Medical spas are exposed to substantial risks by the services they offer, and it’s important for spas to protect against these risks. Should a spa face a major claim without protection in place, the investments made in a spa could be lost and the businesses might be forced to close. Medical spa insurance can play an important role in helping medical spas in Massachusetts protect themselves from various covered perils.
Medical spa insurance is specialized commercial insurance for medical spas. In order to meet multiple coverage needs, these policies typically come as package policies that combine different coverages together. Spas can usually choose the exact combination of coverages that are included in their policies.
In general, medical spas that operate in Massachusetts usually ought to carry med spa insurance. This tends to be the most appropriate commercial insurance for these businesses, and forgoing insurance can leave a business substantially exposed to risk.
Importantly, med spa insurance normally isn’t appropriate for day spas that don’t provide medical services. Because day spas offer different services, their coverage requirements are different and frequently better met by day spa insurance policies.
Med spa insurance policies can include a wide range of coverages, the majority of which are either property or liability coverages.
Property coverages are primarily used to insure assets that a business owns, such as buildings, equipment and other valuable items. Some property coverages that policies frequently offer are:
Liability coverages typically protect against claims and lawsuits that hold a business financially responsible for harm. In most circumstances, these coverages help with legal costs and settlements when a claim is filed (as opposed to when the lawsuit ends). Some liability coverages that med spa policies often can include are:
Premiums for med spa policies vary, because they’re based on a multitude of factors. A spa’s location, services, size and claims history are merely some of the factors that can influence rates.
Spas can get a more detailed picture of how much insurance will cost them by speaking with an independent insurance agent. Independent agents have the freedom to compare policy quotes from several insurance companies, which allows spas to quickly identify the most affordable option that meets their needs.
For help insuring a Massachusetts medical spa, contact us at Roger Keith & Sons Insurance. Our team of agents can help you explore policy options, and we have the expertise needed to help you choose the best medical spa insurance policy for your business.