Whenever you budget the expenses of your business, Massage Therapist insurance must be near the top of the list because you can’t always know exactly what could happen in the future.
Need General Liability Insurance for Your Massage Therapist
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With the protection provided by general insurance and all the other kinds of insurance we will tell you about, you can protect your business and yourself in case something unwanted happens.
Like any business owner, for your Massage Therapist enterprise, you must consider how much financial liability you are taking on.
If your Massage Therapist business runs without proper insurance, you are taking an enormous chance not just of losing some money but of a total wipe-out.
This is because the laws in every state are very strict in enforcing liability on the owners of businesses for the results of their actions.
In this article, we are giving very general guidelines for startup 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 Massage Therapist business?
What this means, for any Massage Therapist business owner, is that if some customer 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 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 Texas, there are specific monetary levels that limit the amount a court can award in any case against the state.
In a court case, it’s purely the right of the jury to award whatever amount they deem appropriate, even sometimes giving a plaintiff more than they have claimed.
When you are running your Massage Therapist operations, you can’t avoid responsibility for the consequences of your actions.
Even more importantly, unless you have spent up-front the money necessary to have your business running as a limited liability company, all of that liability belongs to you alone.
What does Massage Therapist insurance protect you from?
For your Massage Therapist business, the most important sorts of insurance are intended to cover the risks to your business from accidents, from unexpected events, and from mistakes.
In addition there are some legal kinds of insurance that various states require.
In the next few paragraphs, we will describe the most important points any Massage Therapist business owner should know when negotiating the insurance needed.
The main categories of insurance for your Massage Therapist businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any Massage Therapist business is dealing directly with members of the public, 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 require compensation.
General liability insurance policy for your Massage Therapist business insures you against claims coming from injury to visitors or damage to their property.
It protects your Massage Therapist business from the claims themselves and as well 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 demand proper liability insurance.
The average level of general liability insurance for your Massage Therapist business would be with a upper limit 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 Massage Therapist insurance operations.
Professional liability insurance for your Massage Therapist business
In the event where a client alleges some negligence, errors, or omissions in how you conducted your Massage Therapist business for them, you can quickly face a monetary claim.
Even if the lawsuit against you is judged in your favor, the cost of defense can be substantial, and the impact on your reputation can be damaging.
Almost all small Massage Therapist business should have enough professional liability insurance to cover a once-off claim of $25,000, with annual cover of $50,000.
See the table in the cost of Massage Therapist insurance section below for average prices of professional liability insurance for your 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 advice was basically incorrect.
You need to be aware of the explicit laws of product liability in your own state.
For example, in California, all businesses in the supply chain can be held liable for injuries caused by products claimed to be defective.
To cover yourself against any following lawsuit, you need Product liability insurance for Massage Therapist
Only you can know exactly how much insurance you need.
Best advice is to contact experienced insurance agents, brokers or company representatives for guidance.
Commercial vehicle insurance for your Massage Therapist business
Beware! – practically all policies for private vehicle insurance do not cover any event like theft or accidental damage when the vehicle is being used for business purposes.
The right way to make sure that your vehicle is insured for both its own value, and the valuable contents, is by taking out a designated commercial vehicle insurance package.
Commercial van policies insure the value of any vehicle in case of accident, malicious damage, fire, or theft.
In addition, in case of any accident, the car itself, the content and any legal bills, medical expenses, and property damage is guaranteed if your van is involved in a collision.
Most states, other than Virginia and New Hampshire, require this type of insurance.
The wanted 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 Massage Therapist business needs unique and expensive 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 unforeseen acts.
Also, acts of nature like lightning strikes, hurricanes, earthquakes, and other highly damaging natural events can eliminate 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 any equipment needed to keep your Massage Therapist business running.
It is impossible to advise how much equipment insurance you need – it’s really dependent on how much you have invested in your Massage Therapist business’ equipment.
