are not the same when it comes to prices. So, ensure to ask around before your pay for insurance. Some companies offer the same policies at reduced prices. However, as you seek the best price, ensure you get the right coverages. Working with a broker like CoverWallet or Simply Business is a good way to compare several quotes to find the cheapest one for you.
Professional associations
Aestheticians have numerous associations that they can join. Membership in these associations can sometimes offer discounts on malpractice insurance premiums.
Ask for discounts
Some insurers may be willing to negotiate prices or offer discounts on some conditions. For instance, if you pay your premiums in one full payment, some insurers may offer you up to a 20% discount. Some may offer you a discount for paying with your card. So, sometimes the best way to get a discount may be to ask if there are discounts.
Claims made vs. occurrence aesthetics medical malpractice insurance
Regarding medical malpractice insurance, aesthetics usually have two choices: claims-made and occurrence. As an aesthetician, you need to know the difference between the two.
An occurrence policy covers things that happen while the policy is in effect. That is, if you buy an occurrence policy that lasts for a year, it will still cover all claims during that year. The insurance will still cover your costs even if the lawsuit was filed after the policy ended.
A claims-made policy is the opposite of an occurrence policy. This means the policy will only pay for claims made while still in effect. So, if you get sued after your coverage has ended, you won’t have insurance to help you defend yourself.
The premium for a claims-made policy is usually less than that of an occurrence policy, especially in the first few years of a doctor’s career, because the chance of a claim rises slowly over time.
Does aesthetics medical malpractice insurance extend to non-physicians?
Yes, non-physicians can obtain aesthetics insurance. However, your insurer may request to see relevant credentials and practical experience before offering insurance.
Aesthetics is a serious field with potentially severe repercussions for clients if a treatment goes awry. Most insurers will require training and practical experience to offer insurance.
The requirements may differ from one insurer to another. In most cases, non-medically trained practitioners must possess a minimum NVQ Level 3 or equivalent beauty qualification and six months of experience in administering injectable treatments to receive coverage.
Medical malpractice insurance for other medical specialties
Beside aestheticians, other medical specialities also need medical malpractice insurance. Below are our guide to find the best medical malpractice insurance companies for different medical specialties:
