You’re probably familiar with the old saying, “in this world, nothing is certain except death and taxes.” If you weren’t aware of who this quote is attributed to, we will throw some knowledge at you for this one – the person this quote is attributed to is one of our nation’s founding fathers, Benjamin Franklin.
It’s often hard to disagree with sound logic like Benjamin Franklin’s given in the late 1780s.
However, since his expression is somewhat dated, it might need to be updated to include “in this world, nothing is certain except death, regulations, insurance, and taxes.” Life and running a business are much more complicated in 2021 than in 1789 when Benjamin Franklin famously said this. Government regulation and business insurance have become two modern phenomena aimed at protecting consumers and ensuring companies operate within certain guardrails.
The tattoo removal and medical spa industry have its state regulations and insurance hurdles to cross when opening a business. While in most states the rules and insurance requirements are not burdensome, they do exist and need to be adhered to, or at least understood before opening a laser tattoo removal practice.
Tattoo Removal Regulations
Each state sets its own tattoo removal regulations – who can fire a laser, delegate the procedure, and own the tattoo removal laser machine. Each state’s medical or licensing board usually puts forth the ruling on all the details surrounding safety and effectively firing a tattoo removal laser. Therefore, it’s essential to check your state’s Department of Health or similar health agency to see your state’s regulations. In some states, the rules governing hair removal are precise and detailed, while the regulations governing tattoo removal are vague and non-descript. We have put together a few resources for those exploring United States laser tattoo removal regulations.
Tattoo Removal Business Insurance
General insurance policies exist for businesses of all shapes and sizes. However, as you may have learned, a laser tattoo removal practice has unique properties and may require more narrowly written terms to cover its special operations.
With liability, malpractice, and other insurance policies to choose from, it’s no wonder that it’s difficult to determine the right type of insurance coverage for your laser tattoo removal practice.
What Parts of a Laser Clinic Need Coverage?
Businesses typically own many assets – furniture, computers, supplies, etc. For example, laser tattoo removal clinics also have Q-switched lasers – capital equipment that deserves protection. Just as you may have homeowner’s or renter’s insurance to protect your valuables, you will want an insurance policy to protect the assets of your business from theft or damage.
Also, simply by having employees and customers, there are many risks and liabilities every business owner faces.
The laser tattoo removal procedure itself presents certain risks as well. While most lasers for tattoo removal are designed with exceptional safety features and laser technicians are trained in safety and treatment protocols, user error can happen, and a troublesome patient now and then is inevitable.
Several types of insurance are available for tattoo removal clinic owners to safeguard their new business against minor incidences and more significant accidents as well.
Types of Tattoo Removal Insurance to Consider
A term in the insurance industry used to describe those with too much insurance is over insured. Sometimes, in trying to take care of all possible business damages that may occur, some businesses acquire too much insurance and become over insured and tend to waste money on premiums for multiple policies covering the same risks.
General Liability Insurance
Just as states require car owners to be insured with liability insurance, it is usually necessary to have general liability coverage for a laser tattoo removal practice.
General liability insurance is usually referred to as business liability, commercial liability, or other similar combinations of those terms. General liability covers exactly what it sounds like: non-specific incidents or general issues such as slips and falls, damage or loss to property, damage caused to your building, etc.
Insurance providers and amendments can be added to include “business interruption” and things like “loss of valuable records”. In addition, a liability insurance policy should have special inclusion terms for the capital equipment that is probably your most expensive business asset.
Any insurance provider can underwrite this general liability insurance – make sure the plan is comprehensive and written to cover your needs.
Malpractice Insurance
Malpractice insurance is professional coverage for the individuals performing the laser tattoo removal procedure. Even though laser tattoo removal is a relatively low-risk and low-complication procedure compared to other aesthetic treatments, laser tattoo removal providers must be trained on their equipment. Burns, scars, permanent side effects, and infection are extremely rare, but that’s why you get insurance in the first place.
While not required to perform laser tattoo removal, having malpractice insurance is beneficial for several reasons.
Also called professional laser insurance, laser tattoo removal insurance, etc., it protects the business from personal negligence and errors and omissions by the laser operator.
It is possible to bundle malpractice insurance with a business liability insurance plan for significant savings. Reach out to us at Astanza and we’ll connect you with a few different options.
Want to learn more about starting a laser tattoo removal business? If so, watch this informative and on-demand webinar – Aesthetic Laser Practice Business Guide for First-Time Entrepreneurs. It’s free to stream, and you can watch it at your convenience.
