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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 7 of 9

Maybe the spa added new procedures, or there has been an indundation of recent claims filed. These factors can impact insurance rates as well, and the insurance intermediary controls none of this. Some spa professionals may hear of counterparts who pay less money for insurance, but the discrepancy may not just be in the price. The difference may lie in the credentials of the staff physicians, riskier procedures, the number of procedures, a business being new to the insurance market and a variety of other factors.

10. Should I always use the insurance rep who lines up our medical malpractice coverage?

A common mistake in picking an insurance representative is automatically selecting the same person who procures your medical spa’s medical malpractice coverage. Such people may know little about the insurance needs of medical spas, and furthermore, they may not get you the best price or will only go to one market.

Not all brokers or agents are well-versed in medical malpractice or medical spas, so networking is the best way to find out who is writing the best coverage for you.

11.How much should property coverage enter into my selection decision?