Dayspa

DEC 2018

DAYSPA is the business resource for spa & wellness professionals! Each issue covers the latest in skin care, spa treatments, wellness services and management strategies.

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[ 50 ] • # dayspamagazine • december 2018 management workshop by Phyllis Hanlon Gotcha Covered A guide to getting the right kind of insurance for your spa. F rom hiring the best staff to reaching your coveted clientele, there are a lot of basic requirements that come with owning and running a successful spa business—but arguably one of the most important is carrying the right kind of insurance. Af ter all, the unfortunate reality is that lawsuits are fairly widespread in the industry. "Usually it's an accusation of negligence during a service," says Susan Etter, vice president of underwriting at Professional Program Insurance Brokerage (PPIB). Of course it's not just litigious clients who make insurance a must. "Landlords typically require you to cover the space you lease, states require you to protect your employees, and some licensing boards require you to protect the public," says Etter. "The biggest driver, though, should be that anyone who has put a great deal of time and money into their spa must protect this valuable asset." Here's how to guarantee that you've got the coverage you need. Primo Protection According to Etter, all spas should have three main types of insurance: professional liability in the event that something goes wrong during a service; general liability to cover on-site slip-and- fall-type claims; and property coverage to safeguard equipment, merchandise and supplies, as well as loss of income if the facility incurs any damage. The specifi cs of what's covered by a policy will vary from one carrier to another, so spa owners should review the details with their insurance broker to avoid any surprises, notes Kathy Lopez, account manager for Salon & Spa Specialty Insurance (SASSI). "Depending on the diversity of the spa, it's important to make sure that all services performed are covered," she says, adding that whenever a new treatment or procedure is introduced or more employees are hired, the owner will probably want to increase coverage, resulting in an additional premium. © GETTY IMAGES

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