EXCLUSIVE TO AMSPA MEMBERS
WMPG is a Platinum Vendor Affiliate of AmSpa and is supporting AmSpa members in receiving the right insurance coverage for their unique practices. WMPG takes the guesswork out of purchasing the correct insurance – saving time and money.
AmSpa members will enjoy receiving a FREE risk analysis that includes a ‘WHAT I NEED’ insurance report specific to their business liabilities, authorized consent form templates for procedures they offer that are recognized by all major carriers, and a FREE consultation with a licensed agent. Just mention you’re an AmSpa member and enjoy the savings today!
TIPS before you bind
Ask to see the full detailed policy exclusion endorsement. An average policy can easily be over 50 pages. You may be signing for an acknowledgement and not realizing they are just referencing endorsements such as exclusions. It is your responsibility to ask for these and double check that coverage is appropriate.
You may also be wondering if coverage is available for specialty treatments such as semaglutide, weight loss, and IV Nutrition therapy. Your agent will ask you to provide a list of ALL your current procedures and marketing samples, such as your website, to ensure everything is covered.
Make sure the dates are correct and there are no coverage gaps, especially if you are just branching out into the world of wellness.
Make sure you provide the roster of who is working with you, under your license, or your company. Failure to have these declarations can result in lack of coverage. If you update any personnel, it’s important to request an updated endorsement to reflect these changes. Think of it like other people driving your car, you want to make sure they are properly listed on the insurance for adequate coverage.
If you are participating in any kind of telehealth or telemedicine visits with your patients, make sure there is coverage listed for that. Often times, admitted policies will omit this because it falls under its own separate category. The same applies for mobile services coverage.
Common Questions
Nurse Practitioners who are forming LLC entities need two kinds of liability insurance: general liability for running the business, and medical professional liability for gross medical allegations defense (malpractice) and to pay damages that covers the entity, healthcare providers and medical directors. These are crafted policies to fit the industry from specialty insurance companies. This is procedure driven coverage and not so much driven by specialty. You need affirmation that the various procedures and treatments you are now offering are covered in the form of a detailed application outlining what you do. This is the main difference between procedure driven coverage and specialty coverage.
No they don’t. In fact, no individual policies are needed. Medical Directors are automatically covered under our med spa policies. Moreover, all providers (NPs, RN’s, Aestheticians, Laser techs, massage therapists, etc) are automatically covered as long as they are employees or contractors. The only exception to Medical Directors is when they want to perform direct patient care. Then they need to be underwritten and added on via policy endorsement for what they do at the med spa only and there is an additional cost based on this activity.
Yes, since this is procedure driven coverage, we can add procedures based on providing evidence of training, copy of the consent form and a projected number for the next 12 months.
Yes, we use a leading third-party premium finance company, First Insurance Funding. The terms are 15% down, and 10 equal payments. You can pay off the loan at anytime without penalty.
Yes, but limited in scope. We can cover IV, botox and weight loss for 100% mobile – no practice location. We can also cover “off site” , which is where you have a practice location and want to perform certain procedures out of the office at events or other businesses.
Unfortunately, no. None of our insurance markets offer premium discounts. For start up coverage, we will typically receive the market’s ”minimum annual premium” for the mix of procedures.
Look to have the policy replaced either going forward or matching the existing previous “retro active date”, if applicable. Most of the time we are replacing a specialty driven coverage policy with a more suitable procedure driven policy.
Yes, we can, but it will take:
a. A detailed Supplement – a Regenerative Medicine Supplement to your application
b. Evidence of training in stem cells, and any level of experience, and a copy of the consent form
c. Specifics on uses and how often
d. Pricing from $7,500 to $10,000 annual premium
Yes, you need to have training for the specific procedure and show proof in the form of a Certificate of Training. This is a requirement for coverage.
The underwriters view telehealth the same as in person in terms of risk. There is no special pricing or terms & conditions with telehealth over in person.
No part time rates; everything is based on the procedure.