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What is Medical Spa Insurance?
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.
What Massachusetts Spas Should Have Med Spa Insurance?
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.
What Coverages Are Available Through Med 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:
- Commercial Building Coverage, which might protect a building or other facility that a spa owns
- Tenants Betterment Coverage, which might protect improvements that a spa makes to a leased space
- Business Income Coverage, which might protect against revenue losses that follow disasters outside of a spa’s control
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:
- General Liability Coverage, which frequently covers basic accidents and lawsuits
- Anesthetist Liability Coverage, which frequently covers errors that anesthetists make
- Professional Liability Coverage, which frequently covers errors that other employees make
- Product Liability Coverage, which frequently covers harm that products cause
- Regulatory Fines and Penalties Coverage, which frequently covers some regulatory violations
- Cyber Liability Coverage, which frequently covers DDOS attacks, hacking attempts and data breaches
- Commercial Umbrella Coverage, which frequently gives a secondary layer of liability protection
An insurance agent who specializes in this type of insurance can help businesses sort through all of the coverages options that may be relevant to them.
How Much Are Premiums for Med Spa Policies?
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.
Where Can Medical Spas in Massachusetts Get Medical Spa Insurance?
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.