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Insurance doesn’t matter ... until it does! Following are 10 things you can do to minimize your risk and choose the insurance policy that is right for you.
- Ask for referrals when choosing an insurance broker/company. By selecting a company with spa experience, you can take advantage of its expertise, potentially saving time and money.
- Your broker should know you and your business. Have your broker tour your space, and help you determine potential hazards and opportunities.
- When you receive your policy, review it. Joe Delucchi of CAL-Insurance in San Franciso says, “If you don’t understand your policy, ask questions. Read through the entire policy, and make sure it represents your business.”
- Consider Employment Practice Liability (EPLI). For business owners with employees: “EPLI responds to allegations of ... wrongful termination, discrimination and harassment,” Delucchi says.
- Consider crime coverage. If your spa manages numerous services and handles a large cash flow, you might want to think about crime coverage. This type of policy covers embezzlement of your business’s money.
- Send the insurance company a copy of your menu of services. When you change your menu, send an updated copy to your broker and be sure to document your correspondence.
- Take pictures. Photograph your space and equipment, and store these photos in a place that you can access if your spa is damaged. Some insurance companies will store them for you.
- If your state requires a license, your insurance company will probably expect the same. In most cases, unlicensed activity will not be covered by your professional liability insurance. Tip: An expired licensed is considered unlicensed activity.
- Have dedicated circuits where necessary. Frayed extension cords, overloaded circuits and damaged equipment are all potential fire hazards. Tip: Spa candles create a calm ambiance but, when left unattended, can cause expensive damage.
- Employees may not be covered by the spa. Check your spa’s policy. If you provide on-location, contract or freelance services, you’ll also want to look into getting your own individual policy.
Founder and owner of the San Francisco Institute of Esthetics and Cosmetology since 2002, Deedee Crossett will be speaking on “10 Things You Can Do to Motivate Your Team and Grow Your Business” during the Advanced Education Conference Program at Face & Body® Northern California in San Jose, CA, on Saturday, August 23! Register today at www.FaceandBody.com/california!
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