Cosmetic Clinic Guidance – Managing Sector-Wide Risks
Up and down the country cosmetic clinics are all tackling risk. Whether this risk arrives in the form of an unhappy customer claiming against the business or introduction to daily activities due to equipment breakdown or supply interrupting, these risks are often paired with substantial financial backlash which can be crippling to small practices. The most severe of claims can cost clinics over £250,000 to settle, money that no business has laying about, especially in 2021!
After multiple lockdowns and drastic changes to how cosmetic clinics can operate, it’s now time for your business to make a return. In this article, we will be breaking down some of the most common risks that clinics face. The goal of this article is to help business owners effectively manage these risks and avoid any claims or interruptions which could impact the company’s cash flow further.
Why Invest In Cosmetic Practice Insurance?
Cosmetic insurance is the tried and tested solution for managing a variety of common practice risks all in one place. When choosing a policy, an insurance broker will take the time to understand the daily operations of your business, from there a policy can be made to help ensure your business is protected at all times. Below are some of the events that a cosmetics insurance policy can protect you against:
Illness or Injury Caused To Team Members
Accidents and injuries are one of the most common forms of claims faced by cosmetic clinics in the United Kingdom. With the high-risk nature of these cosmetic procedures, if there were to be an accident in the workplace it may lead to a claim being made against the business. It could be something as minor as a slip or trip, if an employee were to be seriously injured are you sure that your practice would be protected.
Interruption Due To Equipment Breakdown
As a business working within the cosmetic industry there will always be a heavy reliance on specialist equipment. Required for the vast majority of treatments, this equipment allows the clinic to stay on top of industry-wide standards whilst providing clients with optimal comfort. In the event there was to be a breakdown of this equipment, such as the electric treatment chair, would you be able to continue business as usual?
Essential Cosmetic Supplies Interruption
Treatments such as Botox rely on a supply chain to keep the correct amount of supplies present within the practice. If there were to be any interruption to this supply chain the practice may be left in a situation where clients are booked in but there are not enough supplies present to provide the treatment. Not only can these events seriously impact revenue but they can lead to a loss of trust amongst clients.
Breach of The Companies Cyber Security
The Data Protection Act of 2018 has completely revolutionized the way businesses can handle and use client information. Gone are the days where everything is stored in physical files, practices are now completely paperless which means it’s extremely important that all information is stored in security. If there were a breach of the companies cybersecurity leading to information being leaked, there is a high chance of claims.
How To Protect Your Clinic From Risk In 2021?
As a business operating within the cosmetic industry, you make sure that you are always managing risk effectively. Regardless of the size, claims can be extremely costly which could jeopardise the future of the business if not handled correctly. It would be advised that your company invests in treatment-based insurance products which include the following:
- Botox Insurance
- Dermal Filler Insurance
- Chemical Peel Treatment Insurance
- Laser Treatment Insurance
Get in touch with specialist insurance brokers today and work with them to create a policy that is designed to suit the needs of your business. It’s better to have this cover in place and never have to use it than have an accident and watch the future of your business become uncertain.