Are you a new massage therapist? Perhaps you are thinking about branching out on your own. If you provide this type of service, it is quite important to have proper business insurance in place. How much coverage do you need? What type is best? Here is some insight to help you.
Before you open your doors to provide this service, know what you can expect. Insurance works to cover your losses. It can help make it easier to protect your business from risks.
BOP – Is That Enough?
A Business Owners Policy, or BOP, is one of the most common options for startup businesses. It offers some basic coverage to you. Here is a closer look into most policies:
Liability Risks - In a massage business, you may have claims of injury from your customers. You may have a client fall and suffer a significant injury. This occurs when your business liability insurance helps cover the losses. It covers most types of claims against your company. It may also cover your legal defense and settlements in the event you face a lawsuit.
Property Risks – A BOP can also help with property loss. For example, you may have damage to your property due to a break-in. You may have a significant fire breakout due to a piece of equipment failing. Damage to the structure as well as your organization’s assets has coverage under this type of plan.
Interruption Risks - In case you have to temporarily close the business, this coverage can help you still meet your ongoing operating costs in the meantime.
Additional Types of Business Insurance
Your massage therapist business needs special coverage to meet other risks as well. Though a BOP is a good starting point, you may need additional protection. Here are some examples that may apply to your business.
Added Liability – Because you may face increased risks for significant injury to a client, it may be wise to increase your liability coverage. Umbrella liability insurance can extend your coverage. This offers more protection in the event of a lawsuit or settlement, too.
Commercial Auto – Some massage therapists visit people in their homes. Others head to offices to provide services onsite for an organization. If you travel and use a vehicle for your business, you need insurance for it. Commercial auto insurance can cover damage to the vehicle as well as liability risks. Unlike standard car insurance, this coverage protects your business's interest in the vehicle.
Massage therapists need diverse business insurance. Other types may apply to you. Speak to your agent about your business. Allow them to help you to choose a policy that offers ample protection. This helps keep your business operational.