Establishing a medical spa requires substantial investment, and the resources poured into a spa ought to be protected whenever possible. Medical spa insurance policies help Massachusetts spas shield themselves and their assets from a variety of covered property, liability and other perils.
Medical spa insurance is a type of commercial insurance that’s designed to meet the particular risk mitigation needs of medical spas. In order to provide multiple protections, these policies normally come as package policies that combine multiple individual coverages together.
Most medical spas located in Massachusetts ought to carry a med spa insurance policy, as nearly every business is exposed to at least some risk and this is generally the most appropriate kind of insurance for these businesses. Without insurance, spas are open to potentially expensive losses and lawsuits that they might otherwise be protected against.
Importantly, med spa policies shouldn’t be confused with day spa policies when purchasing insurance. While day spas and medical spas may share some common coverage needs, they also have distinct needs in certain areas. Day spas will usually find better protection for their business through a day spa policy.
The exact coverages included in a med spa insurance policy can vary slightly, because spas typically have the option to select or deselect certain protections. Nonetheless, there are many coverages that policies commonly make available and spas frequently choose. Many of these can be categorized as either liability or property protections.
Some of the more common liability protections are:
Some of the frequently offered property protections are:
There are still more coverages that a policy might offer and a spa may want. An insurance agent who specializes in med spa policies can help spas review all the available coverage options and select the ones that are appropriate for their situation.
When reviewing professional liability coverage, medical spas should both make sure they know both what employee activities are covered by a policy and what risks are covered. It’s sometimes necessary to get a broad professional liability coverage as well as a more specialized one, such as anesthetist liability coverage. It’s also important to check whether a policy covers risks like HIPAA violations, malpractice lawsuits and sexual assault claims, as these are all risks that a spa could face.
As with other coverages, a knowledgeable agent can help spas sort through the nuances of this coverage so that they end up with the right amount of protection.
For help insuring a medical spa that’s located in Massachusetts, contact the independent insurance agents of Garrity Insurance. Our agents are able to show you medical spa insurance policy options from many insurance companies in the state, and they have the expertise required to help you choose the best available option.