clock iconPosted Friday, 5 June 2020

5 Ways to Lower the Cost of Your Massage Business Insurance

By Lawrence Taylor Ellyard



The insurance required to run a successful massage business is no joke.

You're not just offering customers a service, you are taking personal responsibility for their health and physical wellbeing. You may know that your hands can be trusted to relieve stress and promote wellness. But to an insurance agency, every customer is a liability suit waiting to happen.

Getting the massage business insurance you need can put a real burden on your overhead costs and we know where you're coming from. Here at the International Institute for Complementary Therapists (IICT), we're familiar with the struggles to lower the cost of insurance for your massage business. Today, we're here to share a few tips we've learned along the way to help massage therapists pay less for business insurance.

1) Understand Your Policies

It may seem odd, but the best first step you can take towards lowering your business insurance costs is to understand what you're paying for. Sit down with a legal dictionary or a knowledgeable friend and actually examine your current policy. 

Pay very close attention to exclusionary details and look for areas where you are overpaying for a coverage that is too large and for gaps in your coverage where you need a better policy. Knowing about your current policy will help you to optimise for exactly the coverage you need.


2) Increase Your Security

The next consideration is risk. Insurance agencies often set the cost of their policies based on how likely they think it is they will need to pay out. Fortunately for you, massage is not considered one of the most hazardous industries, but the security and safety of your business still matter. Your insurance company will set a price based on how safe they think your business is from risks like vandalism, storm damage, and on-site injuries.

Put some effort into increasing the safety and security of your business in ways your insurance company can't ignore. Consider installing a security system with cameras and an alarm to keep your business safe from intrusion or unknown strangers. For visitor safety, you may also consider installing things like handrails, ramps and other physical safety measures.


3) Decrease Your Liability Risk

Another way to reduce your insurance costs is to significantly lower the risk of customer liability problems. Personal injury suits are among the most costly challenges a small massage business can face. And, no doubt, your insurance provider is probably worried about the cost of your liability coverage should a civil case arise.

Look into ways to reduce your risk of liability. Insurance companies love to hear that all your massage therapists are licensed with a certain number of mandatory years of experience. You may also want to look over your customer contracts to ensure that your policies are clear on preexisting conditions and liability for skillfully providing services that the customers request and pay for.

Finally, you may be eligible for an insurance cost reduction if your entire staff goes through additional training in health, safety, and liability. Additional training to reduce risk is a provable way to reduce business insurance costs for massage therapists and many other industries.


4) Pay Annually

You may have noticed in past years that insurance companies tend to seek payment in two distinct ways. Paying monthly is overall more expensive, but it's also more affordable for small businesses that don't have a huge pile of cash at hand. However, paying for an entire year of insurance in one lump sum payment is technically less expensive, but more difficult to put the money together.

Getting the lump sum payment is so worthwhile to insurance providers that they are willing to offer policies at a discount in order to encourage businesses to pay annually instead of monthly. And this is a situation you can absolutely take advantage of. If you can pay for an entire year of insurance all at once, you can significantly lower your overall massage business insurance costs. But wait, it gets better.


5) Find Discount Opportunities

Finally, the last best thing you can do for your business insurance cost is to look around. Don't stick with your current insurance provider just because you've been doing business with them.

In most situations, you will be able to find an alternative insurance provider offering a better introductory package, a better set of policies, or better prices for the coverage you need. Don't be afraid to look around and find the insurance options that work best for your massage business.


Join Us at IICT for Massage Business Insurance Discounts

Here at the IICT, we know many massage business owners who could benefit from lower business insurance costs. For more information about how to lower your massage insurance costs, discover more about joining the IICT here and discounted insurance options here

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Lawrence Taylor Ellyard

About the Author:

Lawrence Taylor Ellyard

Lawrence Taylor Ellyard is the CEO and Founder of the IICT with over 25 years experience in the natural health industry. Lawrence has been instrumental in developing the IICT's operations both within the Australia and Internationally.

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*The 'Every Therapist Covered' Guarantee is available within 120 days of purchasing a IICT membership for newly approved members with qualifications that meet our minimum training qualification requirements and match our current list of approved modalities with IICT's recommended insurance brokers. * Insurance policies advertised are available through our recommended insurance brokers Aon Risk Australia and is additional to membership fees advertised. Student Membership is $39pa + GST for a total price of $42.90; Full Membership is $179pa + GST for a total price of $196.90; Executive Membership is $199pa + GST for a total price of $218.90. All prices listed on this website are effective from July 1st 2018. Membership plans purchased and set duration prior to this date, are subject to the pricing set at the time of purchase. Membership plans purchased and set duration prior to this date, are subject to the pricing set at the time of purchase. All discount coupons are valid for ‘one time use’ and cannot be redeemed for subsequent membership renewals or when re-joining IICT after a membership plan has expired.