In business we need to take risks in order to have reward. The higher the risk, the higher the reward. Whether you are investing in a new location, adding a new technology, or re-positioning your business, there is a certain amount of risk. Why take the risk? Well, if you succeed you will enjoy the reward, including the sweet taste of success and making more money!
But not all risks are worth taking. Not being adequately insured, being under-insured, or worst of all, not having insurance, are risks that a business should never take. It is critical to be properly insured, especially in a more complex business model like most in the aesthetic medical world.
In my travels and daily conversations with those in meds aesthetics, I do have some concerns that there are many practices with insurance vulnerability. We have noticed that when our team at Acara Partners conducts an insurance review for a new client, at least half of the time there are problems ranging from under-insured situations (or even practices with no insurance at all!).
As a business owner or operator, you must make a point of gaining the knowledge necessary to access your insurance needs and properly protect your business. Leave your comfort zone and take risks that will lead to the growth and expansion of your business, but don’t leave your practice vulnerable to issues related to insurance and potential litigation.
Not sure where your practice stands in regard to insurance and other operational issues? Contact the experts at Acara Partners in order to conduct a best practice review of your business and make sure any “risks” you take are only going to lead to growth and expansion!
