Medical spas are becoming increasingly popular as more and more people are putting extra effort into looking and feeling good. It’s also a lucrative business; on average, a med spa caters to 150 appointments per month and brings in over $180,000 per year.
With the amount of money that this type of business brings in, it’s important to secure your finances early on. This means that as a medical spa owner, it’s essential to protect your business from any accident or error that may be detrimental to your credibility. Otherwise, not only will you risk losing clients, but you will also be vulnerable to financial liabilities arising from these unfortunate circumstances.
Luckily, KASE Insurance is here to help. We are a commercial insurance brokerage trusted by numerous clients across various industries. You can count on us to provide only the best medical spa insurance packages in Toronto.
Focusing on treating your clients should be a breeze when you’ve got KASE Insurance backing you up. Keep reading to find out how we can help protect your med spa business.
What is Medical Spa Insurance?
As with any other business, running a medical spa also comes with numerous risks. This means you need to be prepared to face potential problems if they arise.
For spa owners, these problems could be doubled because you’re dealing with medical issues and the health and safety of your customers. A client could easily sue you for medical malpractice over a burn from laser hair removal or for lack of physician supervision during a procedure.
This is why business owners such as yourself should ensure that none of these problems will impact your operations, your employees, and your reputation. To do that, you need to protect yourself with a reliable insurance policy.
Medical spa insurance is a specialized policy that protects spa owners and their properties against financial liabilities borne out of the services they offer to their clients.
Why is Medical Spa Malpractice Insurance Important?
Medical spa insurance directly covers the costs of legal issues and accidents that could force your business to close. At any time during a procedure, your client could claim that they’ve gotten hurt and blame you or your spa professionals for it, or they could say that they were dissatisfied with your services. In both these instances, a lawsuit could be filed against you.
Without a comprehensive insurance policy, these claims could lead to a lengthy legal battle that’s costly and will take up much of your resources. It could even force you into bankruptcy.
This is why it’s important to protect yourself and your business with medical spa insurance so you can secure your finances as quickly as possible. Once you do, you’ll finally be able to focus on helping your clients without worrying about costly legal claims.
What Does Medical Spa Insurance Cover?
Medical spa insurance is a customizable policy, meaning that the coverage you get is a combination of multiple insurance policies tailored to fit your business’s needs. This also means that the insurance you get will depend on several factors, such as the services you offer, your business’s revenue, and the size of your property.
That said, medical spa insurance coverage typically includes the following:
- Professional Liability Insurance: This policy, also known as Errors & Omissions (E&O) insurance and malpractice insurance, is designed to protect you from allegations of misconduct, negligence, failure to deliver a service, or anything related to negative work performance. For instance, if a customer makes a claim that your medical procedure brought them physical harm and sues you for malpractice, medical spa malpractice insurance will help cover the legal fees, and other costs should the case be taken to court.
- Commercial General Liability Insurance (CGL): This policy protects you and your staff against daily risks that might occur while running your business. CGL is one of the most common policies that business owners get because it can help cover costs in case of third-party bodily injury claims or third-party property damage. It can also cover an injured customer’s medical fees should they need it, or help pay for legal expenses should it be ordered by the court.
- Product Liability Insurance: This policy is typically included under CGL, and it protects against allegations that the product you used during medical treatment or sold to your patrons resulted in them suffering bodily harm. Damages covered by this policy are often due to a design, manufacturing, or marketing defect, such as mislabeling a product or incorrect safety warnings.
- Commercial Property Insurance: This insurance policy protects your medical spa from unfortunate instances that occur beyond your control, such as natural disasters or theft. Under this policy, you’ll find that business interruption insurance is included, which can provide you with reimbursement for net income lost following an insured event. However, business interruption insurance will not cover income lost in certain instances, such as a pandemic or a government-mandated public health closure.
KASE Insurance provides completely customizable insurance coverages for medical spa owners, so you can rest assured that the policy you get is tailored to your spa’s unique needs.
Who Needs Medical Spa Insurance?
If you dream of running your own medical spa, you need to get insured. Not only will a comprehensive insurance policy protect your business from potential problems, but this also shows good faith to your customers in a way that you take their trust in you seriously. But it’s not only spa owners that need insurance—if you are a medical spa professional, you should also consider getting an insurance policy to prevent financial liabilities.
There are many risks involved when starting your own business, but when you’re covered with the right insurance policies, you can be off to a much safer and more confident start.
Why Go With KASE Insurance?
Running a medical spa is a challenging but financially rewarding business. As such, you need to seek out an insurance broker that will cater to your business’s insurance needs and treat the growth of your business like it’s their own.
At KASE Insurance, this is the type of customer service you can expect to receive and more.
We guarantee our clients that they’ll get the peace of mind they deserve when they partner with us for their insurance needs.
If you’re looking to get customized medical spa insurance, contact us today to learn more.
