Weight Loss Center Insurance Michigan Policy Information
Weight Loss Center Insurance Michigan In America, there is a growing concern about the level of obesity that exists. Statistics show that nearly 70 percent of American adults are overweight. When you think about it, this is a scary statistic. Obesity is a major contributor to many of the health problems faced today. Many persons who are overweight also struggle with their self-esteem.
As a result of the obesity problem, non medical weight loss businesses have become a profitable business for many entrepreneurs. In 2015 it was reported that business who provide weight loss services brought in over $6.3 billion in revenue. Surely there's enough money in this industry, but there are also many risks.
Weight loss centers provide facilities for meetings, offices for counseling and consulting, and weigh-in rooms for clients who need ongoing encouragement and support for taking off unwanted pounds. These centers do not offer overnight stays, exercise facilities, or physician services. While counseling is important, the primary profit-generating function of the center is to sell food and nutritional supplements.
With the amount risks involved, it's important to have weight loss center insurance Michigan for your business.
Weight loss center insurance Michigan protects your business from lawsuits with rates as low as $37/mo. Get a fast quote and your certificate of insurance now.
Basic Weight Loss Center Coverage
The risks involved with running a MI non medical weight loss center can destroy your business. One lawsuit can result in financial ruin. Also, you must have insurance to protect the buildings you use for the operation of your business. If you have to repair the building after a storm or because of some other event that causes damage, then you need to have insurance.
You also have to consider other liability exposures you can face when operating this type of business. If a person slips and falls or faulty products cause damage, you are going to need to protect your business with weight loss center insurance Michigan. Following are some of the different types of insurance you can use to protect your business:
Commercial Property Insurance: Commercial property insurance provides your business with coverage for property damage after fire, theft, vandalism and weather events that cause harm to business property. Also, business interruption coverage can be added. This insurance covers expenses such as rent and employee salaries if your weight loss center needs repairing and can't operate for a period.
Commercial General Liability Insurance: Liability insurance is necessary to protect your business. With commercial general liability insurance, you have broad coverage for things such as bodily injury or property damage. If a person is injured while on your premises or as a result of using a service you provide you'll be protected when you have this insurance. A CGL policy helps to assist with the covering of defense costs, court costs and other judgments associated with a lawsuit.
Business Owners Policy: Designed for small businesses this type of coverage packages liability, property and business income insurance. If you are looking for an affordable weight loss center insurance Michigan for your small business, then this is it.
MI Commercial Auto Insurance: Whether you are delivering food or supplements to your customers, you'll need to protect the vehicles you use. MI business auto insurance is how you adequately protect any vehicle you use in your business. This insurance protects you if your business vehicle damages or injures another person in a collision. You may also have to include non-owned or hired auto liability coverage if your employees use their vehicles to make deliveries.
Workers Compensation: Workers comp is legally required in most states for any non-owner or partner employees. If an employee is injured while working for you, they' protected if you have MI workers comp. This insurance also helps to cover any costs associated with an employee having to go to the hospital. Workers compensation pays benefits to the surviving family if an injury to an employee results in death.
Product Liability Insurance: If your non medical weight loss center is involved in the selling of special diet foods, supplements or any other product, then you need product liability insurance. Product liability insurance helps you to cover injuries to your customers who use the products you sell. This insurance also protects the manufacturer or seller of the product.
Michigan Weight Loss Center's Risks & Exposures
Premises liability exposure is moderate due to the constant traffic of patrons and visitors to the facilities. Flooring must be in good condition, with no frayed or worn spots on the carpet and no cracks or holes. Exits must be sufficient in number, be well marked, and have backup lighting in case of power failure. While nutritional counseling is not considered to be a professional exposure since it is advisory only, it should be handled by a person trained in counseling that has a background in nutrition and understands the potential interactions between medical conditions and foods recommended.
Parking lots and sidewalks need to be in good repair with snow and ice removed, and generally level and free of exposure to slips and falls. Courts may deem the security of visitors in parking areas to be the responsibility of the owner or operator of the premises. Factors affecting the risks include the exterior lighting, fencing, and any other security measures in place. Personal injury exposures include assault and violation of privacy.
Products exposure is moderate due to the food and supplements sold. Proper sanitation and stock rotation reduce the possibility of contamination. The exposure increases if the center modifies or sells any products that are non-standard, independently produced, or proprietary. There should be no warranties and guarantees of weight loss.
