Frequently Asked Questions

Our FAQ’s are here to answer some of the most common questions we hear about Medispa Insurance. If you have a different question you can always email us at chriss@ivesinsurance.com

Accurate content coverage for a Medispa insurance policy protects your business risk advantage. Make sure you have the correct amount of coverage. The amount should replace all of your finishes.  If you need help you should get an appraisal.  Or you can ask a contractor what they would charge to replace everything.  Also take some time to price out NEW equipment for your Medispa.  If you got a deal on a piece of equipment (ex. pedicure station), you will not be able to replace it at the old price.   Accurate coverage will allow replacement with a new machine without hassle. Also review your lease with your broker. Talking to your beauty expert will make sure that in the event of a claim, you are correctly insured.

“A business or person that carries out work for a company.” Most estheticians that work at a Beauty Spa are subcontractors. A subcontractor will have a contract with the Spa owner to perform specific services at an agreed rate (or percentage). A subcontractor will be responsible for paying their own taxes, CPP & EI.  Sub-contractors will also have to carry their own professional and general liability insurance.  

Absolutely! The gig economy found its roots in the beauty industry. Now sub-contracted employees are a large segment of the workforce. Your business is responsible for whom you bring into your space and who treats your clients. Lawsuits cost thousands to defend. If you were found negligent in your hiring practice, equipment, or oversight of the sub-contracted employee, you could be found partially responsible for any damages awarded by the court or mediation.  

Ideally, it would help if you told your medispa insurance broker anytime you are thinking about changing your business. The costs associated with changing your insurance policy can negate any profits you are expecting to make from your new service. By needing to increase limits, buy up coverages, or purchase entirely new policies altogether, you can quickly increase the cost of your medispa insurance policy. But making sure you are covered is worth the extra costs.  Your beauty insurance broker expert can work with you to provide the best coverage with the lowest possible premium.  Remaining knowledgeable and up to date in your market place provides you with the best insurance advantage. 

DO NOT Proceed! If you have a bad feeling about a new client, then trust your gut. The deductible, time, and effort you will face if they are fraudsters trying to commit insurance fraud is not be worth any amount of money of services you would provide. Even though they sign the intake form, that doesn’t mean you are off the hook.  Unfortunately, there are people out there that will complain to try to get freebies. Or worse yet, take advantage of your best business practices. 

We specialize in esthetics professional beauty insurance (both basic and advanced) and our insurance companies do as well. Our clients often tell us that when they call their broker that does their home or renters insurance they are quoted over $1,000 for a beauty professional insurance policy. Our individual beauty insurance is generally under $600. Why such a difference? When you sell thousands of policies a year, with insurance companies that understands what they are insuring, you can do it for less and insurance your business has an advantage!

Yes (unfortunately). In Ontario we must add 8% tax to each policy. Every province is different.

Botox (along with Laser Hair Removal, Injectables or Microblading) can be added to your Medispa policy for an additional fee.  It also can be purchased by your sub-contractors.  Click here for more information.

The same way you would add a piece of equipment to your policy.  Contact your Beauty Insurance Expert.  Calling us at 1-226-641-0777 or email chriss@ivesinsurance.com.

Yes, you can. Call us and we can add a “floater” to cover any piece of equipment you want to take off premises. (We will need the make, model, serial number and value of the piece of equipment you want to add). As a guideline, it would cost approximately $400 to insure a $10,000 piece of equipment. A floater adds additional coverage for accidental damage (if you drop it or get in a car accident!).

CGL stands for Commercial General Liability. It is the most common form of liability coverage and it protects you and your staff from claims such as “slip and fall”.  Also property damage  caused to a third party (like leaving a tap running and flooding out your neighbors unit). Over 90% of all medispa claims we receive are for CGL claims.

Yes. Please contact chriss@ivesinsurance.com for payment options.

You can cancel midterm, but there is a 25 to 50% minimum retained premium (depending on the policy). After that is used up you will get a refund of the remaining amount.