Liability Insurance Guide for Complementary and Alternative Medicines
Why Do I Need Liability Coverage?
You can, of course, forgo any liability coverage and assume the entire risk. You can do this as long as you are 100% certain you will not suffer a major loss. However, since risk is impossible to predict, a better option is to pass any risks you feel would be detrimental to you, your career, and your family to an insurance carrier. Despite your best efforts to have a safe environment, accidents can still happen.
What's The Difference Between Claims-Made and Occurrence Form Coverage?
Occurrence form coverage means claims arising out of incidents that occur during the policy term are covered, even if they are reported after the end of the policy term. Claims-made coverage means claims arising out of incidents that occur during the policy term are covered only if they are also reported before the end of the policy term. Some claims-made policy forms allow for an extended reporting period beyond the policy term at an additional cost. Occurrence form coverage or claims-made coverage with an extended reporting period are generally the best options, compared to pure claims-made coverage.
When Should I Get A Policy?
You should consider purchasing fitness liability insurance WHEN YOU ENROLL in your professional classes and begin to work with the public, as well as when you begin your career and practice professionally. Coverage is generally available to first-time fitness students at discounted rates.
How Much Coverage Do I Need?
Most programs offer liability protection at $1 million or $2 million per occurrence, during the term. Annual aggregate coverage generally ranges between $2 million and $3 million for all claims during the term. Per occurrence means the maximum amount of coverage available for each individual incident which results in a claim. Individual annual aggregate means the maximum amount of coverage available for all claims made during the course of the policy year.
What Types Of Policies Are There?
Most liability insurance plans include general liability (trip and fall), professional liability (malpractice), and products coverage (e.g., adverse reaction to products you may use). Some programs offer additional coverage, as well. You should check with the program sponsor for details.
Comparing Insurance Programs & Policies
Research the websites of the various group fitness insurance providers, and spend time comparing the cost and benefits of each program. Some sites provide an online comparison of their program with those of the competition. Speak with a licensed representative to help you to make an informed choice about which program best meets your professional and personal needs.