Hawaii Plastic Surgeon Insurance Policy Information
Hawaii Plastic Surgeon Insurance. Plastic surgeons are licensed to perform cosmetic or reconstructive surgical procedures to remove, correct, or enhance conditions caused by a deformity, disease, or injury, or to improve a patient's physical appearance.
While some conduct their practices based on referrals from other physicians, many rely on direct contact with patients. While most plastic surgery involves cutting into the tissues, some procedures can use new technologies such as scopes and lasers that are minimally invasive.
The costs associated with reconstructive procedures are generally covered by health insurance, but costs for cosmetic procedures are not. Plastic surgeons may perform procedures in their offices, in hospitals or clinics, or at a medi spa.
While reconstructive surgery may take place after an accident or other trauma in which patients sustained extensive burns, fractures, or other injuries, cosmetic surgery is performed on an elective basis. In both cases, plastic surgeons can transform and reshape lives.
As plastic surgery is additionally among the more profitable of the medical specialties, it is no surprise that many plastic surgeons have the vision of owning and running private plastic surgery clinics.
While these clinics can certainly thrive, they are also vulnerable to a range of risks that have the potential to undo all the hard work that goes into building a plastic surgery clinic in a very short period of time.
What kind of Hawaii plastic surgeon insurance are required to protect against devastating and even bankrupting losses? Read on to discover more.
Hawaii plastic surgeon insurance protects your cosmetic or reconstructive surgical practice from lawsuits with rates as low as $77/mo. Get a fast quote and your certificate of insurance now.
Why Do HI Plastic Surgeons Need Insurance?
All plastic surgeons require professional insurance, regardless of where they work, just like all private individuals depend on policies such as homeowners' insurance, health insurance, and auto insurance.
Those plastic surgeons who own and run a private plastic surgery clinic will, however, have more varied insurance requirements than those who are employed by another facility. Plastic surgery clinics can, after all, be confronted with some of the same perils as any other business, as well as facing industry-specific risks.
Unforeseen events that lead to property damage or loss are one category of risk that has to be considered. Acts of nature - like wildfires, floods, hurricanes, and snowstorms, among others - can all strike suddenly and leave massive costs in their wake. Criminal acts, like theft and vandalism, are two further threats, while accidents are another universal risk.
Plastic surgery clinics additionally face a range of liability risks. An employee may suffer an occupational injury. A member of the public may sue the plastic surgery clinic after poor maintenance causes a fall or damages their personal property. A patient may not be satisfied with the results of their surgery and allege medical malpractice.
The nature of the perils a plastic surgery clinic faces is diverse - but fortunately, so too are the insurance options available to plastic surgeons. Equipped with the right Hawaii plastic surgeon insurance insurance plan, a plastic surgery clinic can focus on doing what it does best without worries.
What Type Of Insurance Do Hawaii Plastic Surgeons Need?
The same unique factors that make a plastic surgery clinic successful - its HI location, the nature and scope of the treatment it provides, and its number of employees, among others - also influence the clinic's risk profile, and therewith its insurance needs.
This is why it is essential to partner with a commercial insurance broker who specializes in the health care sector. He or she will be able to provide you with detailed answers to all your questions, as well as crafting the insurance plan that best protects your financial interests for you.
Some key examples of the kinds of Hawaii plastic surgeon insurance that are needed to have are, however:
- Commercial Property - This type of insurance helps you overcome the financial consequences of perils that damage your physical building and its contents, such as theft, vandalism, and acts of nature.
- Medical Malpractice - In the event that a former patient alleges negligent care, misconduct, wrongful diagnosis, HIPAA violations, or other claims relating specifically to your medical practice, medical malpractice insurance helps cover the resulting costs.
- Commercial General Liability - This broader form of Hawaii plastic surgeon insurance covers those liability risks your medical malpractice insurance does not. That includes, for instance, copyright infringement claims, claims of misleading marketing, and bodily injury and property damage claims unrelated to medical care.
