Holistic therapies differ from conventional therapies because they consider the whole person when addressing an issue rather than just concentrating on the individual symptoms. But in many ways holistic therapies are similar to conventional therapies in the sense that both therapies aim to improve the health and wellbeing of the person receiving the therapy. And like insurance for conventional therapists, holistic insurance is tailored to the specific cover needs of the therapy profession.
Like most standard business insurance policies, holistic insurance covers:
- Accidental damage to or theft of the therapist’s business property
- Employer’s liability insurance to cover the therapist in the event that an employee claims compensation from them
- Public liability insurance to cover the therapist in the event that a third party claims compensation from them
- Products liability insurance to cover the therapist in the event that a compensation claim arising from a defective product is made against them
- Legal expenses insurance to protect the therapist against unexpected legal bills
- Personal accident insurance to replace the therapist’s income if they are unable to work due to an injury or an illness
All of these are important to protect you against unexpected losses that can arise. However, holistic therapists face unique risks that are different to the risks faced by many other types of business, so unlike many standard business insurance policies, a holistic insurance policy should also cover:
- Malpractice insurance
- Financial losses
Liability & malpractice insurance
No matter how experienced and well qualified you are, sometimes things go wrong. When that happens, it’s possible someone could make a compensation claim against you. Public liability insurance protects you against such compensation claims.
Public liability insurance covers you if someone claims compensation for an injury or damage to their property that was caused by you. It also covers any associated legal fees and other expenses. The problem for holistic therapists is that the public liability insurance in a standard business insurance policy excludes claims arising from professional activities, and the provision of therapy is deemed to be a professional activity, so many potential claims would be excluded.
Holistic insurance addresses this issue by the inclusion of a malpractice insurance extension. This extension provides cover for compensation claims made for bodily injury, mental and psychological damage from both physical procedures and from advice, or a combination of the two.
Financial loss insurance
The public liability insurance cover in a standard business insurance policy only covers compensation claims involving bodily injury or property damage. Claims for compensation where the loss is purely economic are not covered.
What this means is that if someone wasn’t injured and hadn’t had their property damaged, but had been unable to work as a result due to something that you had done, you would not be covered if they claimed compensation from you to recover their lost wages.
Holistic insurance includes financial loss cover. This extension covers you if a compensation claim is made against you for purely financial losses.