Holistic massage insurance covers the risks that providers of holistic massage services face. This protects the holistic massage provider in the event of unexpected losses that could otherwise create problems for their business.
The main type of insurance that a holistic massage provider needs is public liability insurance. However, there are a number of other types of insurance that a holistic massage provider should consider.
This type of insurance covers any compensation awarded against you if you have done something or failed to do something and someone has been injured or had their property damaged as a result.
It also covers any associated any associated costs and expenses including the legal fees incurred in the handling of the compensation claim. Your public liability insurer will deal with any claims on your behalf so you won’t have to worry about dealing with complicated legal issues.
This type of insurance is important because compensation claims can be expensive to settle. A serious injury such as a spinal injury will result in a settlement of more than £250,000 and even a relatively minor injury can result in a four-figure settlement figure.
Public liability insurance policy extensions
Standard public liability insurance has some limitations and so the policy needs to be tailored to it meets the unique requirements of holistic massage providers.
First, a standard policy will only cover claims that include an injury or property damage. Claims for purely economic losses are not included so you need a final loss cover extension to cover this type of claim.
Second, the standard policy excludes claims arising out of professional acts which means many of the claims that could be made against a holistic massage provider would be excluded. The medical malpractice cover extension addresses this issue.
Finally, public liability insurance does not cover claims arising out of defects in anything that you have sold or supplied. If you are giving or selling any products to your clients you need products liability insurance to protect you against such claims.
Other types of insurance
If you employ anyone, you’re legally required to have employer’s liability insurance. This is similar to public liability insurance, but rather than covering compensation claims made against you by members of the public, it covers claims made against you by your employees.
You should also consider property insurance. This covers your business property against losses due to accidental damage or theft.
Legal expenses insurance can be useful if you become involved in legal action. It covers your legal bills and your legal expenses insurer will help you handle the legal action.
To protect your income if you cannot work because you’re ill or injured, you can buy personal accident and sickness insurance. This pays a weekly benefit or a lump sum if you won’t be able to return to work.