Plastic Surgeon Insurance Policy Information
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 plastic surgeon insurance are required to protect against devastating and even bankrupting losses? Read on to discover more.
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.
Below are some answers to commonly asked plastic surgery insurance questions:
- How Much Does Plastic Surgeon Insurance Cost?
- Why Do Plastic Surgeons Need Insurance?
- What Type Of Insurance Do Plastic Surgeons Need?
How Much Does Plastic Surgeon Insurance Cost?
The average price of a standard $1,000,000/$2,000,000 General Liability Insurance policy for small plastic surgeons ranges from $77 to $99 per month based on location, procedures done, revenue, claims history and more.
Why Do 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 plastic surgeon insurance insurance plan, a plastic surgery clinic can focus on doing what it does best without worries.
What Type Of Insurance Do Plastic Surgeons Need?
The same unique factors that make a plastic surgery clinic successful - its 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 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 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 plastic surgeon insurance covered here are not all options available to plastic surgery clinics. 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.
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.
Commercial Insurance And Business Industry Classification
- SIC CODE: 8011 Offices and Clinics Of Doctors Of Medicine
- NAICS CODE: 621111 Offices of Physicians (except Mental Health Specialists)
- Suggested ISO General Liability Code(s): 66561
- Suggested Workers Compensation Code(s): 8832
Description for 8011: Offices and Clinics Of Doctors Of Medicine
Division D: Manufacturing | Major Group 39: Miscellaneous Manufacturing Industries | Industry Group 399: Miscellaneous Manufacturing Industries
8011 Offices and Clinics Of Doctors Of Medicine: Establishments of licensed practitioners having the degree of M.D. and engaged in the practice of general or specialized medicine and surgery. Establishments operating as clinics of physicians are included in this industry. Osteopathic physicians are classified in Industry 8031.
- Ambulatory surgical centers
- Anesthesiologists, offices of
- Clinics of physicians (M.D.)
- Dermatologists, offices of
- Freestanding emergency medical (M.D.) centers
- Gynecologists, offices of
- Neurologists, offices of
- Obstetricians, offices of
- Oculists, offices of
- Ophthalmologists, offices of
- Orthopedic physicians, offices of
- Pathologists (M.D.), offices of
- Pediatricians, offices of
- Physicians (M.D.), including specialists: offices and clinics of
- Plastic surgeons, offices of
- Primary care medical (M.D.) clinics
- Psychiatrists, offices of
- Psychoanalysts, offices of
- Radiologists, offices of
- Surgeons (M.D.), offices of
- Urologists, offices of
Plastic Surgeon Insurance - The Bottom Line
To discover more information about the specific types of plastic surgeon insurance policies needed, what limits and the premiums - speak with a reputable broker that is experienced in commercial insurance for medicine.
Types Of Small Business Insurance - Requirements & Regulations
Perhaps you have the next great idea for a product or service that you know will appeal to your local area. If you've got a business, you've got risks. Unexpected events and lawsuits can wipe out a business quickly, wasting all the time and money you've invested.
Operating a business is challenging enough without having to worry about suffering a significant financial loss due to unforeseen and unplanned circumstances. Small business insurance can protect your company from some of the more common losses experienced by business owners, such as property damage, business interruption, theft, liability, and employee injury.
Purchasing the appropriate commercial insurance coverage can make the difference between going out of business after a loss or recovering with minimal business interruption and financial impairment to your company's operations.
Insurance is so important to proper business function that both federal governments and state governments require companies to carry certain types. Thus, being properly insured also helps you protect your company by protecting it from government fines and penalties.
Small Business Insurance Information
In the business world, there are many risks faced by company's every day. The best way that business owners can protect themselves from these perils is by carrying the right insurance coverage.
The The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer review, and coordinate their regulatory oversight.
Commercial insurance is particularly important for small business owners, as they stand to lose a lot more. Should a situation arise - a lawsuit, property damage, theft, etc. - small business owners could end up facing serious financial turmoil.
According to the SBA, having the right insurance plan in place can help you avoid major pitfalls. Your business insurance should offer coverage for all of your assets. It should also include liability and casual coverage.
Types Of Small Business Insurance
Choosing the right type of coverage is absolutely vital. You've got plenty of options. Some you'll need. Some you won't. You should know what's available. Once you look over your options you'll need to conduct a thorough risk assessment. As you evaluate each type of insurance, ask yourself:
- What type of business am I running?
