As a Natural Therapist, if you were to source your own cover for public liability and professional indemnity the prices would start at $1000+ per year. So having access to a scheme for your industry is a luxury that not everyone else is entitled to however, by taking advantage of scheme pricing there are things to be wary of. One of the reasons these policies are so cheap is because it can be very specific as to what it will cover you for come claim time.
I’m bringing this to your attention because this is not something you go to bed thinking about, but I do. I want to help you understand your policy so should a claim a rise you will be confident you’re protected.
Are all of your modalities covered?
You will find that most scheme based insurance products are very specific in the sense that if it’s not specified you’re probably not covered for it.
A perfect example is if you are qualified in Kinesiology and Massage, you look at your documents and noticed you’re only listed for Kinesiology on your insurance schedule, would you be covered if a claim was to arise from a massage? You would be surprised to find that the insurer may not have to pay that claim.
Is my Pty Ltd Company covered?
Companies can be treated differently depending on your insurer, here is a couple of tips to help you identify if your policy is set up correctly.
You’re trading and invoicing your clients as a Pty Ltd company however, only have an individual policy. It’s important to ensure that all your interests are protected, what if a client decided to sue your company, will your individual policy be enough? You might be left holding the ball!
What about your employees? If you have employee’s they may not be insured under your policy, are you covered if your employees make a mistake?
It’s also important to note that subcontractors are all required to hold their own insurance policy, you should request to sight a certificate of currency to ensure they have adequate cover should a claim be made against you for work they have done while working for you.
Sharing a space with another therapist?
If you are a sole trader and you share a space with another sole trader did you know that you should both hold your own policy? Each business is required to cover its own liability so similar to a subcontractor if you’re sharing a space with someone else, make sure they’re covered!
So what do you do now?
Review your documents year on year, make sure your paper work is correct and up to date and that the policy protects your needs. Change is a fact of life so there is a good chance that things you were doing 12 months ago are different to now.