Licensed Massage Therapist insurance – cost and types of policies

Whenever you budget the expenses of your business, Licensed Massage Therapist insurance must be high on the list because you can’t always know exactly what could happen in the future.

With the protection provided by insurance against accidents and all the other kinds of insurance we will tell you about, you can protect your business and yourself in case something unforeseen happens.

Like any business owner, for your Licensed Massage Therapist enterprise, you must consider how much financial risk you are taking on.

If your Licensed Massage Therapist business runs without proper insurance, you are taking an enormous chance not just of losing some money but of a final wipe-out.

This is because the laws in every state are very strict in enforcing liability on the owners of businesses for the consequences of their actions. 

In this article, we are giving very general guidelines for small businesses to highlight what the main kinds of insurance that you need are, and where possible, a rough guide to how much you can expect to pay.

The question is, can you afford to NOT have insurance for your Licensed Massage Therapist business?

What this means, for any Licensed Massage Therapist business owner, is that if some company claims that your work caused them some physical or economic damage, a court can award damages far beyond the total size of your business.

Your Licensed Massage Therapist business is not protected by laws in the same way as states are, where legislation can place a “cap” on the maximum level of liability.

In some states, like New Jersey, there are specific monetary levels that limit the amount an adjudicator can award in any case against the state.

In a court case, it’s purely the privilege of the jury to award whatever amount they deem appropriate, even sometimes giving a claimant more than they have sued for.

When you are running your Licensed Massage Therapist operations, you can’t deny responsibility for the results of your actions.

Even more importantly, unless you have spent in advance the money necessary to have your business running as a limited liability company, all of that liability belongs to you as a person.

What does Licensed Massage Therapist insurance protect you from?

For your Licensed Massage Therapist business, the most important kinds of insurance are designed to cover the risks to your business from accidents, from unexpected events, and from mistakes.

Also there are some legal kinds of insurance that various states require.

In the next few paragraphs, we will explain the most important points any Licensed Massage Therapist business owner should remember when negotiating the insurance needed.

The main headings of insurance for your Licensed Massage Therapist businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.

Liability insurance

General liability insurance

Any Licensed Massage Therapist business is dealing directly with customers, and that means you usually have the danger that some accident can happen to them themselves or else something of theirs can be ruined.

In such a case, they can demand compensation.

General liability insurance policy for your Licensed Massage Therapist business protects you against claims coming from injury to customers or damage to their property.

It protects your Licensed Massage Therapist business from the claims themselves and in addition to any follow-on court costs and legal fees of the lawsuits.

In many cases, it should help you to qualify for extra business from city and state organizations, where contracts require proper liability insurance.

The average level of general liability insurance for your Licensed Massage Therapist business would be with a cap of $1 million for a single submission and a total of $2 million for the whole year.

See the table in the costing section below for average prices of general liability insurance for your Licensed Massage Therapist insurance operations.

Professional liability insurance for your Licensed Massage Therapist business

In the event where a customer alleges some negligence, errors, or omissions in how you conducted your Licensed Massage Therapist business for them, you can quickly be involved in a law suit.

Even if the matter against you is decided in your favor, the cost of defense can be large, and the impact on your reputation can be damaging.

Almost all small Licensed Massage Therapist business should have enough professional liability insurance to cover a single claim of $25,000, with annual cover of $50,000.

See the table in the cost of Licensed Massage Therapist insurance section below for average prices of professional liability insurance for your Licensed Massage Therapist operations.

Product liability insurance

Whatever goods you sell or advice you give about the goods, you are running a risk that customers may claim that what you delivered didn’t meet your description of function, or that your guidance was basically incorrect.

You need to know the particular laws of product liability in your own state.

For example, in California, all businesses in the supply chain can be held liable for damages caused by products claimed to be defective.

To cover yourself against any possible lawsuit, you need Product liability insurance for Licensed Massage Therapist

Only you can determine exactly how much insurance you should get.

Best advice is to consult with experienced insurance agents, brokers or company representatives for support.

Commercial insurance

Commercial vehicle insurance for your Licensed Massage Therapist business

Be careful! – almost all policies for private vehicle insurance do not cover any happening like theft or accidental damage when the vehicle is being used for business purposes.

The proper way to make sure that your vehicle is insured for both its own value, and the valuable contents, is by taking out a proper commercial vehicle insurance package.

Commercial van policies guarantee the value of any vehicle in case of accident, malicious damage, fire, or theft.

As well, in case of any accident, the truck itself, the content and any legal bills, medical expenses, and property damage is insured if your van is involved in an accident.

Most states, other than Virginia and New Hampshire, require this type of insurance.

The required value of the insurance depends on the depreciated value of the vehicle, and your intended level of cover of contents. 

Tools and Equipment insurance

Since your Licensed Massage Therapist business needs specific and dedicated equipment, you know how much it can cost to replace it in case of any damage, loss, or theft.

The tools may be subject to malicious damage, deliberate fire, theft, other such unexpected acts.

As well, acts of nature like lightning strikes, hurricanes, earthquakes, and other highly damaging natural events can wipe-out your whole business in one stroke.

Unless you can afford to immediately replace such specific gear quickly out of your own pocket, you must have full-level equipment insurance so that you can immediately buy everything needed to keep your Licensed Massage Therapist business running.

It is difficult to advise how much equipment insurance you need – it’s essentially dependent on how much you have invested in your Licensed Massage Therapist business’ equipment.

