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The Right Insurance Representative

By: Kevin Quinley
Posted: July 23, 2008, from the August 2008 issue of Skin Inc. magazine.

page 4 of 9

A good agent should report back to you no matter what, saying things like, “We’ve received your request, and we are following up to …” Correspondence and communication is key.

Another way to judge whether insurance reps are doing a good job is to note if they offer several quotes or just give one renewal proposal from the incumbent insurer. Does the agent offer details on other insurances in the marketplace? The insurance market is currently soft—meaning it is characterized by available coverage, price competition and relatively broad coverage forms—so it should not be a huge challenge to obtain multiple quotes from various insurers. Hard markets are characterized by a relative unavailability of coverage, high prices and restrictive coverage terms.

5. What kind of information will my insurance representative want?

To determine a medical spa’s coverage needs and insurance costs, brokers and insurers will likely want to know the number of procedures done annually at the spa, its annual revenue and the credentials of those performing the procedures. Be prepared to address these types of questions.

6. Where does a spa professional go to locate a good insurance representative?