EliteNP

A TRUSTED PARTNER OF WMPG

Learn About Our Programs

EXCLUSIVE TO ELITE NP MEMBERS

The EliteNP has partnered with WMPG to support our members in receiving the right insurance coverage for their unique practices. WMPG takes the guess work out of purchasing the correct insurance -saving time and money. Read below to learn more about the deals created specifically for EliteNP members, and also learn more about the programs being offered. Schedule a consult with a WMPG agent to get started.

You Require Specialty Insurance if...

any of the following apply

  • Created a new company just for integrative medicine, wellness, or med spa services.

  • You are providing procedures for FDA off-label or unapproved use: Example: Bioidentical Hormone Replacement Therapy(BHRT) or PRP

  • You are providing a cash based service for a scope of practice outside of your specialty — Medical Weight loss vs. Metabolic Syndrome Treatment

  • You are acting as a provider for a medical spa.

Standard Insurance is ok if...

i.e. Policies with others

  • Medical Diagnosis and treatment that is is NOT being advertised for change in physical appearance.

  • Utilizing FDA approved products for indication based on diagnosis.

  • NOT participating in BHRT, PRP, IV Nutrition, Stem Cell Therapy, Medical Spa procedures that involve heat, and pellet therapies.

  • Practicing within the scope of your medically trained specialty

    • i.e. ER NP not participating in OBGYN

Common Mishaps

Often times, you will find out the harsh truth that there are pitfalls in realizing you are not properly covered:

  • The specific procedure is not covered by insurance.

  • The consent form that you provided for the procedure is not satisfactory for coverage because of informed consent.

  • How you advertised the product and or service can disqualify your coverage.  You may be signing a document consenting that you are not doing this and were not even aware of the fine print.

Claims Made vs. Occurrence

What's the difference between them?

You will only be offered a “claims-made” policy form in the “surplus lines” insurance market in order to cover your procedures (we wish there were both to offer you). There are no occurrence forms that will cover HRT and PRP for instance.

Claims made means you have to report the claim while the policy is in force, and buy an “extended reporting” policy, or tail at the end in order to report a claim that would be reported after the policy is cancelled. The difference being, pay now as you go along for the occurrence reporting, or pay later in a lump sum for 1,2 or 3 years tail. Over time, the two converge and you could end up paying more for occurrence.

A one year tail for any med spa procedure should be sufficient, and it’s optional, you don’t have to buy it, where occurrence you will pre-pay for it whether you want it or not. The concern here is any extended claims reporting capabilities once you have cancelled the policy. Under the occurrence form, your claim is covered as long as it occurred while the policy was in force.

Nurse Practitioners speciality Coverage for wellness services

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.

Premium Financing Available

Let us do the work, no credit check required, for a competitive premium financing payment option with your quote.

Get Started Today

Many applicants are rejected for coverage that they need. Avoid the pitfalls and work with one of our experienced agents today. 

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.

FREE POLICY ASSESSMENT

Are You Exposed?

Let us take a look! Many don’t realize they are overpaying for insurance or have exclusions in their policy. Leaving less money in your pocket and unwanted exposures. Don’t get caught up off guard! Our agents are ready to help. 

Complete Med Spa Liability Package

Need Coverage Fast? Get it here, now.

Start with a comprehensive Medical Professional Liability Insurance policy that covers your entity, Medical Director and all your healthcare professionals for negligence suits, state medical board allegations, sexual abuse, and HIPAA privacy breach allegations. Then add the office general liability and property policy to complete the coverage.