Issue link: https://www.massageandbodyworkdigital.com/i/68009
Protecting Your Business In addition to professional liability insurance (with general liability and product coverage) and business personal property insurance, there are other coverages you might consider to protect your livelihood. Property Insurance If you own the building that houses your business or school, you will want to insure it for the full replacement cost of the building, not the market value or purchase price. Replacement coverage replaces covered losses with new materials without deducting for depreciation. Business Income When a covered event prohibits you from doing business as usual and creates a loss of business, some policies cover actual loss of income for up to 12 months. Business Auto If your business owns any vehicles, insure them for liability and physical damage. Workers Compensation If you have employees, most states mandate that you carry workers compensation coverage. This protects your business if an employee is injured on the job and covers their lost wages and medical expenses as a result of that injury. Employment Practices Liability This protects you from claims arising from violations of state and federal employment laws. "Insurance is necessary," Henderson says adamantly. "Accidents happen in our field, or we can easily get blamed for something that may not have been our fault." She has a laundry list of examples from friends and colleagues who remind her every day of the potential risks out there, including the massage client who slipped in the shower from the oil on her feet and broke her tibia and fibula. "Accidents can and do happen," Henderson says. Armitage says having the right insurance protection can help keep the nightmares at bay. "We have had many claims for tables collapsing, on- site chairs collapsing, clients falling or tripping, even a candle that ignited some alcohol that spilled onto the client and caused extensive burns," she says. "I don't plan on having a car accident on the way home today, but it could happen and that's why we all protect ourselves with insurance. You want to protect your assets and even your future earnings." Armitage says even the most well- loved therapists can't control how their clients are feeling on a particular day. "We have seen longtime clients turn on their therapist when they truly believe they've been injured in some way. Nothing is guaranteed." SHOPPING FOR INSURANCE Much of the existing marketing hype makes picking the right insurance confusing. Armitage says when shopping around for professional liability insurance, consider some key things. "First, make sure the policy is occurrence form, that it includes general liability, and has a per member, per year aggregate limit that is not a shared member aggregate," she says. Occurrence-form policies are the best option for your liability needs, because they will protect you, even if you are no longer insured. History shows that many claims aren't filed until the statute of limitations has nearly visit massageandbodywork.com to access your digital magazine 53