- Workers' Compensation - If an employee is injured over the course of their professional activities, workers' compensation covers their medical costs and any lost wages, while protecting the employer from litigation.
The kinds of Hawaii plastic surgeon insurance covered here are not all options available to plastic surgery clinics. HI plastic surgeons may opt for additional kinds of coverage not mentioned here, such as commercial auto or cyber insurance, depending on their circumstances.
For this reason, it is always vital to talk your needs through with a commercial insurance agent.
HI Plastic Surgeon's Risks & Exposures
Premises liability exposure is moderate due to patient access to the premises. To prevent trips, slips, and falls, all areas accessible to patients must be well maintained with floor covering in good condition.
The number of exits must be sufficient, and be well marked, with backup lighting in case of power failure. Steps should have handrails, be illuminated, marked, and in good repair. Parking lots should be maintained free of ice and snow.
Housekeeping should be excellent and spills must be cleaned up promptly. If surgery is performed on premises, the area must be kept sterile at all times and carefully controlled. Patients may be physically impaired following surgical procedures.
Escort procedures must be clear for all personnel. If the plastic surgeon performs services at spas and other locations, off-site exposures increase. Contracts should be in place explaining liability exposures and responsibilities for after patient care.
Maintaining a patient's privacy is critical. Examination rooms, check-in and checkout stations must be in private areas so one patient cannot view information or overhear conversations regarding another patient's' confidential information.
Professional liability exposures are extensive. The exposure increases if the provider fails to conduct thorough background checks to verify employees' credentials, education, and licensing. The more types of procedures that the surgeon performs, the more chance of professional loss.
Patients may have unrealistic expectations as to the outcome of their surgical procedures, particularly elective cosmetic surgery, as these are paid for by the patient instead of a health insurer. Written acknowledgment that the patient is aware of potential hazards and outcomes should be required.
Botox and other injections should be administered only by trained and licensed personnel. Training and safety equipment should be in place to prevent exposure to radiation when performing X-rays.
Needles and other equipment must be sterilized and sanitized to prevent the spread of blood-borne infectious diseases such as hepatitis, HIV, and AIDS. On-site surgery must be closely monitored, with an experienced trained individual administering and monitoring the use of the anesthetic.
All medical equipment and supplies used during the surgery must be accounted for before any incision is closed to prevent being left in the patient's body. Aftercare, including patient privacy and follow-up, must be adequate and similar to that provided at a hospital or clinic.
Finally, inappropriate touching and sexual misconduct must be considered.
Workers compensation exposures are due to possible transmission of disease from a patient to an employee. Gloves and masks should be worn at all times during surgery and when exposed to bodily fluids. Cuts and puncture wounds are possible from the use of sharp equipment such as scalpels or needles. Employees should have access to vaccinations to prevent diseases.
Back injuries can occur due to the mobility limitations of many surgical patients, requiring lifting or support as they enter or leave surgical areas. Training and safety equipment should be in place to prevent exposure to radiation when performing X-rays. Unruly or unpredictable patients can cause harm including strains, back injuries, and contusions.
Since patient information and billings are done on computers, potential injuries include eyestrain, neck strain, carpal tunnel syndrome, and similar cumulative trauma injuries that can be addressed through ergonomically designed workstations.
Property exposures are moderate due to the use of expensive diagnostic and medical equipment. Ignition sources include electrical wiring, heating, and air conditioning systems, and overheating of equipment. All electrical wiring must be up to code and equipment properly maintained. A small fire which produces smoke can cause considerable damage when sterile equipment and environments are compromised.
If pharmaceuticals are kept on premises, theft is a concern. These items should be inaccessible for unauthorized use and stored in a protected area after hours. Most property is better covered on inland marine forms such as a computer form or the physicians and surgeons floater.
