Do You Need Insurance as an Energy Work Professional?
There are several different types of energy work that all serve multiple purposes. Acupressure, a safe alternative therapy, uses pressure points on the body to relieve a patient from common disorders. Reiki helps people sleep better, reduce pain, anxiety, depression, and stress. Healing touch balances and stimulates energy fields to promote healing on all levels. Energy workers need to be very skilled so that their treatments can be effective for their patients. Today we want to cover all the ins and outs of energy work insurance so that you can protect your business with the correct coverage.
General Liability Insurance
All insurance policies from Beauty and Bodywork Insurance include general and professional liability insurance. What does this mean for you? You get ultimate coverage. General liability covers things like slip-and-fall accidents, or anything related to bodily injuries or property damages.
The aggregate limit on this is $3,000,000, which means that this is the most your policy will pay in a 12-month period. The occurrence limit is $2,000,000; this number is the maximum that will be paid out for bodily injury or property damage that you’re responsible for during the policy term.
Professional Liability Insurance
This coverage is for mistakes made by you, or for things that your client claims you did wrong. For example, your client could claim that while performing your energy work, you fractured a bone and you are liable for the medical expenses. This coverage is bundled with the general liability limit, meaning that the professional and general liability aggregate limit is $3,000,000.
We have discussed the base policy, so now we’ll cover additional coverages that you can add if you would like. You can personalize your policy so that it matches your business needs.
Cyber Liability Insurance
The cyber coverage policy is beneficial to any business owner that stores customer information, like names and addresses, payment information, and more. Hackers are on the rise every day and your data and information is at risk. This coverage is available for only $70 per year that comes with a $100,000 coverage limit. If you want to protect your data from a breach, you’ll want to add this coverage to your policy.
With BBI, you have the ability to add additional insureds to your policy. This means that you can add an entity to your policy and they will receive protection from a potential claim that might arise due to your business operations. The eligible additional insureds for energy work professionals are landlords, shows and events, spa and salons where space is rented, Massage Envy, Hand & Stone, Massage Heights, etc.
Additional insured status cannot be granted to an employee, independent contractor, friend or co-worker as an extension of your policy. Each individual needs to purchase their own policy to obtain liability coverage. The cost for this is $15 for one additional insured, or $30 for an unlimited amount.
Tools and Equipment Coverage
This coverage specifically provides protection for your tools and equipment. If any of your tools get stolen or damaged, you have coverage in place. This coverage is available at the affordable price of $16 per year. It’s a small price to pay to protect your equipment.
Endorsements are another type of protection. For example, if you are an acupressure professional that also performs microcurrent therapy, you can purchase a microcurrent endorsement for $35. There are also endorsements for cupping and fitness training. When you are filling out an online application, you can add these endorsements to your policy if needed.
Get Insured Today
Now that you know everything there is to know about energy work insurance, you are ready to purchase a policy! Reiki, healing touch, and acupressure are all great therapies that benefit thousands. Invest in your business today so that it can have a financial safety net in place for when those accidents happen.
Related: 3 Reasons You Need Reiki Insurance