It is undeniable that you need insurance to protect your business. It acts as a safety net, providing a cushion for your business if it receives complaints from clients claiming malpractice. Your massage business insurance will protect your company and professional reputation if a complaint reaches court. Your insurance will take care of the financial aspect of your legal battle.
Given the value of massage business insurance, it makes sense to be careful in choosing an insurer; the goal is to get the best the industry can offer. With that said, here are some important considerations to take into account:
Coverage limits. With professional liability coverage limits, we are talking about $ 2,000,000 per claim, $ 6,000,000 aggregate. At the American Massage Council, aside from $6M aggregate, $1M/ $3M is also available. If the insurer offers way lower than the said figures, you have a compelling reason to cross it out from your list of prospective insurance providers.
Appropriate coverage amounts. Not all massage businesses are created equal. As every business is unique, it makes sense to consider the size and nature of your massage clinic. Make sure you do your homework before you choose an insurance package. The key is to find the balance between affordability and adequate protection.
Specialized policies. Also known as specialty insurance, specialized policies pertain to insurance coverage that caters to unusual risks, including protection for equipment.
Premises Liability (PL). Insurance covers other potential risks a healthcare professional may encounter. These risks include premises liability or slip and fall, personal and advertising injury, medical expense coverage, enhanced products liability, and fire legal liability.
Insurance claims payout. Look into the details about insurance claim disbursement. Does your prospective insurer pay out funds to cover a claim made by their insured massage businesses? How long does it take them to process a claim? You can request your prospective insurer to provide data concerning their claim disbursement in one business calendar year.
Are you looking for a reputable provider of massage business insurance? Look no further than the American Massage Council. Call us today at (800) 500-3930 for inquiries.
