The Importance of Business Insurance

Regardless of the size and industry type, all businesses will deal with risk on a daily basis. Business insurance is there to help you manage these risks and keep the costs of any unexpected risk or accidents to a minimum. Examples include theft, fire, accidental damage and equipment breakdown to name a few. Those that choose not to take out business insurance risk losing their business should the worst happen.

Business insurance is made up of a group of insurance coverages that are in place to protect the business against work related risks and lawsuits. Within the Aesthetic Industry, the following insurances need to be considered:

– Public Liability Insurance

– Employers Liability Insurance

– Professional Indemnity Insurance

– Medical Malpractice Insurance

Public Liability Insurance:

As a business owner, you can be liable for all kinds of accidents to either the property or a member of the public. Public Liability Insurance is there to protect your business against any costs of defending or settling claims for property damage of bodily injuries to a member of the public, including trips, falls and slips. This type of insurance is for businesses who have customers visit their premises or if they visit customers in their own homes and for those that employ members of staff.

Employers Liability Insurance

Your employees are one of your greatest investments, and as an employer you have an obligation to provide safe working conditions for them to work in. Employers Liability Insurance is there to protect your business against any employee claim, whether that is a bodily injury or Illness caused by the work your employees do for you.

Who needs Employers Liability Insurance?

In order to safeguard all employees in the UK, it’s a legal requirement* for most businesses with employees to have at least £5 million of cover in place. If you’re self-employed, liability insurance will also, in most cases, be a legal requirement if you employ one or more people.

Professional Indemnity Insurance

Also know and ‘PI’ insurance, this can help to protect your business if there is a claim made against the work that you have done for a client. PI will offer you cover if you need to pay compensation to correct a mistake, and cover your legal costs if you are settling a claim including; negligence, infringement of property rights and breach of confidence.

Medical Malpractice Insurance

This Insurance is designed for anyone working within the healthcare industry, and provides public liability and professional indemnity cover to safeguard claims of negligence and medical malpractice.  This cover will cover you for legal costs of defending action as well as bodily and mental injury and illness cover.

Insurance Providers

Here at Cosmetic Courses, we can recommend a number of insurance companies who will be more than happy for you to contact them if you’re  Hamilton Fraser l Cosmetic Insurance providerlooking at, or have decided to have a career within the aesthetic industry.  The medical professionals that we train will already be aware of the necessary insurances that will be needed to ensure they are covered, but will incur extra charges when mentioning that they wish to start in the aesthetic industry. Here is a little more information on the insurances companies that will be more than happy to discuss your needs:

Hamilton Fraser Insurance:

With over 20 year’s experience, Hamilton Fraser are one of the leading insurance providers within the cosmetic industry, their aim is to provide you with the best quality insurance and service.  As each case is different, we recommend contacting them via their website or by phone to be able to get the best quote for you and your needs.

Crompton Bailey Insurance Crompton Bailey Limited 

Crompton Bailey Limited was established in 1978 and are primarily commercial insurance brokers. We have a market leading policy for the aesthetic industry with Hiscox Insurance. Based in the Manchester area Crompton Bailey understand the value of a Clients Business, what it means to them and work with them to develop a bespoke cover for each individual . Emphasis is placed on the quality of cover, making sure that the client’s needs and requirements are met. We have clients Nationwide as well as growing strongly within the Greater Manchester area. Crompton Bailey are also Cosmetic Courses Ltd present Insurance provider overall for their requirements.

Cosmetic Insure

Cosmetic Insure are specialise in providing insurance for aesthetic practitioners. With a long history and expertise in providing specialist insurance for personal or business purposes, each quotation is tailored to your specific business needs.  Find out more about Cosmetic Insure here.

 

If you would like to find out more about how you can get in contact with any of the above insurance companies, or you would like to discuss anything mentioned with any of our team, please call 01844 390110 or email [email protected]

 

Mr Adrian Richards is Medical Director of Cosmetic Courses and is one of the UK’s most experienced Consultant Plastic Surgeons in both surgical and non-surgical treatments. He trained in Oxford and London as a Consultant Plastic & Cosmetic Surgeon, with further specialist training in Australia and America. He has worked at the Regional Plastic Surgery Centre in Stoke Mandeville, Aylesbury and now concentrates exclusively on Cosmetic Surgery and training.