Day Spa Insurance New Hampshire Policy Information
Day Spa Insurance New Hampshire. If you own a day spa or a medical spa in NH, then the services you provide and the treatments you offer require you to interact with customers on a personal level. The personable contact you are involved in puts you at an added risk for liability, but this risk is easily mitigated with the right level of day spa insurance New Hampshire for your business.
In particular, medical spas face huge risks when their clients are injured or become ill as a result of treatment. Likewise, people who expect results from their treatments that they do not see after treatment also pose a risk for liability. Arming yourself with spa insurance makes a lot of sense.
Day spa insurance New Hampshire protects your business from lawsuits with rates as low as $47/mo. Get a fast quote and your certificate of insurance now.
Just a single major claim against a spa can drain its assets and capital, resulting in the business closing. Protecting your spa from financial ruin, however, is straight forward - purchase a comprehensive policy that protects you from all potential perils.
Back in 2009, a jury awarded a half-million-dollar judgement to a patron from a medical spa in North Carolina. Apparently, the women had contracted a blood infection while having a stomach-fat reduction procedure performed. Similarly, a medical spa in Chicago was sued in 2007 by a woman who went in for laser hair removal and came out with burns on her legs. She received $100k for her injuries in a case that was settled prior to going to trial.
Because medical spas are becoming more prevalent, and due to the personal and sensitive nature of their services, the industry is becoming a huge target among litigious clients. Spas are oftentimes hit with large malpractice suits that may grow to become million-dollar claims once legal fees and monetary awards are factored in.
Day Spa Insurance Types
The spa industry is on the rise in the United States. There are more than 20,000 spas today, as compared to 1999's level, which was roughly 4,000. Revenue from spa visits in 2012 alone amounted to $14 billion, and spas employ more than 340,000 people.
This represents more than a quadrupling in the industry as compared to the late 90s. Perhaps your NH spa has also seen an uptick in customers in the past few years, and if so, it's time to review your spa's liability policy and the coverages you have in place to protect your business. Each employee that you've added and each new type of procedure you offer increases the chances that something can go wrong, no matter how professional you and your staff are. If you have purchased new equipment, it also pays to make sure that your insurance protects you from equipment loss, theft, vandalism, and shutdown or malfunction with the right type of amount of property coverage for the business.
Updating your day spa insurance New Hampshire policy and reviewing it for its thoroughness is as simple as working with a seasoned agent who understands your unique needs. An agent with experience in the industry will also know how to write the policy you need to guard you from financial fallout resulting from litigation and claims.
Coverage Every Spa Owner Needs
There are some basic types of coverage that every NH spa owner and employees need. These include:
- Property insurance. This insurance type covers your equipment, inventory, buildings, and more from potential loss due to criminal activity, fire, or weather.
- General liability coverage. This type of insurance pays for your expenses if you are sued to accidents or injuries that occur on your premises. This covers slip-and-fall accidents, malpractice claims, burns, and other potential problems.
- Business interruption coverage. This policy covers payroll and operating expenses when the business is recovering from burglary, fire, storm damage, or other perils.
Special Coverage for Medical Spas
One of the most crucial types of coverage for medical spas is known as professional liability insurance. Each person working at your spa should be covered under professional liability coverage. This coverage kicks in to pay for damages that result when a client is injured or alleges she is. It pays for things like legal fees, pain and suffering, and actual damages.
Oftentimes medical spas perform procedures on patients that require laser treatments, harsh chemicals, ideections, or even anesthesia. Because of this, the day spa insurance New Hampshire policy you choose should have far-reaching capabilities for many different unexpected scenarios.
Usually, a blanket liability coverage policy covers malpractice in the even that someone accuses your facility of wrongdoing that leads to ideury. It can also cover allegations of sexual misconduct. It should also cover HIPPA and disciplinary proceedings if your facility is accused of infractions against HIPPA policies.
Some other types of day spa insurance New Hampshire to consider include:
- Product liability insurance. This coverage protects your business if a patient is injured due to malfunctioning equipment. For example, a laser malfunctions and causes or a patient is allergic to an ideection.
- Cyber liability. If your business faces a claim brought about by a breach in data on your website, then this coverage protects you from financial harm.
- Anesthetist liability. This coverage ensures that your business is not harmed by the action of anesthetists working for you.
Find out more about day spa insurance Pennsylvanina for your business. This insurance is a must for estheticians, massage therapists, personal trainers, and other professionals who provide weight loss, skin care, and other types of services. Find the right policy for your business, or choose updates and riders for your policy to make it truly reflective of your business needs by talking with a licensed and professional agent now.
New Hampshire Economic Data, Regulations And Limits On Commercial Insurance
You have an entrepreneurial spirit and a great idea for a business, now you just need to decide on a location for your headquarters. Before you pick a location, it's important to take several factors into consideration and weigh your options.
If the area doesn't offer a market that the products and/or services you intend on offering will appeal to, and the overall economic climate isn't healthy enough to support a business, there's a good chance you aren't going to achieve the success you desire.
How can you determine where to set up shop? By assessing the economic trends of a location, as the economy of an area offers good insight about the potential for success. Additionally, you should consider the commercial insurance requirements of an geographic location so that you know what type of policies you'll need to have in place.
If you're thinking about starting a business in New Hampshire, read on for an overview of the state's economic trends and mandated commercial insurance policies.