- What are common risks associated with this industry?
- Does this type of insurance cover a situation that could feasibly arise during the normal course of doing business?
- Does my state require me to carry this type of insurance?
- Does my lender or do any of my investors require me to carry this type of policy?
A licensed insurance agent or broker in your state can help you determine what kinds of coverages are prudent for your business types. If you find one licensed to sell multiple policies from multiple companies (independent agents) that person can often help you get the best insurance rates, too. Following is some information on some of the most common small business insurance policies:
|Business Insurance Policy Type||What Is Covered?|
|General Liability Insurance||What is covered under commercial general liability insurance? It steps in to pay claims when you lose a lawsuit with an injured customer, employee, or vendor. The injury could be physical, or it could be a financial loss based on advertising practices.|
|Workers Compensation Insurance||What is covered under workers compensation insurance? This type of insurance protects a business and its owner(s) from claims by employees who suffer a work-related injury, illness or disease. Workers comp typically provides the injured employee with benefits to cover medical expenses, a portion of his/her lost wages, rehabilitation costs if applicable, and permanent partial or permanent total disability.|
|Product Liability Insurance||What is covered under product liability insurance? I pays an injured party's settlement or lawsuit claim arising from a defective product. These are usually caused by design defects, manufacturing defects, or a failure to provide adequate warning or instructions as to how to safely use the product.|
|Commercial Property Insurance||What is covered under business property insurance? General liability policies don't cover damages to your business property. That's what commercial property insurance is for. It protects all of the physical parts of your business: your building, your inventory, and your equipment, giving you the funds you need to replace them in the event of a disaster. If you work from home, you might consider a Home Based Business Insurance policy instead.|
|Business Owners Policy (BOP)||What is covered under a business owners policy (BOP)? This is a policy designed for small, low-risk businesses. It simplifies the basic insurance purchase process by combining general liability policies with business income and commercial property insurance.|
|Commercial Auto Insurance||What is covered under business auto insurance? This type of insurance covers automobiles being used for business purposes. This could include a fleet of business-only vehicles or a single company car. In some cases it might cover your car or your employee's car while they're being used for business. These policies have much higher limits, ensuring you can cover your costs if one of these vehicles gets into an accident.|
|Commercial Umbrella Policies||What is covered under commercial umbrella insurance? This type of policy is a sort of "gap" insurance. It covers your liability in the event that a court verdict or settlement exceeds your general liability policy limits.|
|Liquor Liability Insurance||What is covered under liquor liability insurance? It covers bodily injury or property damage caused by an intoxicated person who was served liquor by the policy holder.|
|Professional Liability (Errors & Omissions)||What is covered under professional liability insurance? This type of business insurance is also known as malpractice oe E&O. It covers the damages that can arise from major mistakes, especially in high-stakes professions where mistakes can be devastating.|
|Surety Bond||What is covered under surety bonds? Bonding is a contract where one party, the SURETY (who assures the obligee that the principal can perform the task), guarantees the performance of certain obligations of a second party, the PRINCIPAL (the contractor or business who will perform the contractual obligation), to a third party, the OBLIGEE (the project owner who is the recipient of an obligation).|
Who Needs General Liability Insurance? - Virtually every business. A single lawsuit or settlement could bankrupt your business five times over. You might also need this policy to win business. Many companies and government agencies won't do business with your company until you can produce proof that you've obtained one of these policies.
Business Insurance Required by Law
If you have any employees most states will require you to carry worker's compensation and unemployment insurance. Some states require you to insure yourself even if you are the only employee working in the business.
Your insurance agent can help you check applicable state laws so you can bring your business into compliance.
Other Types Of Small Business Insurance
There are dozens of other, more specialized forms of small business insurance capable of covering specific problems and risks. These forms of insurance include:
- Business Interruption Insurance
- Commercial Flood Insurance
- Contractor's Insurance
- Cyber Liability
- Data Breach
- Directors and Officers
- Employment Practices Liability
- Environmental or Pollution Liability
- Management Liability
- Sexual Misconduct Liability
Whether you need any or all of these policies will depend on the results of your risk assessment. For example, you probably don't need an environmental or pollution policy if you're running an IT company out of a leased office, but you would need data breach and cyber liability policies to fully protect your business.
Also learn about small business insurance requirements for general liability, business property, commercial auto & workers compensation including small business commercial insurance costs. Call us (855) 767-7828.
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.