David R. Shaffer has been working in the medical professional liability insurance field since 1996 and has experienced various facets of the malpractice industry ranging from physician and healthcare facilities underwriting; working as a national retail insurance broker and developing medical malpractice departments.
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COMPLEMENTARY Coverage Analysis
Are you are paying too much for your insurance coverage? Are you confident that you have the appropriate insurance coverage? IOA can help you answer these questions! All AmSpa members have access to our highly trained experts who will provide you with a COMPLEMENTARY and comprehensive coverage review. Upon completing our analysis, we will offer any suggestions and/or recommendations to your existing insurance program. While we would welcome the opportunity to work with you to implement our recommendations, you are under no obligation to use IOA’s services. Why not take advantage of this great offer? Download David's V-Card and call us today to find out how to get started.
AMSPA EXCLUSIVE PROFESSIONAL LIABILITY POLICY
New Coverage Enhancements!
New! Disciplinary Proceedings Coverage
To ensure the AmSpa Medical Spa Insurance Program continues to address the growing needs of AmSpa's members, its underwriters have enhanced the policy with new relevant coverage additions. In combination with the benefits already included in the policy, members will now also receive $15,000 of disciplinary proceedings expense coverage!
New! Reputational Harm Expense Coverage
The good news doesn't stop there! The AmSpa Medical Spa Insurance Program now includes another valuable insurance enhancement to address reputational risks: $25,000 of reputational harm expense coverage.
Insurance Office of America (IOA) has partnered with the American Med Spa Association (AmSpa) to develop a member exclusive professional liability insurance product.* This product has been customized so that it provides members with a policy that is more robust than what is typically available. Not only will the product provide the standard coverage medical spas have become accustomed to, we have also addressed various other coverage concerns as well. Here is a sampling:
- Enhanced Medical Directorship Coverage
- Automatic coverage for:
- Coverage for allegations of Sexual Abuse & Molestation
- Defense costs are provided in addition to the policy limits
- Cyber Liability coverage is included
- Billing Errors & HIPAA coverage are included
- New Benefit—Reputational Harm coverage
- New Benefit—Administrative Medical Defense coverage (Board Investigations, etc.)
- Other benefits are included as well!
Even with the various enhancements built into the AmSpa product, members are still saving on average 10-20% when compared to their expiring insurance coverage! To make this product even more appealing to AmSpa members, we worked with the insurer to reduce the amount of underwriting data needed to obtain a quote. This resulted in an application that requires only 3 pages of data to be completed.
As an AmSpa member (or prospective member), you owe it to yourself to how this exclusive product can help your practice!
*Coverage may vary by state and is subject to underwriting approval
*Coverage is written on Lloyds’ of London paper, an A.M. Best "A” Rated Company
IOA’s assistance to AmSpa members doesn’t stop with professional liability insurance! As an independent agent specializing in the healthcare industry, we can provide you with insurance solutions for all aspects of your practice. How does this benefit you? We will serve as a single resource for all of your insurance needs. By placing a single call, any and all of your insurance needs can be addressed. Below are the most common insurance products maintained within a medical spa/aesthetics practice:
General Liability & Property Coverage
Commercial General Liability (CGL) and coverage for Business Personal Property (BPP) is a must for all businesses. CGL policies offer protection against those non-professional liabilities that may be incurred as a result of your business dealings with customers, individuals or organizations. This could in the form of a slip or a fall by a non-employee on your premises; damage to someone else property caused by you or your employee’s negligence; or even perhaps someone alleging slander or definition of character. Additionally, your BPP also needs to be protected against fire, theft, vandalism or other perils. While we do have standalone policies that can extend the coverage needed, in most cases we would offer a Business Office Package (BOP) policy to our clients. A BOP is a multifaceted policy that is designed with small to medium sized businesses in mind. Not only does it provide both CGL and BPP, a BOP policy also includes coverage for numerous other areas within your business where losses could occur. Here are just a few examples: Employee Dishonesty; Plate Glass; Signage; Spoilage; Sewer & Drain Backup; Hired/Non-Owned Auto; and various others.
