Advice and guidance from our experts

The importance of insurance for your Health & Wellness business

If you work in health and wellness, then you know that your job is all about helping people in an invaluable, holistic way.

But what you may not realize is that having the right insurance coverage is just as important as anything else you do to protect your clients. You cannot predict when things may go wrong, and you could be left with lost earnings (and unhappy clients on top of that!).

Some key reasons why insurance is so important for your Health & Wellness business

Legality

If you make a mistake in your work, the right cover is essential to protect you from any legal liability.

Protection

You need to think about protecting any equipment, treatment rooms, studios, and, of course, employees, so that if something unexpected happens, you know your business is safe. A broken piece of equipment could result in cancelled appointments, or a flooded studio could close you business for weeks.

Finances

You spend days helping others, but what if something happens to you? How would you manage if you had an accident that left you unable to work? If something happens that affects your ability to run your business, insurance can help to cover any losses you incur.

Therefore, if you are a yoga instructor, a chiropractor or practice reiki, make sure you have the right insurance in place to protect yourself and your business. It could be the difference between a smooth ride and a rough one.

What types of insurance are available for a Health & Wellness business

There are a few distinct types of insurance that are important for businesses in the health and wellness.

Professional Indemnity Cover

Professional indemnity cover is vital to protect you from any claims of negligence or errors in your work – it is designed to protect you if a client claims that they have suffered loss or damage.

Public Liability Insurance

When you work with members of the public there is always a risk that someone could bring a Public Liability claim against you. It could be as simple as a client tripping on a gym bag and hurting themselves in your studio. It also applies if you accidentally break someone’s property while you are working.

Contents Insurance

If you have treatment rooms or expensive equipment, it is also worth considering cover in case of Damage or Theft.

Product Liability Insurance

Product liability cover protects you if a something you’ve sold causes harm to a customer.

Employers Liability Insurance

Finally, Employers’ liability cover protects you if an employee is injured or dies because of your work.

No matter what type of health and wellness business you run, it is important to have the cover in place to protect you from any unexpected events.

Talk to an insurance broker to find out what policies are available to you and make sure your business is protected.

Insurance for Health & Wellness business

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How to choose the right type of coverage for your Health & Wellness business

There are a few key things to consider when thinking about cover for your business:
  • Size and location

    The first is the size and of your business and its location. Larger businesses are typically riskier to insure and will therefore have higher premiums. Some parts of the country have more claims, so your policy may reflect that.
  • Type of business

    Your type of business is also a consideration; the types of treatments and services you offer will be influential on your policy along with the type of clientele you work with.
  • Type of coverage needed

    Consider the type of coverage you need, though some types of coverage will be mandatory in the UK
  • Price

    The next factor to consider is price. Insurance premiums can be expensive, so it is important to find a policy that fits your budget.
  • Excess

    You should also be aware of the excess; like all insurance policies from house to car, the higher your excess, the lower your premiums will be.
Again, try and speak to an insurance broker who understands the health and wellness industry. They will be able to help you find the right cover for your business and give you peace of mind that you are protected against any eventuality.

Insurance cost-saving tips

So, no matter what kind of health and wellness business you run, insurance is an important way to protect yourself and your business. Here are a few tips to help you get the most out of your cover and keep costs down:

  • The right cover

    Make sure you have the right cover for your specific business. You may need different cover if you run a yoga studio compared to an osteopathy clinic, for example.

  • Don’t cut corners

    Think about the cover you need and do not be tempted to cut corners. It is important to have adequate cover in place in case something goes wrong, as this could cost you more in the long run!

  • Shop around

    Shop around and compare cover from different insurers to make sure you are getting the best deal.

  • Bundle policies

    Bundle your insurance policies. For example, as in personal insurance when buying car, home, and travel insurance, buy from the same company and save money.

    Review regularly

    Make sure you review your cover regularly and update it as your business changes.

  • Increase excess

    If you can, increase your excess. Raising your excess will lower premiums, but make sure you have enough savings to cover the cost if you must file a claim!

  • Discounts

    Look for discounts. Many insurers offer discounts for things like having a good credit score or being a member of certain organizations, for example.

By following these tips, small businesses can save money on their insurance costs and keep more of their hard-earned money in their pockets.

Conclusions on insurance for Health & Wellness businesses

Insurance is important in all spheres of life, but when you run your own business, and yours and others’ lives and livelihoods are at stake, insurance is paramount.

This guide gives you an idea of the basic information to consider, when approaching the subject of insurance for your Health & Wellness business. From why you need insurance, the types of insurances available, how to choose the right one for you and your business, and how to save yourself some money in the process.

At Evexus, although we don’t offer insurance services, we’re happy to talk to you about your insurance needs and support you with getting them met!

Just email us or give us a call and we’ll be glad to help! 

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Thank you for contacting Evexus, one of one of our team will get back to you within 24 hours.

We can’t wait to work with you!

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1. The design of your website
First up, we create your website. You choose to make one payment on completion of the site, or spread the cost over 12 or 24 months.

2. The ongoing service fee
We then host your website, send you regular reports, edit content, and administer the site. You make monthly payments that cover all this, as long as you remain with us.

It’s up to you. Choose to pay for your design in one go, or spread the costs. Here are the total monthly payments you’d make, to help you decide:

Design: Over 24 months = £45 per month, over 12 months = £85 per month.
Service: Always £24 per month.

How our pricing works

There are two elements to our website packages.

1. The design of your website
First up, we create your website. You choose to make one payment on completion of the site, or spread the cost over 12 or 24 months

2. Ongoing service fee
We then host your website, send you regular reports, edit content, and administer the site. You make monthly payments that cover all this, as long as you remain with us.

It’s up to you. Choose to pay for your design in one go, or spread the costs. Here are the total monthly payments you’d make, to help you decide:

Design:  Over 24 months = £30 per month, over 12 months = £55 per month.
Service: Always £15 per month

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