Whenever you budget the expenses of your business, Reflexology insurance must be near the top of the list because you can’t always know exactly what could happen in the future.
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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 unwanted happens.
Like any business owner, for your Reflexology enterprise, you must consider how much financial risk you are taking on.
If your Reflexology business runs without proper insurance, you are taking a giant chance not just of losing some money but of a complete 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 growing 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 Reflexology business?
What this means, for any Reflexology 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 Reflexology business is not sheltered by laws in the same way as states are, where laws can place a “cap” on the maximum level of liability.
In some states, like Montana, there are specific monetary levels that limit the amount a judge can award in any case against the state.
In a court case, it’s purely the duty 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 Reflexology operations, you can’t deny responsibility for the outcomes 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 Reflexology insurance protect you from?
For your Reflexology business, the most important types of insurance are designed to cover the risks to your business from accidents, from unexpected events, and from mistakes.
Also there are some official kinds of insurance that various states require.
In the next few paragraphs, we will describe the most important points any Reflexology business owner should remember when negotiating the insurance needed.
The main categories of insurance for your Reflexology businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any Reflexology business is dealing directly with customers, and that means you generally have the danger that some accident can happen to them bodily or else something of theirs can be spoiled.
In such a case, they can demand compensation.
General liability insurance policy for your Reflexology business covers you against claims coming from injury to visitors or damage to their property.
It protects your Reflexology business from the claims themselves and in addition 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 Reflexology 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 Reflexology insurance operations.
Professional liability insurance for your Reflexology business
In the event where a client alleges some negligence, errors, or omissions in how you conducted your Reflexology business for them, you can quickly have to fight a law suit.
Even if the lawsuit against you is ruled in your favor, the cost of defense can be high, and the impact on your reputation can be damaging.
Most small Reflexology business should have enough professional liability insurance to cover an individual claim of $25,000, with annual cover of $50,000.
See the table in the cost of Reflexology insurance section below for average prices of professional liability insurance for your Reflexology operations.
Product liability insurance
Whatever goods you sell or advice you give about the goods, you are running a risk that buyers may claim that what they received didn’t meet your description of function, or that your guidance 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 responsible for injuries caused by products claimed to be defective.
To cover yourself against any possible lawsuit, you need Product liability insurance for Reflexology
Only you can know exactly how much insurance you should get.
Best advice is to talk to experienced insurance agents, brokers or company representatives for guidance.
Commercial vehicle insurance for your Reflexology business
Be careful! – almost all policies for private vehicle insurance do not cover any happening like theft or accidental damage when the car 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 proper commercial vehicle insurance package.
Commercial car policies cover 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 covered if your van is involved in an accident.
Most states, other than Virginia and New Hampshire, insist on this type of insurance.
The wanted value of the insurance is calculated on the depreciated value of the vehicle, and your requested level of cover of contents.
Tools and Equipment insurance
Since your Reflexology business needs specific 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 unpredicted acts.
As well, 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 unique gear quickly out of your own pocket, you should have full-level equipment insurance so that you can immediately buy everything needed to keep your Reflexology business running.
It is difficult to advise how much equipment insurance you need – it’s basically dependent on how much you have invested in your Reflexology business’ equipment.
Commercial Property insurance
Any Reflexology business that owns or rents space in a building should have a commercial property insurance policy.
If you own the space, you probably have a substantial capital investment, in addition to a big liability if there’s a mortgage.
Any physical building location should 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 Illinois, where unlimited cold snaps can cause damage to outer coverings of Reflexology business premises, there is a need for more extra cover than in warmer climes.
Because 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 Reflexology insurance section below to give some indication of the average prices per million dollars of property insurance for your Reflexology business.
Temporary insurance by month, week or day for your Reflexology business
Is your Reflexology business working part-time or casually, or is the level of business seasonal?
Using short-term insurance makes good sense. Business insurance by the month, day, or week – temporary insurance for Reflexology – 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 reduced premiums but still having the same 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 raised.
Talk to your insurance agent, broker or the company’s representatives to see what options you have.
Business Owners Policy BOP for your Reflexology business
You have the option 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 amalgamating 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 mostly the right choice for small and medium-sized Reflexology businesses, such as yours.
There are two limits that will dictate whether BOP is suitable for your own business.
BOPs do not cover your professional liability or commercial vehicle risks.
Also, the size of your business will dictate whether you are permitted to take out BOP cover.
The normal business that is eligible for a BOP policy must have fewer than one hundred employees, and not more than five million dollars in annual sales.
As well, you must separately take out the required worker’s compensation, health and disability insurance as determined for your state.
Workers Compensation insurance for your Reflexology business employees
In most states, it is mandatory to have workers compensation insurance when your Reflexology business has one or more employees.
Workers compensation insurance covers the enterprise against any costs that arise if any hired hand 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 laws in this regard can leave you as the employer required to pay penalties levied by the states.
In these states, you can’t get your workers compensation obligations from private insurance corporations.
Workers compensation premiums are calculated 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 Reflexology insurance level is unique, there are enough examples of usual quotes from insurance companies for us to give approximate 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 researched for the main types of insurance your Reflexology businesses needs.
|Types of insurance||Price range|
|Commercial vehicle insurance||$1712 – $2799|
|Equipment insurance||$423 – $1470|
|Commercial insurance||$914 – $2685|
|Product liability insurance||$296 – $553|
|Public liability insurance||$351 – $748|
|General liability insurance||$739 – $1276|
Cost of insurance for your Reflexology operations depends on many different factors.
We have reckoned these figures for small independent Reflexology businesses.
The location and size and type of your Reflexology 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.
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Also you can let the internet do the work for you by looking for insurance companies near where your business is located.
Another good source of information is the local Better Business Bureau in your suburb.
What is small business insurance for Reflexology operations?
This is a general term used to describe basic insurance policies designed to protect Reflexology business owners from risks like bodily injury, property damage, claims of negligence.
Does my Reflexology business have to have insurance?
Some of the forms of insurance are not mandatory for you to run your business, but they can protect you from risks in your business operations.
Some other forms are required by state law, such as workers compensation and vehicle insurance.
What does a small Reflexology business insurance policy cover?
Liability insurance provides insurance against lawsuits or claims filed by a customer 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 best policies for Reflexology insurance.
How much will Reflexology business insurance cost?
On top of the size of the business, some 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.