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What Types of Insurance Do Health, Beauty and Well-being Providers Need?

August 7, 2013

Make sure you’re carrying the right types of small business insurance. We’ve got your covered right here.

 As your summer heats up with clients eager to be healthy and fit for summer fun, make sure you’re carrying the right types of small business insurance.  Not sure what those are?  We’ve got your covered right here.

 Health, beauty and well-being practitioners are experiencing an upswing in business, as the general public becomes more knowledgeable about the benefits of services like acupuncture, pilates, counseling and therapies of all kinds.  Summertime also brings more business for fitness and beauty professionals, as folks get into shape for swimsuit season.  This increased exposure is great because it brings more business, but it also can increase risks for practitioners.

Due to the somewhat subjective nature of this kind of work, client expectations vary, and it’s possible that people may be dissatisfied with the services they receive.  What if they’re dissatisfied enough to sue you?  You’re vulnerable to a unique set of exposures, and you need professional general liability insurance to help defend against those risks.

Professional liability insurance, also known as errors and omissions coverage or an E&O policy, is the same type of protection that covers physicians and lawyers and is something anyone who provides a service needs.  E&O protects you if a client holds you responsible for a service you provided that didn’t have the expected results or where he or she acts on your advice to ill effect.  Would your business be able to weather a $100,000 lawsuit without devastating consequences?  Even if the claim is meritless, you still have to deal with it.  Professional liability insurance provides legal defense costs for covered claims and represents you in the case.

Don’t be tempted to blow off E&O because you have a small business general liability policy.  Professional liability coverage isn’t the same as general liability insurance, which covers, among other things, claims relating to bodily injury and property damage. For instance, if you’re a massage therapist and someone is injured during a massage, your professional liability insurance would cover you. But if the client trips in your office and is injured, having general liability insurance will come in handy. And keep in mind that risk associated with professional errors, omissions and negligence can be far greater than those covered by general liability. Simply put, now’s the time to look into an E&O policy for your health, beauty and wellness business.