The business income and extra expense exposure can be minimized if the surgeon has arranged for temporary facilities with another doctor.
Equipment breakdown exposures may be high if operations are dependent on expensive medical equipment being available on the premises, such as X-ray machines or ultrasounds. All equipment should be maintained on an ongoing basis.
Crime exposure from employee dishonesty of both money and inventory may be higher than at other doctors' offices as many procedures are not covered by medical insurance. The patient pays for all services, generally in advance, increasing the amount of money on premises. The potential for theft, directly or by means of identity theft, is great. Background checks should be conducted on all employees handling money.
If pharmaceuticals are kept on premises, rigid controls must be maintained including inventory control and limited access to storage areas. All ordering, billing, and disbursement must be handled by separate individuals.
Money and securities are a concern if payments are accepted on premises. Deposits should be made regularly and money should not be kept on premises overnight.
Inland marine exposures include accounts receivable if the surgeon bills for services, computers, physicians and surgeons equipment (which can include all office furnishings), and valuable papers and records for patients' and suppliers' information.
Computers are used for patients' records and other office purposes, but some medical equipment, such as video equipment and X-ray machines, is now also computerized. Physicians and surgeons floater includes items the doctor carries off site to handle emergencies. Duplicates of all records and programs should be made and kept off site.
Commercial auto exposure is generally limited to hired and non-owned liability for employees running errands. If there are owned vehicles, all drivers should be licensed with acceptable MVRs. Vehicles must be maintained and records kept in a central location.
Hawaii Plastic Surgeon Insurance - The Bottom Line
To discover more information about the specific types of Hawaii plastic surgeon insurance policies needed, what limits and the premiums - speak with a reputable broker that is experienced in commercial insurance for medicine.
Hawaii Economic Data, Regulations And Limits On Commercial Insurance
Location is one of the most vital factors that prospective business owners need to take into consideration when they are thinking about establishing an operation. You can have the best possible products and offer the most exceptional services, but if the location doesn't offer a market that can benefit from those goods and services, your business will have difficulty thriving.
As such, if you are an entrepreneur who has set your sights on Hawaii for the headquarters of your business or a new division of an already existing corporation, it's a good idea to familiarize yourself with the state's economic data. It's also important to understand what type of commercial insurance you will need to invest in to protect yourself, your employees, your vendors, and the clients you serve.
Below, we provide a brief overview of important economic data and the commercial insurance requirements for business owners in the Aloha State.
Economic Trends For Business Owners In Hawaii
A state's unemployment rate is a good indicator of the overall economy of the region. It indicates that there are enough jobs available to support the economy, which is a direct reflection of the success of businesses in the state. As of 2019, the Bureau of Labor Statistics indicated that the unemployment rate in Hawaii was 2.6%, 0.8% lower than the national average of 3.4% from the same timeframe. This rate has also decreased throughout 2019, as it was 2.8% in July of 2019.
As with most states, the best locations to start a business in the state of Hawaii include urban areas and the suburban regions that surround them. The top cities for business owners in HI include:
- Pearl City
While several industries do well in Hawaii, certain sectors thrive. Tourism has long been the leading industry in the state, as people from around the globe flock to Hawaii each year.
Agriculture is also a booming industry here; the state is the second largest producer of sugar can in the U.S. Defense is also a key sector here, as all branches off the armed forces have bases located in the state. Another industry that also thrives here is manufacturing; specifically the manufacturing of cotton-based goods, such as clothing.
Commercial Insurance Requirements In Hawaii
The Hawaii Department of Commerce and Consumer Affairs regulates insurance in HI. Hawaii mandates very few forms of insurance coverage by law. They enforce worker's compensation.
Hawaii requires you to have worker's compensation insurance if you hire even one employee on a regular basis. This includes part-time employees, family members, minors, and immigrant employees. It is not required for independent contractors or domestic employees, though you should check to make sure any contractors you have are true contractors, and not employees.
