As a plastic surgeon, you are responsible for surgical interventions to reconstruct facial and body tissue defects caused by birth conditions, trauma injury or illness. Plastic surgery is also undertaken to improve tissue function and appearance. You may use traditional surgical practices, as well as new innovations like lasers and scopes that are less invasive for your patients.
As a private plastic surgeon, the demand for your services is strong and the needs of your patients vary. If your patients are seeing you for medical needs, the cost of your services are normally covered by health plans by different provinces. If your patients are seeing for cosmetic reasons, they are paying out of pocket. Regardless, you provide an extremely important and even life-changing service to your clients.
Why do Plastic Surgeons need insurance coverage?
The right insurance coverage will protect your Plastic Surgeon business from potential threats that are industry-specific such as patient lawsuits, and other risks common to all businesses.
Here are some coverages to consider as part of your insurance portfolio as a Plastic Surgeon:
Commercial General Liability – this is an essential coverage for all small businesses to protect against potential risk of bodily injury and property damage that come with having a business open to the public. So-called slip and fall insurance, CGL coverage protects your business from sometimes costly claims.
Errors and Omissions Insurance – also called malpractice insurance, this coverage is especially important for plastic surgeons. Clients may not have realistic expectations of the surgeries they are undergoing, and it is important to communicate clearly. Even when everything goes according to plan, some clients may not be satisfied, particularly with cosmetic procedures. Protect yourself from lawsuits and damage payment with this coverage.
Commercial Property Insurance – whether or not you own the building that houses your plastic surgery clinic, you need this insurance. It also covers your business’ physical assets from extreme weather events, as well as vandalism.
Cyber and Privacy Insurance – keeping your client records confidential is paramount to your business. This coverage provides protection for your online assets, including websites and client data stored online.
Crime Insurance – your business could be a target for thieves, either from outside or even within your company. Pharmaceuticals like the ones used for surgery can attract thieves, as can expensive equipment.
Here are some examples of instances when plastic surgeons need insurance coverage:
- Your client has elective rhinoplasty surgery and is unhappy with the results, and claims it is not what he agreed to. He sues your company for damages.
- You find out your employee has been siphoning funds from your bank account in small amounts over time that have gone undetected and you have to make an insurance claim to recover the lost amounts.
- Some of your online client files are lost when your employee doesn’t complete a backup properly. You have to rebuild your information.
The needs of your particular Plastic Surgeon clinic will depend on several factors, including the size of your business, the number of employees, the nature of the treatments that you do, and more.
Find the Right Plastic Surgeon Insurance from ALIGNED
ALIGNED works with Canada’s top insurance companies to provide custom insurance packages at affordable prices. Click Here To Get A Quote or contact one of our business insurance experts for information or with any questions you may have.
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