Types of Insurance Every Wellness Business Need
The following is a guest post by Isabel William.
Whether you own a gym, wellness or a yoga studio, your main mission is to keep the customers happy and healthy. At the same time, you need to protect your business interests. In order to do that, you require suitable insurance policies that address industry-specific risks. Despite what some business owners think, there is no such thing as being too small for insurance to make any financial sense. Cost efficiency is a tricky calculation, but just think about the many dire consequences that could stem from inadequate coverage – it’s always better safe than sorry.
First off, in case you have people on the payroll, you ought to obtain Workers Compensation insurance. This type of issuance is fairly common, even with small wellness businesses and startups. It covers employee injuries and it ensures fair treatment. What is more, it is proven to boost work satisfaction and retention rate. Bear in mind that independent contractors are a gray area, but one you should not try to exploit. Dodging responsibility just because the insurance does not cover them could still lead to various problems.
Furthermore, it is highly advisable to have insurance that covers your space (leased or otherwise). Those business owners that acquire it are safe from financial ramifications should a property damage take place. Rest assured that Property Insurance is not something that is needed just in areas prone to natural disasters in the league of hurricanes and earthquakes. After all, fires caused by an installation error are the most common cause of property damage today. The financial cost of such disaster can be business-sinking.
If you have a business vehicle, you should consider insuring it. Personal auto policies may not suffice for your commercial vehicle, especially in cases of serious injuries. Therefore, you should do your due diligence and double-check what types of vehicles are covered by policies. Privately owned vehicles used for business purposes are usually covered by nearly every package. On the other hand, commercial auto insurance should apply to all the cars you own, hire, and lease. It is a good idea to opt for car insurance from companies such as Youi. They enjoy great user ratings and diverse product palette.
Professional Liability shields you against customer claims implying you did something inappropriate. This can involve everything linked to your services, from giving poor instructions to intentionally misleading students with your advice and recommendations. In general, the harm could be the result of your negligence or the inability to provide adequate service. That is why this insurance is also sometimes referred to as an “error and omissions” insurance. Even the most revered wellness institutions can make mistakes and thus minimize their losses by having a Professional Liability.
Next, we have the General Liability, which is another key component of your insurance arsenal. It applies to any legal costs that ensue after the injury occurs and a customer sues you. For instance, you do not have to worry anymore about lawsuits that arise from “slip and fall” scenarios on the premises of your wellness business. Also, General Liability covers situations where the damage is done by your employee. To maximize the benefits, take your time to shop around for best policies from reputable providers in your area.
Note that a Business Owner’s Policy represents a robust insurance pack containing almost all the essentials wellness entrepreneurs could ever want. It basically combines General Liability and Property Insurance into one and covers most of the risks associated with running a business and providing services. There are some additional policies we will not cover in more detail, but they might be worth considering. This goes for Umbrella Liability and Employment Practices Liability. In any event, you should do your homework, pick a set of policies, and stay on the safe side.
Cover all the bases
Not having insurance policies can cause so many problems and hazardous occurrences you do not even want to envision. So, brace yourself for a wide array of unexpected situations. Create a holistic system for keeping your business out of the harm’s way. Some of the aforementioned policies are a bare minimum, so feel free to explore other avenues. Capitalize on your investments and bright ideas without encountering hurdles and setbacks. Gain a much-needed peace of mind and delight your customers. Like it or not, in the business world, you must hope for the best and prepare for the worse.