Professional exposure may exist if health care professionals provide the nutrition counseling. All clients must be encouraged to meet with their primary physicians prior to embarking on any weight loss program. If physicians supervise this program, the counseling must be under the purview of the physician only. Employees must not work outside their area of expertise and licensure.
Workers compensation exposure may be limited to that of an office. Common hazards include repetitive motion injuries and back sprains and strains from material handling. Food service workers may be injured by cuts and burns.
Property exposures consist of office, classroom and meeting space, and private rooms for counseling and consulting, and sometimes weigh-ins. Ignition sources include electrical wiring, heating, air conditioning, and cooking if food preparation is done on premises. There should be controls and safety equipment for cooking equipment. Coolers and freezers should be well maintained with backup systems for power failures. Even if smoking is not permitted on premises, customers may dispose of cigarettes improperly, posing a fire hazard.
Crime exposure is from employee dishonesty, and money and securities. Background checks should be conducted on all employees who handle money. Personal information in the client files may pose a risk of computer fraud and identity theft. There should be a separation of duties between persons handling billing, deposits, and disbursements and handling bank statements. Proper cash handling procedures should be in place.
Inland marine exposure includes accounts receivable if the center offers credit, computers, and valuable papers and records for clients' and suppliers' information. If meetings or programs are conducted away from the main premises, mobile equipment coverage may be needed. Backup duplicates of all important records and software should be kept off site.
Business auto exposure is generally limited to hired and non-ownership liability. If there are company vehicles, all drivers must have a valid driver's license and acceptable MVR. There should be written procedures regarding the private use of these vehicles by others. Vehicles must be regularly maintained with documentation kept in a central location.
MI Weight Loss Center Insurance
The operation of a MI non medical weight loss center exposes you to many risks. Having the right weight loss center insurance Michigan prevents your business from being ruined financially from a lawsuit. When you don't have insurance to protect your business, you can lose everything overnight. Take the time to speak with an experienced insurance broker so that you can work on a customized insurance package for your business.
Michigan Economic Data And Business Insurance Requirements
Business owners who are interested in establishing operations Michigan must have a thorough understanding of the state's economy. They should also familiarize themselves with any regulations and limits that state may have in place for commercial insurance.
Any entrepreneur who is thinking about starting a business in the Great Lake State first needs to determine if it's a feasible location for business operations. As such, it's important to have a keen understanding of pertinent details regarding the economy of Michigan, in addition to the types of insurance coverage that are mandatory for corporations that operate within the state.
Economic Trends for Businesses In Michigan
After a long period of stagnant job growth in the early part of the 21st century, MI has been experiencing a steady increase in employment gains. Between 2009 and 2018, the state has enjoyed a period of uninterrupted job growth; the longest stretch of job growth since World War II. According to economists at the University of Michigan. While there has been a slight decline in the rate of job growth, job creation continues and forecasters say will continue for the next two years, into 2021.
In 2018, an estimated 55,200 jobs were created; in 2019, it's expected that 35,800 jobs will be created, and in 2020, economists believe that there will be a total of 39,300 jobs created in Michigan. While that rate of growth is 1.9 percent slower than the job growth rate between 2011 and 2016, it is still a steady increase overall. In total, approximate 683,200 jobs will be created in MI between 2099 and 2020; almost four out of the five jobs that were lost during the early part of the 21st century will be recovered.
While the unemployment rate has steadily improved, it is still above the national average. In March of 2019, the national unemployment rate was 3.8 percent, while in the state of Michigan, it was 4.0 percent. Mid-Michigan has experienced the largest growth rate in the state, and according to forecasters, it looks like that trend will continue, moving forward. Industries that are expected to see the most growth include:
- Energy, due largely to research and development in clean energy
- Food and agriculture
- Transportation and mobility
- Healthcare industry
- Information and technology
In the state of MI, business owners are not legally required to carry liability insurance; but most entrepreneurs opt to invest in a General Liability or Business Owner's Policy (BOP). A commercial auto insurance policy is also required for any businesses that use motor vehicles to conduct any aspect of their business operations. Workers' compensation insurance is also required for any businesses with non-owner employees. While the following forms of coverage are not required, depending on the type of business you operate, they are recommended:
- Data breach insurance
- Business income insurance
- Commercial Umbrella insurance
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.
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Also learn about Michigan small business insurance requirements for general liability, business property, commercial auto & workers compensation including MI business insurance costs. Call us (313) 344-7177.