In business we need to take risks in order to have reward. The higher the risk the higher the reward. Whether you are investing in a new location, adding a new technology, or re-positioning your business there is a certain amount of risk. Why take the risk? Well, if you succeed you will make more money (the reward).
But not all risks are worth taking. Not being adequately insured, being under-insured or worst of all not having insurance is a risk that a business should never take. It is critical, especially in a more complex business model, like the two entity Medical Spa that your business be properly and adequately insured.
The reason for today’s post is my concern that there are many Medical Spas with insurance issues. We have noticed when Acara does an insurance review, for a new client, 50% of the time there are problems ranging from under-insured situations all the way up to no insurance at all.
As a business owner or operator you must make a point of gaining the knowledge necessary to access your insurance needs and properly protect your business.
If you have any questions, feel free to reach out to me.