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|Insurance Office of America|
Insurance Office of America
Medical Spa Insurance
AmSpa Insurance Coverage Enhancements
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 including:
From Botox and laser treatments to sclerotherapy and chemical peels, we'e got you covered. Beyond standard med mal coverage, this policy also addresses evolving risks within the healthcare industry including patient privacy breaches and regulatory violations.
e-MD™ for cyber liability provides coverage for patient notification and credit monitoring costs, network security and privacy, data recovery costs and media liability.
Broad coverage for HIPAA and other regulatory exposures is included as part of the MEDEFENSE Plus endorsement.
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.
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:
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. 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.
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 to protect the individual assets of the Directors & Officers as well as the assets of the insured entity when claims are presented.
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.