Workers Compensation Coverage
Do you have employees working at your facility? If so, most states will require you to have a Workers’ Compensation (WC) policy. Workers’ Compensation was designed to provide money and medical benefits to employees who have injuries as a result of accidents or occupational diseases on-the-job. It also works as a vehicle for employees injured on the job to remedy injury related grievances against their employer, even when the employer’s negligence caused the injury.
Here are the areas were a WC policy provides coverage to your employed staff:
- medical care reasonably required to cure or relieve the effects of the injury
- temporary disability benefits
- permanent disability benefits
- vocational rehabilitation services designed to help injured employees return to their previous employment status, or to a position substantially similar
- death benefits including reasonable burial expenses and payments to the worker’s dependents for a period of time
WC polices are unlike most other policies you will deal with in your practice. Your insurer will only bill for your actual exposure (i.e., payroll). Because of this, once your policy expires, the insurer will conduct an audit to see if your projected payroll matched your actual payroll. If it is determined that you over estimated, a refund would be sent. Conversely, if you under estimated, an additional premium would be billed.
Your employees are one of your most important resources. In order to remain competitive in this dynamic industry, your benefits plan should attract, retain and reward your employees. By soliciting quotes from the top insurance companies across the country, IOA can help AmSpa members structure a benefits package that will accomplish all of these objectives as affordably as possible! Our experts will guide you through the various types of insurance we offer, including: Health, Dental, Vision, Life, Disability and more. Once your package has been implemented, IOA will help you manage this critical resource and communicate the details of each policy to your staff. In addition, your policIes will be easily accessible to both you and your staff.
Assistance with benefits coverage is available to individuals and families as well! If you are confused about what coverage is best for you, you’re not alone. IOA can help you determine the options best suited to your needs. Like our group coverage options, individuals & families also have access to multiple Health, Dental, Vision, Life, Disability and other insurance policies.
Accessing IOA's expertise is simple! Give us a call today or check out our benefits web page at: www.ioa.healthinsurance.com
Directors & Officers and Employment Practices Liability
If your organization has Director’s & Officer’s (D&O), consideration should be given to purchasing a D&O liability policy. This policy’s function is to protect the individual assets of the Directors & Officers as well as the assets of the insured entity when claims are presented. Claims against Directors & Officers could come from a number of different sources. Consider that your shareholders, investors or partners my bring suit as a result of a merger or acquisitions; it may be alleged that a conflict of interest exists or poor financial performance resulted from the Directors’ & Officers’ actions. In addition, your clients, consumer groups or your competition could also be a threat by alleging dishonesty, deceptive trade practices, copyright/patent infringement or defamation. With so many ways in which claims can materialize, a D&O policy is a must!
Regardless if you do or do not have Directors or Officers, you probably have employees on staff. What happens when an employee alleges discrimination, harassment (sexual or other), failure or refusal to hire or promote, wrongful termination, infliction of emotional distress, defamation or humiliation? Is your business prepared? To make sure, you need to obtain an Employment Practice Liability (EPL) policy. The function of an EPL policy is to protect an insured from alleged wrongful employment acts like those mentioned above. Many employers often overlook this coverage for various reasons. After all, no one expects their employees to turn against them. With an EPL policy in place, you will have the satisfaction of knowing that if an allegation is made, you have a policy in place to protect you!
IOA has the ability to address nearly every insurance need you may face in your practice/facility. Here are a few other areas where we can help:
- Umbrella Policies
- Commercial Auto Coverage
- Crime Coverage
- Cyber Liability
- Inland Marine (i.e., mobile equipment coverage)
- Many others!
Do you have an immediate need for one or more of the mentioned policies? Give us a call today and we will do everything possible to ensure your expectations are exceeded!