Commercial Property insurance

Any Licensed Massage Therapist business that owns or rents space in a building should have a commercial property insurance policy.

If you own the building, you certainly have a substantial capital investment, in addition to a big liability if there’s a mortgage.

Any physical building location must carry insurance coverage for the value of the premises and contents against accidental occurrences like fire and storms, and against criminal damages like theft and vandalism.

If your Licensed Massage Therapist business operates in areas of high risk, like Florida or South Carolina, supplementary coverage may be needed for earthquakes and hurricanes or tornadoes.

In other states like Rhode Island, where unlimited cold snaps can cause damage to outer coverings of Licensed Massage Therapist business premises, there is a need for more extra cover than in warmer climes.

Although the level of cover depends mainly on the value of the property, it’s not possible to say what cover your need, but we have been able in the table in the cost of Licensed Massage Therapist insurance section below to give some indication of the average prices per million dollars of property insurance for your Licensed Massage Therapist business.

Temporary insurance by month, week or day for your Licensed Massage Therapist business

Is your Licensed Massage Therapist business working part-time or casually, or is the level of business seasonal?

Using short-term insurance makes excellent sense. Business insurance by the month, day, or week – temporary insurance for Licensed Massage Therapist – are special policies where you can cover a nominated period when you want to be covered.

By only paying for that period of cover, you will save by having less premiums but still having identical risk cover.

The important feature of short-term insurance is that you purchase the cover for a defined period – a nominated date, or a week or month starting on a specific date, for example for 30 days beginning on the specified date.

When you are expecting periods of better business activity, get the existing cover improved.

Talk to your insurance agent, broker or the company’s representatives to see what options you have.

Business Owners Policy BOP for your Licensed Massage Therapist business

You have the option to combine a few of the important kinds of small business insurance in one policy that is known as the business owner’s policy – BOP.

A BOP merges commercial property and public liability insurance by amalgamating these coverages into one insurance policy, which can save you money.

BOP insurance will cover you if any claims of injury or property damage are made.

It is frequently the right choice for small and medium-sized Licensed Massage Therapist businesses, such as yours.

There are two limits that will rule whether BOP is suitable for your own business.

BOPs cannot cover your professional liability or commercial vehicle risks.

Also, the size of your business will rule whether you are allowed to take out BOP cover.

The typical business that can take out a BOP policy must have fewer than one hundred employees, and under five million dollars in annual sales.

As well, you must separately take out the mandated worker’s compensation, health and disability insurance as determined for your state.

Workers Compensation insurance for your Licensed Massage Therapist business employees

In many states, it is mandatory to have workers compensation insurance when your Licensed Massage Therapist business has one or more employees.

Workers compensation insurance covers the operation against any costs that arise if an employee experiences an injury or becomes sick as a result of work.

The benefits provide for medical expenses, death benefits, lost wages, and vocational rehabilitation.

Failure to meet a state’s laws in this regard can leave you as the employer obliged to pay penalties levied by the states.

Some states, such as North Dakota, Ohio, Washington, West Virginia, and Wyoming only permit coverage from the government-run monopoly state funds.

In these states, you can’t get your workers compensation obligations from private insurance providers.

Workers compensation charges are calculated based on the employee’s pay, and usually come out at around $1.00 per $100 per month.

However, you must see the relevant authorities in your state.

Average costs of these types of insurance

Although every Licensed Massage Therapist insurance level is unique, there are enough examples of usual quotes from insurance companies for us to give appropriate guidelines, including what are the cheapest rates offered.

Of course, you should always check with a broker what’s relevant for your business.

The list below is of annual premiums we have collected for the main types of insurance your Licensed Massage Therapist businesses needs.

Cost of insurance for your Licensed Massage Therapist operations depends on many different factors.

We have calculated these figures for small independent Licensed Massage Therapist businesses.

In larger states like Texas, premiums are generally about 20%-30% higher than national averages, but in smaller states like Utah, they will be about 20%-30% cheaper.

The location and size and type of your Licensed Massage Therapist business can have a big effect on the cost of different policies.

You should consult with professional insurance agents and brokers, or insurance company representatives.

As well you can let the internet do the work for you by enquiring about insurance companies near where your business is located.

Another useful source of information is the local Better Business Bureau in your city.

FAQ

What is small business insurance for Licensed Massage Therapist operations?

This is a general term used to describe common insurance policies designed to protect Licensed Massage Therapist business owners from risks like bodily injury, property damage, claims of negligence.

Does my Licensed Massage Therapist business have to have insurance?

Some of the kinds of insurance are not mandatory for you to run your business, but they can protect you from risks in your business operations.

Certain other forms are required by state law, such as workers compensation and vehicle insurance.

What does a small Licensed Massage Therapist business insurance policy cover?

Liability insurance provides protection against lawsuits or claims filed by a client for bodily injury, property damage, or negligence.

The precise cover will vary based on your own operations.

See the table in the costing section above for average prices of the recommended policies for Licensed Massage Therapist insurance.

How much will Licensed Massage Therapist business insurance cost?

In addition to the size of the business, several other factors, such as location and claims history, are used to determine your policy’s cost.

You should talk to professional insurance agents and brokers, or insurance company representatives.

You can search for more information insurance for Licensed Massage Therapist, in the search box below, and follow the relevant links.

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