Hawaii also requires all business-owned vehicles to be covered by commercial auto insurance. Other types of business insurance that business owners should carry depend on the specific industry.
Additional Resources For Medical Insurance
Discover small business insurance for medical and dental professionals. Medical malpractice insurance is a type of professional liability that protects health care professionals from liability causing in bodily injury, medical expenses and property damage.
- Ambulatory Surgical Center
- Art Therapy
- Assisted Living Facilities
- Blood Banks
- Dental Lab
- Dental Office
- Diagnostic Imaging Centers
- Health Maintenance Organizations
- Healthcare Facilities
- Home Medical Equipment Dealers
- Marriage & Family Therapy
- Medical Clinics
- Medical Laboratories
- Medical Marijuana Dispensary
- Medical Practice
- Medical, Surgical & Hospital Supply Store
- Mental Health Counseling
- Nurse Registry
- Occupational Therapy
- Osteopathic Physicians
- Physicians Office
- Plastic Surgeons
- Skilled Nursing Facilities
- Speech Therapy
- Substance Abuse Counseling
- Telemedicine Business Insurance
Health care providers are the most trusted individuals in our society. Ironically, they are the same ones who can do the greatest harm. They actually have the right to invade our bodies with knives and to poison us with chemicals - all in the name of health care and with the goal of relieving our symptoms and hopefully bringing about a cure.
While the actions of these professionals normally benefit us, insurance coverage must be available for the times when mistakes happen and things go wrong. These professionals and their facilities have extensive property exposures that are becoming more and more intricate and whose values are increasing exponentially.
The 'one size fits all' approach that once could have applied to insurance for health care providers and their facilities no longer applies.
Professional liability offers protection against claims of malpractice for all sums that the medical professional becomes legally obligated to pay as damages because of rendering or failing to render professional services.
Professional and medical malpractice exposures are the most expensive and difficult of all exposures for health care providers. The commercial general liability policy excludes these exposures so separate coverage is needed. Most professional liability policies are written on a claims-made basis and, as a result, tail coverage and retroactive dates are important coverage issues to be aware of when evaluating the insured’s coverage needs and comparing coverages.
The coverage provided is often called medical malpractice. For decades, many involved in the health care field and insurance companies that provide insurance coverage to providers have stated that malpractice lawsuits have created an ongoing crisis of restricting insurance availability, due to loss of insurance companies that write the coverage and significant rate increases.
As a result, state legislatures have taken the following actions to address the situation:
Imposed a dollar limitation of liability for malpractice suits.
Modified statutes of limitation to limit the number of years that a suit may be brought against a physician following a negligent act.
Modified when the statute of limitations takes effect. An example is beginning from a negligent act's occurrence rather than from its discovery.
Passed laws to modify tort law procedures and doctrines that relate to malpractice.
Because of differences in law by state it is important to know the states in which the covered health care providers are licensed and regularly practice. Some health care providers may practice in multiple states because of their particular specialty, their reputation or the demand for their services. Some hospitals may have ownership in facilities or provide services to patients that are outside of their main location state.
Minimum recommended small business insurance coverage: Business Personal Property, Business Income and Extra Expense, Employee Dishonesty, Money and Securities, Accounts Receivable, Computers, Physicians and Surgeons Floater, Valuable Papers and Records, General Liability, Employee Benefits, Professional, Umbrella, Hired and Non-owned Auto & Workers Compensation.
Other commercial insurance policies to consider: Building, Earthquake, Equipment Breakdown, Flood, Leasehold Interest, Real Property Legal Liability, Computer Fraud, Forgery, Cyber Liability, Employment-related Practices, Business Automobile Liability and Physical Damage and Stop Gap Liability.
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Also find HI local small businesses by General Liability Class Code and learn about Hawaii small business insurance requirements for general liability, business property, commercial auto & workers compensation including HI business insurance costs. Call us (808) 300-0578.