Health and Wellness.

Insurance for health and wellness businesses is a type of insurance designed to help protect the business from financial losses caused by specific risks. These types of policies typically provide coverage for medical malpractice, professional liability, property damage, cyber threats, and other potential liabilities that can threaten the success of a health and wellness company.

Health and wellness companies typically require insurance to help provide protection for their business, employees, and customers. Without the right coverage, a health and wellness business could face significant losses due to unforeseen circumstances.

Insurance for health and wellness businesses is a type of insurance designed to help protect the business from financial losses caused by specific risks. The following types of companies need insurance but this is not an exhaustive list:
Gyms and Personal Trainers
Hospitals and Healthcare Facilities
Long Term Care and Assisted Living Facilities
Tattoo Studios
Barber Shops and Hair Studios
Surgical Clinics and Medical Spas
Pharmacies
Supplement Stores

A customer sues a chiropractor for injury or damages resulting from a chiropractic treatment.
A yoga studio is sued by a participant who was injured during a class due to the instructor's negligence.
A personal trainer is sued by a client who claims that the trainer gave them incorrect exercise instructions, resulting in an injury.
A nutritional supplement company is sued by a customer who claims that one of their products caused an adverse reaction or injury.
A health spa is sued by a customer who claims that they were injured due to a malfunctioning piece of equipment.
A health coach is sued by a client who claims that the coach provided inadequate or incorrect advice, resulting in harm to the client's health.
A natural health clinic's computer system is hacked, resulting in the loss or theft of sensitive customer data.
A fitness centre is forced to close or scale back operations due to a natural disaster, causing a loss of revenue.

These are just a few examples of the types of insurance claims that a health and wellness business owner might encounter. It is important to have the appropriate insurance coverage in place to protect against these types of risks.

If you want to work with a commercial insurance brokerage that puts people first and values transparency, sustainability, ownership, and impact, then Summit is the right choice for your business insurance needs.

At Summit, we craft innovative insurance solutions that are custom tailored to your business, giving you the confidence you need to succeed. Our team is dedicated to building trust and creating value through open and honest communication. We are in it for the long haul and strive to make a positive impact in everything we do.

So if you want a business insurance partner that shares your values and is committed to helping you succeed, consider working with Summit.

Insurance policies for health and wellness businesses often are made up of the following types of coverages:
Medical Malpractice or Professional Liability: These types of policies can help cover the costs associated with defending a lawsuit or paying out a settlement. Professional liability coverage may also include protection for any errors or omissions that an employee makes while providing services to customers.
Commercial Property Insurance: is also important for health and wellness businesses, as it can help cover any losses caused by theft, fire, vandalism, and other unexpected events.
Business Interruption: Having this type of coverage in place can help health and wellness companies stay afloat when faced with unexpected events that threaten to shut down their business. Even if the company is able to quickly resume operations, lost revenue may still be difficult to make up. Business interruption insurance can help cover these losses so that the business has a better chance of surviving even after a major disruption.
Cyber Insurance: is also essential for any business that stores customer data or uses electronic communication. This type of coverage can help protect against any potential losses resulting from data breaches, cyber attacks, or other cyber security threats.

Business insurance should never be sold solely on price. You are protecting your most important asset. Our mission is to find you the perfect coverage but also find the best priced policy with that coverage.
The exact cost for your insurance policy varies according to factors such as:
Industry
Risk Exposure
Years of Experience
Location
Number of Employees
Revenue
Claims History

Health and wellness businesses can take a number of steps to reduce their liability risk.
Have detailed client contracts and policies in place that outline the expectations for both parties as well as the consequences for any breach of agreement. This will help protect you from legal disputes or other issues that may arise down the road.
Have adequate insurance coverage: Make sure you have the right type and amount of insurance to protect your business in case of accidents, injuries, or other legal issues that may arise.
Ensure there are clear policies: on how clients and staff should behave while at the facility, as well as any health and safety regulations that must be followed.
Have proper training and supervision: in place for all staff members, particularly those working with clients or handling equipment.
Regularly review your policies and procedures: to make sure they are up to date and that everyone is following them correctly.
Make sure any equipment is properly maintained and inspected to avoid potential accidents or injuries.