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
If you make a mistake in your work, the right cover is essential to protect you from any legal liability.
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.
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.
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.
How to choose the right type of coverage for your Health & Wellness business
Size and locationThe 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 businessYour 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 neededConsider the type of coverage you need, though some types of coverage will be mandatory in the UK
PriceThe next factor to consider is price. Insurance premiums can be expensive, so it is important to find a policy that fits your budget.
ExcessYou 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.
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 and compare cover from different insurers to make sure you are getting the best deal.
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.
Make sure you review your cover regularly and update it as your business changes.
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!
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!