What Massachusetts Businesses Should Protect Themselves With Med Spa Insurance?
Whether med spa insurance is appropriate for a business is a determination that must be made based on that business’s specific situation, and it’s a decision that ought to be made with the guidance of a knowledgeable insurance agent who’s familiar with these policies.
Generally speaking, however, most medical spas in Massachusetts can benefit from the protections that med spa insurance offers. Businesses normally need multi-coverage insurance policies, and this tends to be the best type of package policy for medical spas.
(In this discussion, medical spas shouldn’t be confused with day spas. Day spas also typically need insurance, but their insurance needs are normally slightly different. Day spa insurance policies tend to be better for day spas.)
What Coverages Are Available Through Med Spa Insurance Policies?
Many of the various coverages that med spa insurance policies may offer can be grouped into either property coverages or liability coverages. Property coverages generally cover physical assets that a spa owns, while liability coverage generally covers casualty-related risks.
Some of the property protections that medical spas may want include:
- Commercial Building Coverage, which might protect buildings that a spa owns
- Commercial Contents Coverage, which might protect equipment and supplies
- Equipment Breakdown Coverage, which might protect essential equipment again malfunction
- Business Income Coverage, which might protect against disaster-caused revenue losses
Some of the liability projections that medical pas may need are:
- General Liability Coverage, which might guard against common accidents and basic lawsuits
- Professional Liability Coverage, which might guard against errors and mistakes that most employees make
- Anesthetist Liability Coverage, which might guard against errors that RN anesthetist employees make
- Product Liability Coverage, which might guard against damage or harm that a spa’s products cause
- Cyber Liability Coverage, which might guard against data breaches, online attacks and other cyber issues
- Regulatory Fines and Penalties Coverage, which might guard against unintentional regulatory violations
- Commercial Umbrella Coverage, which might provide a secondary level of liability protection
An insurance agent who specializes in these types of policies can help spas review all of their coverage options.
How Much Do Medical Spa Policies Cost?
Premiums for medical spa policies are based on many different factors, and they commonly vary. Spas can work with an independent insurance agent to get an accurate idea of what different insurers would charge in a given situation. An independent insurance agent isn’t linked to any one company and can request quotes from many companies that operate in the state.
Even with variance among policies’ premiums, though, medical spa policies tend to be affordable. Spas normally don’t have an issue finding a policy that fits within their budget, and having coverage almost certainly costs less than what facing a major claim without any protection could be.
How Can Massachusetts Medical Spas Obtain Medical Spa Insurance?
For help insuring a medical spa that’s located in Massachusetts, get in touch with the independent insurance agents of Scotti Insurance Agency. Our agents will work closely with you to find a medical spa insurance policy that provides the protection your spa needs, and that does so at an affordable price.
