Small Business Growth in America – Health Is the New Wealth
Wellness is a word we didn’t hear a lot of 20-30 years ago. The meaning of wellness has transformed over time and is now a word we hear daily, but what does it mean?
Wellness can mean something different to everyone. It can mean eating healthier, losing weight, focusing on mental health or simply taking an afternoon off to visit the spa. The world of wellness is thriving and growing at an incredible speed. A study done by SRI International confirmed wellness is one of the world’s largest and fastest-growing industries.
According to the U.S. Small Business Administration, “as of 2016, there were 28.8 million small businesses, which accounted for 99.7 percent U.S. businesses.” Small businesses make up most of our businesses in this country, and many of them focus on providing health and wellness services. Many entrepreneurs are starting up their own health and wellness companies, and why shouldn’t they? It’s a booming market that, according to Euromonitor International, is expected to grow to reach $815 billion by 2021.
A wide variety of professionals and businesses fall into the category of health and wellness: nutritionists, health coaches, counseling services, home-health aides, personal trainers, yoga/meditation studios, day spas and so on. It’s easy to see why so many businesses are focusing on wellness. While these businesses are growing and gaining success, it’s important to remember the need for insurance protection.
Health and wellness businesses have a large professional liability exposure due to the type of services they are providing. Most small businesses can easily be wiped out by one claim or allegation that they will, at the very least, need to defend in court. USLI offers a great solution to these small businesses needing the right coverage to protect their company. Our Allied Health Care product has a large appetite for non-medical/non-invasive allied health care professionals. Our product is designed to offer robust coverage for a competitive price. A few of our coverage highlights include the following.
- Errors and omissions up to $2,000,000/$4,000,000 (in most states)
- Defense for allegations of abuse of molestation up to $1,000,000/$3,000,000 (for most risks)
- General liability up to $2,000,000/$4,000,000
- Business personal property up to $500,000
- Hired and non-owned auto up to $1,000,000 (included in the general liability aggregate)
- Price starting at $425 for professional liability and $150 for general liability, combined premium of $475 for separate limits of liability
- New ventures are eligible
- Deductible starts at $0 for errors and omissions
Please contact your Professional Lines underwriter for more information or a quote today.
As always, thank you for your support and business.
Contact Devynne Bruder
Product Leader | 888-523-5545 Ext. 2032