When you spend a lot of time setting up and putting your therapy business together, you've invested your money, your effort, and all of the hours of time you could have been sleeping.
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When you reflect back on that, you need to make sure that all of that hasn't gone to waste because you missed out on getting insurance. Helping people is always the passion project, but that doesn't mean that your business plans should go down the drain.
Starting your own therapy business takes time and effort. You want to help people and you want them to succeed, but that can only happen if you are aware of everything you should be doing to make your own business plan succeed, too.
Business insurance can do more than just be something you have as “just in case”. It can safeguard your financial investment and it minimizes your risk as a practitioner. Do you need therapy business insurance? The answer is a resounding yes, and here are the reasons why.
Reasons Why Your Business Needs Insurance
You are legally required to have it.
Honestly, it's not really a debate as to whether or not your business needs insurance. By law, you must have it so that you can keep your business protected. As a therapist or counselor, you have a responsibility to your patients and you have to protect yourself along the way.
You'll be able to cover disability, workers compensation and public indemnity with the right insurance, so if anything goes wrong in the public domain you are going to be covered.
You are protected.
One of the most important reasons why your business needs insurance is for your own business's protection. If there is a situation in which an employee has an accident on site, or a member of the public is harmed by something in your business falling on them, or they have an injury in your office, then you will be protected as a business.
The last thing that you want is to have to pay out of pocket because you didn't have any other way of compensating an injured employee or public member. Insurance is going to give you the Peace of Mind that you need because if anything does happen, you are completely covered.
Make sure that you go over anything else that could lead to a liability case and talk to an insurance agent about gaining the appropriate cover.
Some contracts require it.
There are some government contracts that require you to have insurance cover. You might need to have insurance for work premises, you might need to have insurance for a loan, and this is going to give you the buffer you need in case you're not able to complete a project in time.
Before you sign on the dotted line of any contracts you need to look at what your requirements are and insurance is probably going to be on that list.
It's personal protection for you.
Your business needs insurance for your own personal security. If you're a sole trader and you can't function at the same time because of illness or because you're not able to be at work, your business is going to suffer.
Good insurance will ensure that you can continue your business operations until you recover and that way nobody can sue you. Make sure that you choose the right insurance product for your therapy business so that you are completely covered no matter what.