Economic Trends For Business Owners In New Hampshire
As of December, 2019, the unemployment rate in the Granite State was 2.6%, which was 0.9% below the national average of 3.5%. This statistic indicates that the economy of New Hampshire is healthy, as there are enough job opportunities to support the residents of the state, and those employment opportunities directly reflect the health of businesses in the state.
Additionally, New Hampshire offers a diverse workforce that is comprised of individuals from varied backgrounds, so prospective business owners should have ample opportunities to secure employment for their organizations.
In addition to the low unemployment rate, the Granite State offers many other features that will appeal to business owners; low taxes, an above-average per capita personal income, and the close proximity to large regional markets, just to name a few.
While businesses of varying sizes and in various industries can find success in the state of New Hampshire, there are some sectors that show particular promise. The leading industries in the state are as follows:
- Bio Science and health care
- High-tech manufacturing
- Hospitality and tourism
The best locations for business owners within NH include metropolitan regions and the surrounding areas. This includes Portsmouth, Portland, Concord, Derry, and Londonderry.
Commercial Insurance Requirements In New Hampshire
The New Hampshire Insurance Department regulates insurance in NH. New Hampshire mandates very few forms of insurance coverage by law. They enforce worker's compensation.
New Hampshire requires you to have worker's compensation insurance if you hire even one employee on a regular basis. This includes part-time employees, family members, minors, and immigrant employees. It is not required for independent contractors or domestic employees, though you should check to make sure any contractors you have are true contractors, and not employees.
New Hampshire also requires all business-owned vehicles to be covered by commercial auto insurance. Other types of business insurance that business owners should carry depend on the specific industry.
Additional Resources For Health & Beauty Insurance
Learn about small business health and beauty insurance coverages that help protect tattoo artists, salons, spas, estheticians, cosmetologists, barbers, hairdressers, nail salons and more from legal liability.
- Barber Hair Dresser
- Beauty Salon
- Day Spa
- Diet Nutrition Services
- Massage Therapy
- Medical Spa
- Nail Salon
- Permanent Cosmetics And Microblading
- Personal Trainer
- Tanning Salon
- Weight Loss Center
The health and beauty industries help people look good and feel great about their appearance and health. Some of the most popular are:
Cosmetologists - typically can help people with hair styling, cosmetics, and manicures and pedicures.
Estheticians - are trained to work with clients to treat skin care issues.
Hair Dressers & Barbers - offer a variety of services such as; hair cuts, styling, perms, hair dying and highlighting.
Health Club - Gyms, fitness centers, and health clubs focus on promoting healthy lifestyles and active living.
Massage Therapy, Reiki & amp; Acupuncture - can help relieve stress and improve your clients health. Work can be done in a salon, medical office, or home based. Also in your client's homes.
Permanent Makeup & Microblading - Offers coverage for permanent cosmetics, pigment removal and lightening, lasers/IPLs, and needling/MCA.
Salons - Similar to spas, salons are offer customers beauty treatments, services and products.
Spas - Have more exposures for the risks of faulty equipment, products, or unskilled employees that can injure customers.
Tattoo - Tattoo parlor and body-piercing coverage is designed to address the specific risks of artists and their studio.
Yoga & Pilates - forms of exercise designed to improve mind, body and spiritual wellness.
Minimum recommended small business insurance coverage: Business Personal Property, Business Income with Extra Expense, Employee Dishonesty, Valuable Papers and Records, General Liability, Professional Liability, Umbrella Liability, Hired and Non-owned Auto Liability & Workers Compensation.
Other commercial insurance policies to consider: Building, Earthquake, Flood, Leasehold Interest, Real Property Legal Liability, Accounts Receivables, Bailees Customers, Fine Arts, Cyber Liability, Employment-related Practices, Environmental Impairment, Liquor Liability, Business Automobile Liability and Physical Damage, Garagekeepers and Stop Gap Liability.
Request a free Day Spa Insurance New Hampshire quote in Allenstown, Alton, Amherst, Atkinson, Auburn, Barnstead, Barrington, Bedford, Belmont, Berlin, Boscawen, Bow, Brentwood, Brookline, Canaan, Candia, Charlestown, Chester, Claremont, Concord, Conway, Danville, Deerfield, Derry, Dover, Durham, Enfield, Epping, Epsom, Exeter, Farmington, Franklin, Fremont, Gilford, Goffstown, Greenland, Hampstead, Hampton, Hanover, Haverhill, Henniker, Hillsborough, Hinsdale, Hollis, Hooksett, Hopkinton, Hudson, Jaffrey, Keene, Kingston, Laconia, Lebanon, Lee, Litchfield, Littleton, Londonderry, Loudon, Manchester, Meredith, Merrimack, Milford, Milton, Moultonborough, Nashua, New Boston, New Ipswich, New London, Newmarket, Newport, Newton, North Hampton, Northfield, Northwood, Nottingham, Ossipee, Pelham, Pembroke, Peterborough, Pittsfield, Plaistow, Plymouth, Portsmouth, Raymond, Rindge, Rochester, Rye, Salem, Sandown, Seabrook, Somersworth, Strafford, Stratham, Swanzey, Wakefield, Walpole, Weare, Wilton, Winchester, Windham, Wolfeboro and all other NH cities & New Hampshire counties near me in The Granite State.
Also find NH local small businesses by General Liability Class Code and learn about New Hampshire small business insurance requirements for general liability, business property, commercial auto & workers compensation including NH business insurance costs. Call us (603) 601-4771.