There are no two ways about it – your new practice will need aesthetic business insurance.
Just like car and home insurance, it’s one of those necessary evils that you absolutely must have but hope to never need.
It’s a business expense you’ll have to fork out for when first starting your own aesthetics practice, and a cost you’ll need to factor into your planning and accounting every year. But it will keep you and your business protected.
Should you ever need it, it will be well worth your annual premium price.
If you’re looking for more help growing your aesthetic business, check out more guides, blogs and articles in our Aesthetic Business Hub.
Why do I need aesthetic business insurance?
The first question we all ask ourselves about any type of insurance is…. ‘Do we really need it?’
Do you really need to spend money every month insuring your aesthetics business against something that’s probably never going to happen?
The answer is a resounding YES. Yes you do need insurance for yourself and your practice.
Because what if it does happen? What if…
- A treatment goes wrong?
- There’s a problem with the supplies you’re using?
- You or your clients have an accident?
- There’s a damage or compensation claim against you?
- Your business is broken into?
There are lots of scenarios where you just might need aesthetics business insurance. You probably won’t but having it in place protects you. It gives the security and peace of mind you need to run your practice effectively.
You have to ask yourself: “Who will pay if a claim is made against my business?”
For example, Hamilton Fraser reports that the average cost of dermal filler claim over the last 5 years was £2,481. And the average cost of a laser treatment claim was £4,307.
That’s average. Some claims can run into hundreds of thousands of pounds.
Get aesthetic business insurance and you’ll:
- Showcase your professional standards
- Prove you put your clients first and care about their welfare
- Protect yourself against medical malpractice claims
- Make sure you won’t be at a loss if anything happens in your clinic
- Have expert support and representation on hand
- Put your practice on the path to continued success
What type of insurance do you need?
The type of insurance and level of cover you need will all depend on the type of treatments and services you’re offering in your aesthetics practice.
As with any kind of insurance, there are a wide range of policy types and combinations on the market. Some aesthetic insurance policies will cover you with an all-in-one offer, whereas others will require you to take out different insurance for different circumstances.
You’ll need aesthetics insurance that’s:
- Based on your qualification. If you’re medically qualified you will have different insurance to those who just hold NVQ Level 3 or 4 qualifications
- Specific to your treatments. You’ll need to tell your insurance provider what kinds of treatment you offer in your practice
- Comprehensive for your needs. It should cover all parts of your treatments and services, and all the areas you intend to practice (such as if you’re working from other providers’ premises)
Shop around and see what’s included with different types of aesthetics practitioner insurance.
You should be looking for aesthetics insurance that includes:
- Malpractice protection – for medics and non-medics
- Public liability insurance – for your own premise and if you’re working in other locations
- Employers’ liability insurance – if you’re employing staff
- Product supplies cover – to protect against problems with your treatment products
- Clinic, salon and surgery cover – if you want to protect your equipment and supplies in case of fire, flood, theft.
- Cyber insurance – to secure your business against data breaches or cyber attacks
Some types of insurance will include everything as standard, while others will allow you to be flexible and customize. Some providers may request you take out separate policies for different requirements.
Make sure you get different quotes and compare the finer details of each.
Above all – make sure you have the level of cover you need to fully protect your business – and ensure its survival – should the worst happen.
Where can i get aesthetic business insurance
There are lots of different aesthetic insurance providers on the market.
As we said above, shop around. Get different quotes and compare them. Discuss them with other practitioners and with your accountant if you’re not sure which is best.
Just be absolutely sure you have comprehensive aesthetic insurance in place BEFORE you start practicing.
Looking for more advice on starting and running a successful aesthetics practice? Visit our Aesthetic Business Library here.