In short, yes, insurance is an essential part of life now. Keith Richards has an insurance policy for just one of his middle fingers. It’s important for everyone and every business, including hypnosis practices.
You might think you won’t get sued if you don’t make a mistake. However, many scenarios risk your business and do not involve your actual practice. Business insurance makes your company sustainable and safeguards it against injury, defamation, and potential lawsuits. Insurance can also protect your business space, whether an office room, commercial building, or home office. Here are the various ways to protect your business:
Take Care of Your Clients First
Have you heard of the Hippocratic Oath for doctors, “do no harm”? As a hypnosis practitioner, you should look out for your clients first. Take measures to ensure your practicing environment and work don’t harm or even threaten your client’s mental and physical well-being. Act ethically, know your scope of practice, and ensure client safety.
Be aware that laws regulating your practice of hypnosis can vary from state to state. Make sure you have reliable sources about your practicing region’s regulations. If you take these steps, your chances of being sued are slim. However, you still need to protect yourself and your business.
Safeguard Your Business
To have a successful business and continue to help clients, you need to protect yourself against potential lawsuits, injuries, and defamation. Insurance is an inexpensive way to protect yourself when unexpected problems pop up. There are two types of liability insurance you should be aware of:
Professional Liability Insurance
This might also be called E&O insurance. Even if you are operating perfectly above board, this insurance policy can protect you from multiple issues. For example, physical pain can often be the cause of psychological trauma. You could be helping someone with their chronic headaches or stomach aches when this trauma comes back to them. Let’s say they suffer a mental health crisis and go after you for their financial losses, even though you are helping them and have done nothing wrong. Your insurance policy can cover this; it also illustrates why it’s important to seek a medical referral if you are helping your clients with hypnotic pain relief.
Suppose a client accuses you of breaching confidentiality, reacts poorly to your sessions, or feels you have wronged them in a way that allows for legal recourse. In that case, professional liability insurance is a lifesaver. It will cover defense costs, actual or alleged negligence, personal injury, and claims from previously rendered services. You should know that this insurance policy does not cover fraudulent acts or property damage.
General Liability Insurance
This may be labeled commercial general liability (CGL) coverage, and it’s easier to look at this as insurance for your physical premises. For example, you rent an office with several steps leading up to the front door. It’s raining, and your client slips and falls after their session with you. Unfortunately, they have broken their leg and are suing you for pain, suffering, and medical costs. General liability insurance will cover your business against third-party claims from clients, staff, landlords, neighbors, and more for personal injury, property damage, and lost wages.
Be aware that CGL policies do not cover cars, other vehicles, or any accidents involving them. It also typically does not cover your own property, so if you work from home, you will need to have both personal home and general liability insurance. Speak with an insurance agent about what you want and need the policy to cover to ensure you make a smart decision for your business, protecting all your assets.
Other Insurance Policies For Special Circumstances
You Might Have Corporate Protection
If you aren’t a solo act and you are a member of a larger organization, they may have insurance that covers your practice. Ask what kind of legal protection the company has in place, so you can assess if individual insurance is necessary.
If You Travel For Your Business
Traveling to visit your clients’ homes or events may mean you need commercial auto insurance. Even if you’re driving in your regular car with your standard insurance policy, the plan may not cover you appropriately in the event of a car accident.
You Work With Clients Online
If you are working online, it’s typically your physical location that counts for the legal requirements. Be aware of your local laws for your business practice, and you should be fine. Although you don’t have a physical office, taking out an insurance policy is still a good idea. Speak to business insurance agents to find out the best plan for your business.
Don’t wait for a simple event like heating your lunch in your microwave to start a fire in your rented office, resulting in your landlord suing you for fire and water damage. You have put so much into your business and worked too hard to let one unfortunate scenario shut down your successful practice. The cost of insurance will be worth the peace of mind whenever bad luck decides to strike. Start looking for insurance plans that suit your business needs today.