If you’re comparing insurance policies, many policies can look the same on the outside but the difference is usually in the details of how the policy actually works. For instance a policy that has a deductible for injury claims may be less expensive to buy compared to a policy that doesn’t have a deductible, but if you have a claim, the policy with the deductible could end up costing you much more then you’d save by buying the cheaper policy.
Here are some key questions to ask about your insurance to ensure there aren’t any surprise costs down the road:
|Key Coverages||Minimum Amount|
|1. Does it include 3 types of liability coverage – general (also called slip & fall), product, and professional (also called malpractice)?||Yes, all 3 are included automatically.|
|2. Is there a deductible for liability claims involving injuries? (ie. a customer slips & falls, or a customer alleges they were injured from a service you performed on them)||No, a deductible does not apply.|
|3. Is professional liability covered on a “claims made” or “occurrence” basis?||PROtique is an “occurrence” based policy, which means you’re covered even if your policy has lapsed, as long as the policy was in force when the actual incident occurred. Liability claims are often reported 2 years after the actual incident so PROtique gives you lasting protection to minimize the chance of a gap in your coverage. Claims Made coverage only protects you if your policy is in force when the claim is made, which means you’re at much higher risk of accidentally being without coverage when you need it.|
|4. Do legal defence costs to defend you against lawsuits reduce the liability limit?||No, with PROtique you always have the full amount of liability coverage that you’ve paid for to cover a lawsuit, and there is unlimited coverage to pay for your legal defence.|
|5. Does the liability coverage have a “Shared Aggregate” or “Individual Aggregate”?||PROtique has an Individual Aggregate, meaning the liability limit you’ve purchased is yours alone and is not shared among all the group’s policy holders. A Shared Aggregate means each time another policy holder has a claim payout, that amount is subtracted from the amount available to you.|
|6. What is the waiting period for business interruption claims?||With PROtique, most business interruption claims will not have a waiting period – only if the interruption is due to an off-premise interruption of electricity, water or gas will a 24 hour waiting period apply.|
|7. Is Equipment Breakdown coverage included?||This coverage may be automatically included on your PROtique policy depending on your specific operations – if included it will be listed on your quote or on your Certificate of Insurance. If it’s not automatically included, it can be added as optional coverage. Its purpose is to cover your equipment in the event of an electrical disturbance (ie. power surge, short circuit, arcing), and more importantly, it covers the lost profit & pays ongoing expenses, like your salary, if you’re closed due to the equipment breakdown.|
|For Operations that Include Laser/IPL Services:|
|8. Is there a higher deductible for Laser/IPL professional liability claims?||No, there is no deductible for bodily injury claims from Laser/IPL treatments.|
|9. Is there a higher deductible for loss or damage to Laser/IPL equipment?||No, the same deductible you select for other contents applies to Laser/IPL equipment (ie. a minimum deductible of $1,000).|
Keep in mind that PROtique is specialized. Insuring beauty care businesses is our sole business so we’re able to provide quick service & ensure your policy gives you the best protection on the market at a cost effective price.