Medical spas offer clients a range of medical treatments, including Botox injections, chemical peels, and even laser hair removal. All procedures come with some risk and are usually more advanced than the ones at an average day spa.
Given the complexity and severity of the risks, insurance is of great importance. If a procedure goes wrong and leads to cosmetic and medical complications, then the medical spa is expected to pay for the damage. If there is a lawsuit, the additional burden of legal fees ensues.
To protect your business, you need to be covered for all the eventualities. Additionally, you need to meet specific legal requirements. This article covers the policies medical spas need and also gives some tips for saving money on insurance.
Medical spa insurance is a policy package designed for the needs of medical spas. This is a growing business sector: it increased by 18% per year in the 2010s. Insurance companies have developed products to assist this booming sector, catering to the specific set of risks the industry entails.
Medical spas aim to deliver the best quality care and provide services that improve the cosmetic appearance and medical health of their patients. Needles and drugs, chemicals, and machinery create a range of different risks.
Even if you maintain the highest standards, things can go wrong and not just with clients. A fire could burn down the spa building, the equipment could malfunction, employees could fall ill or injure themselves. Insurance helps ensure you can practice safely and gives you peace of mind when you know that your livelihood is not at risk at the first sign of a mistake.
There are a myriad of different insurance products on the market. It is a lot to go through. Here are the ones most useful for medical spas:
In addition to the more general policies described above, there are other policies you may consider purchasing:
When purchasing insurance, you cover any future risk you might occur. So, if a procedure were to go wrong, you will not see financial ruin. However, you can still attempt to save money on the policy itself. Follow these tips when purchasing your policy:
Need some help with picking out the right policy or just want to submit a request for a medical spa insurance that covers all your needs? Email us, call us, or fill out the free quote form on our website.
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