We all want a place where we can go to relax, get away from our troubles and maybe even get a massage or pedicure. For many people across the US, their preferred escape from day-to-day life is the day spa. Because day spas usually offer a variety of relaxing services like massage, facials, manicure & pedicures and salon services, operating your own can be very profitable and rewarding but this type of small business does come with a specific set of risks.
With multiple customers coming through your doors each day, the possibility for common accidents to affect your bottom line is fairly high. Luckily, with a day spa insurance policy from Marine Agency Insurance that is tailored to fit your unique business needs and your budget —you, your employees and most importantly, your customers— can rest easy knowing you’re prepared for the worst.
What Type of Insurance Coverage Do You Need for Your Day Spa?
In the US alone there are over 20,000 day spas that employed 340,000 people in 2013. With more than 160 million visits annually, all of that relaxation and pampering totaled $14 billion in sales in 2012. Since the 90’s, the day spa industry has been steadily growing throughout the US and if your own spa has seen any substantial growth in the last few years, it’s probably time to revisit your day spa insurance policy.
Whenever you bring on a new employee, invest in more advanced equipment and start selling new products, you increase your risk of litigation. While your older day spa insurance policy may have fit your needs once upon a time, it’s important to review it as your small business grows.
Special Day Spa Insurance Coverage Options
Unlike the average small business where you may sell products or services, a day spa offers a unique set of services to customers and so, you’ll need a unique insurance policy that is tailored to your specific needs and budget. No matter what type of services you offer to your customers, you should be investing in a few basic types of coverage, including:
- Property and Casualty – This insurance option covers your building (whether you rent or own), your inventory and any equipment used on-site (computers, salon equipment, etc.) against any loss or damage due to theft, fire or other natural disasters.
- General Liability – If there is an accident at your spa that causes bodily harm or damage to a customer’s property, liability insurance will cover the cost of damages. For example, if a customer slips and falls getting off the massage table and decides to sue, liability insurance will pay for their medical bills, any court ordered damages, your legal fees and more.
- Business Interruption – This insurance option covers your operating and payroll expenses in the event that your business must close to recover from a disaster like fire, storms or burglary.
- Workers’ Compensation – Workers’ compensation covers your employees medical bills, lost wages and any rehabilitation costs when they are injured on the job.
Better Protect Your Small Business with Comprehensive Day Spa Insurance Coverage
Whether your day spa is large or small, you need insurance coverage that is as unique and specialized as the services you offer. Some key points to keep in mind when shopping for a new day spa insurance policy include:
- Revenue for the day spa industry reached $14 billion in 2012 alone.
- Because you offer a variety of different services, your business operates at a high risk of litigation.
- An insurance policy that is tailored to fit your needs will provide the highest level of protection.
Ready to learn more about day spa insurance from Marine Agency Insurance? With over 40 years of experience insuring day spas we are the recognized leader in the industry. Call 800-763-4775 or visit us online today!