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Know Your Risk Management

By: Sallie Deitz
Posted: June 2, 2009, from the June 2009 issue of Skin Inc. magazine.

page 3 of 12

Risk management is defined on as, “Decisions to accept exposure or reduce vulnerabilities by either mitigating the risks or applying cost-effective controls.” Today, as a risk management measure, Madge has purchased professional and general liability insurance in addition to reworking her informed consent document to include a sentence that absolves her of liability should she be confronted with a similar circumstance in the future.

However, fleshing out some risk management ideas from different vantage points can help ensure other spa professionals that they won’t end up, perhaps unknowingly, in jeopardy of litigation.

Minimize risks as a skin care professional

Skin care specialists are truly remarkable individuals. They are intrinsically motivated to help people; often visually oriented; tactile; sensitive; and generally care about the health and well-being of others. As another broad generalization, many also are still learning about the care and protection of themselves—namely their exposure risks.

Not so long ago, when just a few professionals were practicing, the rules were clear. You were trained, you got a job and your employer took care of the business details, including insurance. With growth and development, some skin care specialists became business owners, which involved purchasing equipment and products and maybe employing one or two people. As part of the package, the bank or an insurance salesperson recommended purchasing general liability insurance. As a general practice, skin care professionals diligently complied, not really knowing all of the ramifications of being underinsured and overexposed to unknown risks. The term risk management was hardly on the radar at all.

Today, a myriad of issues have changed and morphed the environment for skin care professionals. With the globalization in trade of goods and services, you are now all business people. Like it or not, you are in charge of your work and lifestyle pursuits, and for managing your risks to peril, so you would be remiss not to take advantage of a few pointers on how to best protect yourself and your business.