CYA-cover your assets!
THE TWO MOST COMMOM QUESTIONS I am asked by all kinds of spas these days are: “How much does a typical insurance policy cost?” and “How do I handle the insurance if I bring an independent contractor in?” These issues are critical to the success of every spa.
There is no such thing as a “typIcal insurance policy” for a medical esthetic professional. The policy should be customized to meet the needs of your business. It stands to reason that your competitor is not offering the same exact services as you, or that they have set up their business the same way you have. If this were the case, there would be nothing but franchised spas and “typical policies” to go with them.
For instance, you may have gone out and purchased a top of the line laser that offers many different modalities, while the spa down the road has an older laser that limits what they can do, and another one around the corner has no laser at all. Your insurance policy will look nothing like theirs. Having a laser means higher property limits to cover physical damage such as fire and theft. As for liability, you will need broader coverage to ensure that all of the different services you can offer with the laser are properly covered. Since a laser service presents higher risk, many spas that offer it opt for higher liability limits, while a competitor working with a LED might choose a lower limit of coverage.
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