The nature of work done and equipment used at medical spas expose these businesses to a variety of risks. Fires, thefts, liability claims and false advertising lawsuits are only some of the risks that these spas face. Medical spa insurance helps protect medical spas in Massachusetts from certain covered risks like these.
Medical spa insurance is a specialized form of commercial insurance that’s specifically designed for medical spas. Policies are typically written as package policies that combine multiple coverages together, and spas normally are able to select the coverages that are right for their unique situations.
Most medical spas in Massachusetts should have some med spa insurance in place. A spa that doesn’t have coverage could be financially devastated by a single incident or lawsuit, and these policies generally provide the right combination of protections for med spas.
Med spa policies frequently include a combination of common and specialized coverages.
Some of the more common coverages that both medical spas and other businesses may need are:
General Liability Coverage, which might protect against common accidents and certain lawsuits
Commercial Property Coverage, which might protect a spa’s building and equipment
Cyber Liability Coverage, which might protect against data breaches and online attacks
Business Interruption Coverage, which might protect against certain prolonged decreases in revenue
Commercial Umbrella Coverage, which may provide additional liability protection
Some of the more specialized coverages are primarily meant for businesses in the medical field, while other specialized coverages are more widely available but adapted by med spa policies to specifically suit medical spas. The types of specialized coverage that policies may make available include:
Product Liability Coverage, which might protect against equipment failure (e.g. a laser malfunction) and/or allergic reactions
Anesthetist Liability Coverage, which might protect against lawsuits filed against an employed RN anesthetist
Regulatory Fines and Penalties Coverage, which might protect against accidental infractions
Finally, policies frequently also provide professional liability coverage for employees. Professional liability coverage normally protects against work-related errors made by covered workers. When included in a med spa policy, this coverage might include protection against malpractice claims, sexual assault allegations, HIPAA violations and other incidents.
With so many coverages to choose from, selecting a policy that has the right ones in place can seem like a daunting process. Talking with an agent who specializes in this form of insurance makes the process simple, however. An informed agent knows what types of risks medical spas commonly face and how to protect against those risks, and they know what questions to ask to help medical spas select the right coverages for their particular situation.
As is true with most insurance policies, med spa insurance rates are based on many factors and often vary. The services offered, value of a spa’s property, location of a spa’s property and number of employees can all impact how much a spa must pay for coverage.
Even in spite of the variance in cost, however, having a med spa policy in place is generally much more affordable than facing a major claim or lawsuit without any protection.
For help finding medical spa insurance, contact the independent insurance agents at Charles River Insurance. Our agents have helped many medical spas in Massachusetts find policies, and our team members have the expertise necessary to make sure your spa gets a policy that has the right coverages in place.