The Wellness Economy: Health and Human Services Are Booming in the New Decade
We recently entered not only a new year, but also a new decade, and the conversation surrounding resolutions is more prevalent than ever. Resolutions aren’t just about shedding pounds; there is an increasing focus on wellness for the body and the mind.
This well-rounded approach to wellness has led to the steady growth of the “wellness economy.” The Global Wellness Institute defines the wellness economy as “industries that enable consumers to incorporate wellness activities and lifestyles into their daily lives.”
And consumers are spending — big. The wellness economy was valued at more than $4 trillion in 2018. Long gone are the days of nutrition books and fitness magazines. Now, consumers can receive content through smartphone apps that offer personalized coaching and through social media influencers who sell the latest wellness programs or supplements.
What is contributing to this thriving health-and-wellness market? According to Forbes, it’s the fast-paced lifestyle that so many of us have become accustomed to. To balance the stress of work and personal life, the population turns away from traditional methods of health care, like fitness, nutrition, wellness counseling and beauty regimens.
So, how does this relate to the insurance industry? As the U.S. (and global) population utilizes more non-traditional health solutions, “health and human” service providers, like nutritionists, fitness instructors, wellness counselors and massage and physical/occupational therapists are increasing in number. This means more and more of these professionals need the right insurance coverage.
USLI’s Allied Health Care product was created to meet the needs of for-profit entities and individuals in the human service field. Our comprehensive product includes:
- An option to package professional liability, general liability and property
- Low minimum premiums starting at $425
- Up to $1 million/$3 million for abuse and molestation claims
- Quick quote and binder turnaround with the financial stability of an A++ rated carrier
Ten years from now, when we’re looking back at this decade, we’ll see for certain that the wellness economy has grown. In a fast-paced world of consumerism, advancing technology and on-demand products and services, this industry is sure to expand and change to meet our needs.
For more information about our Allied Health Care product or to get a quote, please contact your Professional Lines underwriter.
As always, thank you for your support and business.
Contact Devynne Bruder
Product Leader | 888-523-5545, ext. 2032
Written by Laurel Bennett
March 5, 2020