Medical Spa Insurance: What you MUST KNOW before choosing!

In this interview Jason Kunz shares EXACTLY what you NEED TO KNOW about medical spa insurance. Jason also lists the questions you must ask before choosing an insurance agent for your med spa.

In this episode on medical spa insurance, we discuss:

  • Why traditional business coverage is NOT enough.
  • The three main types of coverage every med spa needs to protect their business
  • Why if you’re renting an existing space you probably aren’t covered
  • The recent changes you must know that are directly impacting medical spa insurance coverage! 

Make Sure Your Med Spa Is Protected with These Simple Medical Spa Insurance Tips...

Is your med spa covered with a “traditional business owner policy?” 
If so, stop what you’re doing and take notes!

One of the most important topics any med spa business must consider is insurance. In this episode, I talk with Jason Kunz to discuss the type of insurance coverage medical spa owners need. 

Almost all med spa owners are shocked during their initial conversation with an insurance agent. Jason says a traditional business owner’s policy simply will not be sufficient for your med spa! A traditional policy does not provide the coverage needed for most medical spas. Because of this, Jason shares three essential types of insurance coverage.

“A typical med spa has services and procedures that require a physician’s oversight, which triggers a higher liability.”

Here’s what your med spa needs:

  1. Professional liability insurance coverage which provides coverage for the procedures and services offered to the general public.
  2. General liability insurance coverage which is vicarious liability covering accidents like a trip and fall involving a client or employee.
  3. Equipment and office contents insurance coverage for fire and theft losses.

     *** NOTE – For staffed medical spas, workers’ compensation may also be necessary

So… Are You Covered Because You Are Renting Space?

It’s common for many med spa owners to rent spaces in an existing facility. It’s a common assumption that general liability and business office contents coverage is already taken care of by the building owner — but this is false. Renting space in an existing facility DOES NOT alleviate you from claims. As the medical spa owner, this is your responsibility.  

Jason explains, “Even though you’re renting within somebody else’s facility, it’s still YOUR company and YOUR patient.”   

For that reason, all three types of medical spa insurance coverage are necessary. Furthermore, this is true even if you’re operating on a smaller scale, such as a one-person operation renting a room. You need professional and general liability as well as equipment and office content coverage.

Industry Changes Currently Hitting the Insurance Agents’ Radar

Insurance agencies are seeing changes in claim frequency. As a responsible medical spa owner, you need to make sure these changes are on your radar as well so you can protect your clients and your business.

Here are the types of claims showing a recent increase in frequency:

  • Employee allegations against the company/owner regarding sexual harassment, wrongful termination or discrimination.
  • Client ramification and claims resulting from cyber attacks and/or data breaches.
  • HIPAA compliance – this can be as simple as a patient asking for a copy of their reports and accidentally receiving another patient’s medical record.

When choosing an insurance agent for your #MedSpa - you MUST find someone with industry specific experience like Jason Kunz from @nfp #Truth #MedSpaMarketing

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3 Questions You Must Ask When Deciding on a Medical Spa Insurance Agency to Ensure You Get the Coverage You Need:

As a medical spa owner, ignorance is an absolutely unacceptable excuse when it comes to legal issues. One claim can cripple a Med Spa permanently. 

A single claim can be a massive expense and cause irreparable damage to your reputation. For that reason, when deciding on a medical spa insurance agency to guide you through the murky waters – YOU MUST BE PREPARED!

Here are three questions you should ask before moving forward with a medical spa insurance agency:

  1. What is your knowledge of the medical spa industry?

    Avoid your longtime friend or neighbor, who is an insurance agent and a nice guy or gal, but does not have industry specific knowledge in the medical spa space. Jason assures us it’s extremely important to find someone who has knowledge in the medical spa industry. Above all, that agent should be very familiar with the professional liability claims associated with this particular industry.

  2. Are you an independent agency?

    It’s in the medical spa owners’ best interest to work with an insurance agency that doesn’t just represent a handful of companies. It’s important to find one that can work with you and get you everything you need, and that can shop around to make sure the coverage suggestions are being tailored specifically for your med spa needs.

  3. What is your approach to working with a medical spa (is it a team or an individual agent)?

    Jason shares the importance of a team approach to medical spa insurance. A team provides extra sets of eyes when it comes to research, industry needs and customized coverage suggestions, and will uncover the best coverage solutions for your medical spa’s immediate needs. Similarly, it will also help eliminate any oversights and ensures assistance for your long term business growth and protection.

Full transcript of interview on Medical Spa Insurance: Exactly What Your Need to Know...

Guest Expert on Medical Spa Insurance for Med Spas - Learn more about Jason Kunz and NFP:
Professional Picture of a man smiling who sells medical spa insurance. Blue Background

Jason Kunz
Senior Account Executive 
1(360)748-8855 ext508

Jason Kunz is a Sr. Account Executive with NFP. Jason has been licensed in the insurance industry for more than 20 years. He maintains the designation as a Certified Insurance Counselor, demonstrating his expertise and commitment to the industry.

Early in his career, he was intrigued with the unique insurance exposures presented by the medical spa industry. He dedicated himself to specializing in insurance solutions for this niche industry, with great success. Representing the leading insurance companies available in today’s market, Jason is able to tailor coverages to meet the medical spa owner’s specific needs. He has built a large portfolio of clients over the years, but is most proud of the relationships that he has built with his clients along the way.

Jason, along with his team, provides exceptional service and risk management solutions for his clients. With his extensive background in the medical spa insurance industry, Jason is able to personalize solutions that meet the needs of a wide variety of clients, both large and small, from all across the nation.

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