Commercial Property insurance
Any Massage Therapist business that owns or rents space in a building should have a commercial property insurance policy.
If you own the building, you probably have a substantial capital investment, as well as a big liability if there’s a mortgage.
Every physical building location needs to carry insurance coverage for the value of the premises and contents against natural occurrences like fire and storms, and against deliberate damages like theft and vandalism.
In other states like Rhode Island, where intense cold snaps can cause damage to outer coverings of Massage Therapist business premises, there is a need for more supplementary cover than in warmer climes.
Whereas the level of cover depends completely 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 Massage Therapist insurance section below to give some idea of the average prices per million dollars of property insurance for your Massage Therapist business.
Temporary insurance by month, week or day for your Massage Therapist business
Is your Massage Therapist business working part-time or casually, or is the level of business fluctuating?
Using short-term insurance makes excellent sense. Business insurance by the month, day, or week – temporary insurance for Massage Therapist – are special policies where you can cover a specific period when you want to be covered.
By only paying for that period of cover, you will save by having lower premiums but still having identical risk cover.
The important feature of short-term insurance is that you buy the cover for a defined period – a specific 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 larger 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 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 incorporating these coverages into one insurance policy, which can save you money.
BOP insurance will protect you if any claims of injury or property damage are made.
It is often the right choice for small and medium-sized Massage Therapist businesses, such as yours.
There are two limits that will dictate whether BOP is suitable for your own business.
BOPs will not cover your professional liability or commercial vehicle risks.
Also, the size of your business will rule whether you are eligible to take out BOP cover.
The typical business that is eligible for a BOP policy must have fewer than one hundred employees, and maximum five million dollars in annual sales.
In addition, you must separately take out the mandated worker’s compensation, health and disability insurance as determined for your state.
Workers Compensation insurance for your Massage Therapist business employees
In many states, it is mandatory to have workers compensation insurance when your Massage Therapist business has one or more employees.
Workers compensation insurance covers the business against any costs that arise if any hired hand experiences an injury or becomes sick as a result of work.
The benefits cover medical expenses, death benefits, lost wages, and vocational rehabilitation.
Failure to meet a state’s requirements in this regard can leave you as the employer having to pay penalties levied by the states.
In these states, you may not obtain your workers compensation obligations from private insurance providers.
Workers compensation charges are computed 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 Massage Therapist insurance requirement is unique, there are enough examples of standard quotes from insurance companies for us to give approximate guidelines, including what are the cheapest rates offered.
Of course, you should always check with an insurance representative what’s relevant for your business.
The list below is of annual premiums we have researched for the main types of insurance your Massage Therapist businesses needs.
|Types of insurance||Price range|
|Commercial insurance||$956 – $2278|
|Equipment insurance||$303 – $1342|
|Product liability insurance||$246 – $694|
|Public liability insurance||$262 – $751|
|Commercial vehicle insurance||$1856 – $3136|
|General liability insurance||$643 – $955|
Cost of insurance for your Massage Therapist operations depends on many different factors.
We have reckoned these figures for small freelance Massage Therapist businesses.
The location and size and type of your Massage Therapist business can have a big effect on the cost of different policies.
You should discuss with professional insurance agents and brokers, or insurance company representatives.
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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.
What is small business insurance for Massage Therapist operations?
This is a wide term used to describe standard insurance policies designed to protect Massage Therapist business owners from risks like bodily injury, property damage, claims of negligence.
Does my Massage Therapist business have to have insurance?
Some of the kinds of insurance are not mandatory for you to operate 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 Massage Therapist business insurance policy cover?
Liability insurance provides coverage against lawsuits or claims filed by a customer 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 most common policies for Massage Therapist insurance.
How much will Massage Therapist business insurance cost?
As well as the size of the business, some other factors, such as location and claims history, are used to determine your policy’s cost.
You should consult with professional insurance agents and brokers, or insurance company representatives.