Massage Therapist insurance – cost and coverage

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

With the protection provided by insurance against accidents and all the other sorts of insurance we will tell you about, you can protect your business and yourself in case something unexpected 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 a giant 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 upshots of their actions. 

In this article, we are giving very general guidelines for small businesses to outline what the main kinds of insurance that you need are, and where available, 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 company claims that your business 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 edicts can place a “cap” on the maximum level of liability.

In some states, like Texas, 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 right of the jury to award whatever amount they deem appropriate, even sometimes giving a claimant more than they have sort.

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

Even more importantly, unless you have spent beforehand the money necessary to have your business running as a corporation, all of that liability belongs to you alone.

What does Massage Therapist insurance protect you from?

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

As well 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 remember when negotiating the insurance needed.

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

Liability insurance

General liability for your Massage Therapist operations

Any Massage Therapist business is dealing directly with members of the public, and that means you generally have the danger that some accident can happen to them bodily or else something of theirs can be damaged.

In such a case, they can sue you for compensation.

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

It protects your Massage Therapist business from the claims themselves and as well to any resulting 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 insist on proper liability insurance.

The normal level of general liability insurance for your Massage Therapist business would be with a boundary of $1 million for a single event 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 customer alleges some negligence, errors, or omissions in how you conducted your Massage Therapist business for them, you can quickly face a law suit.

Even if the lawsuit against you is judged in your favor, the cost of defense can be high, 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 for your Massage Therapist business

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

You need to know the specific 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 possible lawsuit, you need Product liability insurance for Massage Therapist

Only you can know exactly how much insurance you must have.

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

Commercial insurance

Commercial vehicle insurance for your Massage Therapist business

Take care! – 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 best 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 truck policies cover the value of any vehicle in case of accident, malicious damage, fire, or theft.

In addition, in case of any accident, the van itself, the content and any legal bills, medical expenses, and property damage is guaranteed if your car is involved in a crash.

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

The necessary value of the insurance is calculated on the depreciated value of the vehicle, and your declared level of cover of contents. 

Tools and Equipment insurance for your Massage Therapist business

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

The equipment may be subject to malicious damage, deliberate fire, theft, other such unpredicted acts.

Also, acts of nature like lightning strikes, hurricanes, earthquakes, and other highly damaging natural events can destroy your whole business in one stroke.

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

It is difficult 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 for your Massage Therapist operations

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

If you own the property, you may already have a substantial capital investment, as well as a big liability if there’s a mortgage.

Your physical building location must 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.

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

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 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 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 perfect 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 reduced premiums but still having the same risk cover.

The key feature of short-term insurance is that you purchase 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 choice to combine several 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 packaging these coverages into one insurance policy, which can save you money.

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

It is frequently 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 cover.

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

The usual business that is allowed to take a BOP policy must have less than one hundred employees, and not more than five million dollars in annual sales.

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

Workers Compensation insurance for your Massage Therapist business employees

In almost all 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 a worker experiences an injury or becomes sick as a result of work.

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

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

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

In these states, you may not take out your workers compensation obligations from private insurance companies.

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

However, you must consult 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 usual quotes from insurance companies for us to give rough 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 gathered for the main types of insurance your Massage Therapist businesses needs.

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

We have estimated these figures for small self-employed Massage Therapist businesses.

In larger states like California, premiums are generally about 20%-30% higher than national averages, but in smaller states like New Mexico, they can be about 20%-30% cheaper.

The location and size and type of your 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 searching for insurance companies near where your business is located.

Another good source of information is the local Better Business Bureau in your suburb.

FAQ

What is small business insurance for Massage Therapist operations?

This is a general 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 types of insurance are not mandatory for you to open 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 insurance against lawsuits or claims filed by a client for bodily injury, property damage, or negligence.

The exact cover will vary based on your own operations.

See the table in the costing section above for average prices of the recommended 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 discuss with professional insurance agents and brokers, or insurance company representatives.

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