Medical Spa Insurance Cambridge MA

Which Coverages Are Included?

There is a myriad of different insurance products on the market, which can make choosing the right coverage a long and tedious process. Here are the policies most important for medical spas:

• General liability insurance – This policy covers any bodily injury or damage inflicted on another person or business. Additionally, it will cover the legal fees and settlement costs resulting from the initial damages.
• Commercial property insurance – In the event the premises you rent or own become damaged, either by fire, vandalism, or other causes, you are covered for repairing or rebuilding the property. You are also covered for the contents of the property to the extent specified in your policy.
• Business owners’ policy – The business owners’ policy combines general liability and commercial property insurance into a bundle, which is usually cheaper than buying the policies individually.
• Errors and omissions – Also known as professional liability insurance or malpractice insurance. If you receive a lawsuit due to an illness, injury, or an infection that the client claims was caused by your business, you will be covered by insurance. Legal fees and any settlement payouts also fall under this coverage.
• Workers’ compensation – In most states you are required to take out workers' compensation for any illnesses or injuries your employees sustain while at work or due to their job. Additionally, if an employee decides to file a lawsuit, you will be covered for legal fees.

In addition to the more general policies described above, there are other policies you may want to consider:

• Cyber insurance – Most businesses these days use digital databases to store, keep track of, and manage information about their clients. Medical spas also need to keep track of some of their patient's medical information. A cyberattack that corrupts or steals that information can cause a lot of harm to the company. Moreover, criminals can use that information for extorting money and if the information is shared with the public or to blackmail your clients, your business will probably also be sued. Cyber insurance can cover the costs of any lawsuits, the revenue lost due to the attack, and even the ransom's value. The precise coverage will be determined by your policy.
• Commercial auto insurance – If you own company cars or other vehicles, you are going to have to purchase commercial auto insurance. The insurance covers both you and employees if they cause an accident while driving the company vehicle.