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The Right Insurance Representative
By: Kevin Quinley
Posted: July 23, 2008, from the August 2008 issue of Skin Inc. magazine.
Medical spa owners, operators and managers believe in investing in health, or else they wouldn't be in the spa business. But with all this healthy concern, who is looking after the financial health of your medical spa? One of the most likely answers is a savvy insurance representative. A major key to your medical spa’s financial strength and solvency is having a knowledgeable insurance advisor to provide you with needed financial protection from accidents and forces of nature, and heightening this need is the fact that the insurance coverage needs of medical spas are quite unique.
Many—if not most—medical spas have a medical director who may be at least a partial owner. Some people think medical directors can simply bring their own insurance or malpractice coverage in to cover the medical spa, but sadly, this may not always be the case. The reason is a medical malpractice policy may cover the medical director, but most policies will exclude coverage for so-called “aesthetic services,” and such services are often at the forefront of medical spa offerings and operations.
So where do you go from here? Getting the right coverage and even the right insurance representative can be tricky, but here are 12 questions and answers that will guide you in making a wise selection.
1. Do I have comprehensive financial protection?
A good insurance professional for your spa is one who can procure insurance coverage to protect:
- the spa itself
- spa employees
- independent contractors
- medical directors
- any treating physicians