When starting a new business Conflict of Interest can arise. But, it’s not impossible to overcome
It is hard to avoid conflicts of interest if you are starting a business with someone who has previously worked in the same industry. But the good news is that such a conflict does not have to be an issue. Your business partner or employee may have signed a non-disclosure agreement, and it’s important for you to request a copy of it so you can learn if there are any issues. If their previous partner or employer decides to pursue a claim against them, they will most likely include you in the lawsuit too, so make sure you know what you’re getting into. You don’t have to refrain from opening a new business, simply because you or your partner has any previous business.
Having your own insurance when starting a medical spa is key
As for insurance, the doctor you hire as your medical director may have their own malpractice insurance, but a second layer of insurance is always a good idea. You don’t want to be under protected in the event that you need insurance. It is always good to have extra insurance for your practice, even if your doctors have personal insurance because your practice will also have medical professionals besides the one doctor and you want protection for the business overall.