In 2021, the United States spa industry reported 173 million visitors, according to Statista. It’s no surprise that more and more medspa facilities open up every day to join this growing niche market. If opening one is in your immediate plans, be sure to learn all that you can about insurance for medspas before you begin your venture. Here are three ways to find reliable insurance for your medspa.
1. Do They Have Experience?
Having a local agent that you are able to meet with face to face can make finding the right insurance for medspas and medspa owners a lot less stressful. An agent or broker who understands the unique needs of medspa owners will be a much more valuable resource than just any insurance company.
2. What Do The Offer?
Think about what services you will be offering, how many employees you will need, and your liability risk. Don’t overlook liability protection as owning a public-facing business such as a medspa does come with a significant amount of risk. Once you have identified your specific needs, your insurance agent or broker will be more successful in finding you a policy that will adequately meet your needs.
3. Do They Have What You Need?
A medspa carries a lot of inventory and equipment that reflects a high level of financial investment. You will want to look for a policy that provides protection for all of these items. Be sure to carefully review any policy before making your selection to ensure that you will have this coverage. There is nothing worse than investing your money in a lifelong dream only to lose everything due to being underinsured.
Most policies will provide this protection, so make sure that yours does too! Another consideration in this area is valuing your inventory. Make sure to use the number that represents the highest level of inventory that you carry during your busiest time of year. Again, this is another reason to work with an experienced agent.
Opening a new business can be very exciting, especially in a thriving industry like skincare. Make sure to do your homework and find a policy that is tailor-made for insurance specifically for medspas. Having the right protection can make all the difference when it comes to building and sustaining a successful business. If you’re looking for medspa insurance you can trust, contact Allied Beauty Experts today.