There are lots of different insurance products out there and it can be difficult to figure out what coverage you need – and just as importantly, what coverage you don’t to protect your Pilates studio from the unexpected.
In this article, BMS, the PAA’s insurance partner provides insight into the various insurance policies you might need to consider as a business owner, in addition to your individual Professional Indemnity and Public and Products Liability insurance.
Business Insurance
Business Insurance generally covers various elements of business risk from property, stock and contents damage to business interruption and operations. While there are several policies you might consider as a business owner, in almost all cases, you will need at least one element of Business Insurance. For example, you may want to consider some aspect of cover:
• If you own a studio or lease a space
• If you have employees or contractors
• If you have equipment or assets (reformers and other Pilates equipment beds)
• If your lease contract states you are responsible for air conditioning systems or glass in the building
• If you could not maintain normal business operation if you were to suffer a fire at your business premises
For example, you might own important equipment that if damaged or stolen would stop you from operating as normal. Cover for business interruption could help pay for continuing costs such as rent, mortgage payments, payroll or loss of profit.
Consider your circumstances as a business owner when looking for business insurance.
Entity Insurance
Entity insurance is a form of professional indemnity and public liability insurance that provides coverage for your business in case it is named in a complaint.
For example, a client could file a claim against you as an individual and against your Pilates studio alleging inadequate treatment. In this instance, Entity Insurance could step in to protect your business name.
This is different to an individual Professional Indemnity Insurance policy which provides cover for the individual.
Cyber Liability Insurance
A Cyber Liability policy could help protect you if you or your business has been involved in a cyber breach or privacy violation. This could include covering costs for your legal defence, investigative costs, notification and response costs, costs awarded to the patient(s) affected by the breach/violation, and more.
Policies available with BMS
As a Pilates Association Australia (PAA) member you have access to the PAA Member Insurance program. Speak to a BMS broker for more information about policies offered via email pilatesaa@bmsgroup.com or call 1800 940 764.
You must be a current Pilates Association Australia (PAA) member to be eligible to register for the PAA Member Insurance program. You must be part of the PAA Member Insurance program in order to access additional cover. If your membership ceases you will not be offered renewal when your policy expires. In offering this insurance to our members PAA is a distributor of BMS Risk Solutions Pty Ltd (BMS) AFSL 461594, ABN 45161187980. Business, Entity, and Cyber Liability insurance is issued by BMS under binder with Certain Underwriters at Lloyds (the insurer). When acting under a binder BMS acts as agent for the insurer and not as your agent. This is general advice only and BMS has not considered whether it was suitable for your personal circumstances, current objectives, needs or financial situation. Please read the Policy Wording and the BMS Terms of Engagement which contains the Financial Services Guide before making a decision about purchasing this policy.
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