By CM&F Group

Ensuring your medical spa has the right insurance coverage is critical to protecting your business from various risks. Here are some key considerations to help you maintain adequate protection as you expand and grow your practice.

Key considerations for your insurance coverage

Malpractice insurance: Malpractice insurance is crucial for protecting against claims of negligence or malpractice. Ensure that your policy covers all the services you provide, including any new procedures or treatments. This coverage is vital for safeguarding your practice and personal assets from potential legal actions.

For business owners: Every medical spa, whether operating in a physical location, in a mobile clinic or via telehealth, should have a business owner policy. This policy combines essential coverages—such as property insurance, general liability insurance and business interruption insurance—into a single package.

Using your car for business: If your vehicle is integral to your services, consider a commercial auto policy. Personal auto insurance may not cover business use, so check with your broker to ensure you have the right coverage.

Internet use: Cyber insurance is essential if you handle electronic payments or have a patient portal, as health care practices are highly susceptible to cyber breaches, especially with the ubiquity of artificial intelligence in cyber attacks.

Offering new services: When introducing new services, such as cosmetic procedures, verify that your insurance policy covers these additions. Expanding into new service areas can alter your risk profile and may require updates to your coverage.

Operating within your scope of practice: Ensure that all procedures offered are within your legal scope of practice. Maintaining compliance with training and supervision requirements is essential to avoid liability issues.

Employee changes: Employing staff necessitates a workers’ compensation policy, which is mandatory in many states. Keep your broker informed about changes in employee numbers to maintain appropriate coverage, especially since many states may fine your business for inaccurate information.

Changing addresses or adding locations: Updating your insurance with new addresses or additional locations is crucial. Some policies limit coverage based on location, so ensure your broker is informed about any changes.

Administrative changes: If you replace someone on your team who managed insurance, ensure you continue receiving all insurance notifications to prevent any lapses in coverage.

Purchasing new equipment: Significant equipment purchases should be reported to your insurance broker to ensure the new equipment is included in your business owner policy.

Owning a health care practice can be rewarding, but it comes with inherent risks. The best way to manage your liability is to partner with an insurance company that understands your needs and helps you avoid costly mistakes.

CM&F Group is a niche provider of medical malpractice insurance for health care providers. It has been ensuring professionals since 1919, and, as the pace of health care has changed, so has it. Proudly insuring more than 140,000 health care professionals across the U.S., CM&F Group’s approach combines deep industry insights with robust partnerships with leading insurance carriers, ensuring comprehensive coverage that meets the unique needs of the medical spa market. As your trusted advisor, CM&F Group is committed to safeguarding the future of your practice with expertly crafted insurance solutions, allowing you to focus on delivering exceptional care.