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All massage and alternative therapists work very closely with their clients to provide the maximum benefit from their treatment. However, mistakes can happen, which is why it’s so important to have comprehensive business insurance to protect you from a range of covered events.
You can compare quotes for many types of business insurance here with Savvy. Just answer a few simple questions about your massage business and the insurance you need and you’ll have multiple quotes from a range of respected insurers to compare instantly. Use our quick and easy comparison service to help you get the best value insurance for your business today.
There are several forms of business insurance you should consider if you’re a massage therapist or provide any type of alternative therapy. These include:
Professional indemnity insurance
Professional indemnity insurance covers you against claims that the service, advice or recommendations you provided were either wrong or negligent. This type of insurance can offer you protection against many types of claims, including:
Cover starts at $250,000 and can go up to $10 million or more. This type of insurance may be needed to join many professional associations or gain certain accreditations.
What it covers:
Public liability insurance
Public liability insurance is also very important for anyone who runs their own massage therapy business or who has commercial premises they work out of. It can cover you against claims your business activity caused injury to a member of the public or damaged their property. This insurance is available for sums of between $5 million and $20 million.
What it covers:
General business insurance
General business insurance may also be worthwhile if you have a massage clinic or portable equipment (such as a massage table) which you need coverage for. Commercial vehicles aren’t included in a general business insurance package, so you may need separate business insurance for your work vehicle.
What it covers:
Cyber liability insurance
If you’re a massage therapist or work in a related allied health field such as occupational therapy, you may be required to store confidential patient information. Cyber liability insurance can cover you just in case your laptop containing confidential information is stolen or hacked. It can offer protection from a wide variety of cybercrimes and may be able to help you recover your data if you’re subject to a hacking attempt.
What it covers:
What isn’t covered under my business insurance as a massage or alternative therapist?
The most common general exclusions include:
There is no set cost for an insurance policy, as each applicant is different and faces unique risks. Many factors influence the cost of business insurance, including the following:
The main factor which will affect the cost of your insurance is the occupation you’re in. All businesses in Australia are classified according to the risk their industry poses, and are allocated a risk ratio. These ratios are used by insurers to calculate the comparative risk of any one business or individual compared to another.
However, the cost of insurance also varies depending on where you live. For example, a massage therapist buying public liability insurance in New South Wales may not receive the same policy quote as one on the Gold Coast.
There are many more variables which will affect the cost of your professional indemnity insurance, so the best way to find out how much your insurance may cost is to get a free, no-obligation quote through Savvy so you have exact numbers to compare.
Any situation where you’re offering highly personal therapy to the public comes with its own risks. A client may be disappointed with their healing progress or claim the therapy you offered didn’t relieve their pain or resulted in further injury. For this reason, when you’re considering what business insurance you may need, it’s important to think about the public liability and professional indemnity risks you face. Business insurance is there to protect you and your reputation no matter what claims are made.
Most small to medium-sized businesses have some contingency funds available, but they’re rarely sufficient to cover the cost of a major personal injury claim, which can amount to millions of dollars. If such a claim is made against you or your business and you have adequate insurance to protect yourself, you’ll have a much better chance of recovering quickly and getting back on your feet.
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Disclaimer:
Savvy is partnered with BizCover Pty Ltd (ABN 68 127 707 975, AFSL 501769) to provide readers with a variety of business insurance policies to compare. Savvy earns a commission from BizCover each time a customer buys a business insurance policy via our website. We don’t arrange for products to be purchased from these brands directly, as all purchases are conducted via BizCover.
Savvy does not compare all business insurance policies or providers currently operating in the market. Any advice presented above or on other pages is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy.
For any further information on the variety of insurers compared by BizCover or how their business works, you can read their Financial Services Guide.
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© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
