There is generally no legal requirement for Reiki practitioners to purchase insurance. However, there are a number of good reasons that you should make sure that you’re adequately protected via reiki insurance.
There are a number of different types of insurance that Reiki practitioners should consider:
- Property insurance
- Public Liability insurance
- Personal accident and sickness insurance
- Legal expenses insurance
Even if you don’t have your own business premises and practice at other venues, it can be surprising to add up the value of your business equipment. Most businesses will have computer equipment to manage their business admin, for instance, and that equipment can be costly to replace.
Property insurance covers your business property against accidental damage or losses due to theft. If you are working away from your own business premises, it is important to check whether your property insurance covers any business property that you take with you.
Liability insurance protects you if a compensation claim is made against you because someone believes that something you have done or failed to do has injured them or damaged their property. There are a number of different types of liability insurance:
- Employer’s liability insurance which covers claims made by your employees
- Public liability insurance which covers claims made by third parties
- Products liability insurance which covers claims arising due to defects in any products that you have sold or supplied
As well as paying any compensation awarded against you, liability insurance also pays any associated costs and expenses, including any legal fees incurred. Your liability insurer will also help you deal with the compensation claim, so you wouldn’t need to worry about potentially complicated legal issues.
You don’t need employer’s liability insurance unless you have employees, although if you do employ people, it’s a legal requirement even if you only employ people on a temporary or casual basis.
Public and products liability insurance aren’t a legal requirement, but because compensation claims can be expensive to settle, it would be unwise to consider operating without them. A claim involving a serious injury could easily end up costing in excess of £250,000. You might also be required to prove that you have a valid public liability insurance policy in force before you are allowed to use a venue because some venues insist upon this.
Public liability insurance only covers compensation claims that arise as a result of a personal injury or property damage and do not cover compensation claims involving purely economic losses. As such, it’s important that you ensure your public liability insurance contains a financial loss cover extension which will cover such claims.
You should also make sure that your public liability insurance includes medical malpractice cover. This covers compensation claims arising out of professional negligence. Such claims are excluded from the cover provided by a standard public liability insurance policy.
Personal accident & sickness insurance
This type of insurance covers your income if you are unable to work because you’re ill or have been injured. It means that even if you cannot earn, you can concentrate on your recovery safe in the knowledge that you will still be able to cover your bills.
Personal accident and sickness insurance pays a weekly benefit while you are off work, or a lump sum if you won’t be able to return to work. A lump sum is also paid if you die or in the event of certain injuries such as the loss of an eye or the loss of a limb.
Legal expenses insurance
Legal expenses insurance covers your legal cost if you become involved in legal action such as:
- Contractual disputes
- Tax/VAT investigations
- Criminal charges
- Employment tribunals
Your legal expenses insurer will also help you to deal with the legal action to ensure the best possible outcome.