Why it is important to have personal professional liability insurance

Common misconceptions about liability insurance and coverage based on your profession.

Let’s look at the statistics:

• 20,000 malpractice lawsuits filed every year in the U.S. (July 25, 2021). 1.8% of doctors account for more than half!

• According to the Nurses Service Organization (NSO), the average cost of a nurse's malpractice claim is $201,916.

•    Employed physicians had lower claim frequencies than practice owners.

•    Esthetics ranked 6th on leading malpractice lawsuits (higher than emergency medicine and anesthesiology).

Whether you are a full-time nurse injector or collaborating physician, liability insurance can help you financially in case you are sued by a patient, the patient’s personal representative, or the medical board. If you are covered by your employer, it is best to carry personal liability insurance whether this is required or not. Many believe that carrying personal liability increases your chances of being sued, but the truth is that no one knows that you have personal liability insurance until the need presents! If a lawsuit were filed against your practice due to your negligence, you may learn too late that you are not covered under every possible circumstance. The longer you are in practice, the greater the chance of a legal claim. Being prepared is key!

Liability insurance covers medical negligence, failure to follow the Health Insurance Portability and Accountability Act (HIPPA) regulations, Misrepresentation, incorrect advice, legal fees like defense, judgement, settlement and loss of income due to attending trial costs.

How much you pay monthly or annually for personal liability insurance varies by insurance company and the state of practice. To pick the right insurance coverage, do your research. You do not want to pay for coverage that may not be right for you!

Below is a list of liability insurance companies for providers to consider:

 Esthetician: Associated Skin Care professionals

Barber/Cosmetologist: Beauty and Bodywork insurance

Nurses/ Nurse practitioners/Physician Assistants: CM&F group, NSO

Medical doctors: Med Mal direct, CM&F Group

For mor information on insurance companies or questions about the research process, please reach out to the National Laser and Aesthetics Academy team at info@nlaatraining.us .

We want to see you and your practice win!