Some skin diseases and illnesses are too complex for mainstream medicine to address. And so, some individuals go to cryotherapy centers instead of cosmetic centers. You want to have insurance when running a cryotherapy center. A cryotherapy business insurance might have what you need. Read on to know what are included, their coverage limits, the cost of premiums, and more.
Yes, cryotherapy centers need insurance coverage. This is so because there are a number of inevitable risks associated with the running of a cryotherapy center. Such risks may expose your business to serious financial debts, which may in turn cause you to close down or declare bankruptcy. Look for a packaged protection plan that offers general liability, professional liability, and other policies to make your cryotherapy covered by insurance.
CoverWallet | NEXT (Best) | Thimble | Hiscox | The Hartford | |
---|---|---|---|---|---|
Per occurrence limit | $1,000,000 | $1,000,000 | $1,000,000/$2,000,000 | $300,000/$1,000,000 | $1,000,000/$2,000,000 |
Aggregate limit | $2,000,000 | $1,000,000/$2,000,000 | $1,000,000/$2,000,000 | $300,000/$2,000,000 | $1,000,000/$2,000,000 |
Products and completed operations aggregate limit | $2,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |
Advertising injury coverage aggregate limit | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |
Tenant’s legal liability coverage limit | $100,000 | $100,000 | $5,000 | $100,000 | $1,000,000 |
Waiver of subrogation included? | Yes | No | Included | Can be included | No |
Hired/non-owned auto liability coverage included? | Yes | No | Excluded | Can be included | Can be included |
Equipment breakdown floater included? | No | Yes | Yes | Can be included | Can be included |
This cryotherapy business insurance protects you from incurring any costs that arise from the use of the product and services your business offers to a third-party. The costs covered under this policy include:
Unintentional third-party bodily injuries
Unintentional third-party property damages
Copyright infringement lawsuits
Reputational harm and personal injury lawsuits
General liability insurance does NOT cover your employees or any other individual on your cryotherapy center's payroll.
There are two types of coverage limits under this policy. The per occurrence limit ranges from $1,000,000 and above and the aggregate limit ranges from $2,000,000 and above.
Umbrella liability insurance–If your cryotherapy center is located in high-risk areas, then it would be best if you purchased this add-on. You may use it to offset any financial burdens you may be subjected to following the exhaustion of the coverage limits of your primary insurance policy
Product liability insurance–If your cryotherapy centers manufacture and sell products, then it would be of great benefit to you if you purchase this add-on. Under this add-on, you are protected from being financially liable for third-party bodily injuries and property damages caused by the use of products affiliated with your business
CoverWallet | NEXT | Thimble (Best) | Hiscox | The Hartford | |
---|---|---|---|---|---|
Per occurrence limit | $1,000,000 | $1,000,000 | $1,000,000/$2,000,000 | $1,000,000 | $1,000,000 |
Aggregate limit | $2,000,000 | $2,000,000 | $1,000,000/$2,000,000 | $1,000,000 | $2,000,000 |
Name additional insureds? | Yes | Yes | Yes | Yes | Yes |
Waiver of subrogation included? | Yes | No | Yes | Can be included | No |
This is commonly known as professional liability insurance. Errors and omissions insurance protects your cryotherapy centers against claims of acts of negligence during the provision of your business' professional services. The claims you are alleged of committing must be established to be unintentionally committed before an insurer pays you for the claim. Some of the claims covered under this policy include:
Provision of incorrect or misleading advice
Breach of contract
A violation of good faith
Inability to meet the set deadline
This policy doesn’t cover your business from the following claims
Bodily injury liability
Property damage liability
Cyber liability
Employees' work-related injuries and illnesses
Unauthorized acquisition of patents and trade secrets of another business entity
The coverage limits under this cryo insurance policy range between $250,000 to $1,000,000. The professional risks your cryotherapy center's business is exposed to play a huge role in determining how much an insurance carrier will pay you after the occurrence of the insured risk.
Defenses outside limits coverage–Upon purchasing this add-on, your chosen insurer will pay for any extra defense expenses that exceed your primary policy coverage limits
Prior acts coverage–Under this add-on, you are provided coverage for any claims that arise from incidents that already took place before your errors and omissions insurance was in effect
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CoverWallet | NEXT (Best) | Thimble | The Hartford | Hiscox | |
---|---|---|---|---|---|
Building coverage limit (minimum) | $50,000 | $330,000 | $25,000/$500,000 | $60,000 | $25,000 |
Contents coverage limit (minimum) | $50,000 | $35,000 | $25,000/$500,000 | $60,000 | $15,000 |
Outdoor signs | Excluded | $2,500 | Excluded | Excluded | Included |
Accounts receivable | Excluded | Excluded | $5,000/$10,000 | Excluded | Included |
Money and securities | Excluded | $2,500 | $1,000 | Excluded | Included |
Lock and keys | Excluded | $2,500 | Excluded | Excluded | Included |
Business interruption floater | Excluded | Included | Included | Excluded | Included |
Equipment breakdown floater | Excluded | Included | Excluded | Excluded | Included |
Inland marine insurance floater | Excluded | Excluded | $10,000 | Excluded | Excluded |
Employee dishonesty floater | Excluded | $5,000 | $2,500 | Excluded | Excluded |
Under this policy, you are protected from the financial burden you may be subjected to in the event your commercial building (both rented or owned) and the property inside get destroyed by the insured peril. Fire, theft, winds, lightning, and vandalism are the most commonly insured perils under this cryo insurance policy. Commercial buildings destroyed or damaged by floods are not covered under this policy.
It's from $50,000 and above.The size and nature of your cryotherapy center's business activities , the risk you are exposed to, and the measures you have put in place to counteract risks are some of the factors your insurer of choice will use to determine your coverage limits under this policy.
When your rented or owned commercial buildings get destroyed by fire, winds, lightning, and acts of vandalism
When your commercial building landscaping features such as fences get destroyed by the insured perils
When your physical assets such as furnishings, inventory, and office equipment get damaged by the insured perils
Extra expenses coverage–Under this add-on, you are compensated for the costs you incur due to temporarily relocating your business to another location following the occurrence of an insured peril that is covered under this policy
Flood insurance–This add-on shields you from incurring the costs of replacing and repairing your commercial buildings and other physical assets that are destroyed or damaged by floods
Terrorism insurance–You can use this add-on in the event your commercial buildings and other physical assets get damaged or destroyed due to acts of terrorism
CoverWallet | NEXT (Best) | Thimble | The Hartford | Hiscox | |
---|---|---|---|---|---|
General liability aggregate limit | $2,000,000 | $1,000,000/$2,000,000 | $1,000,000/$2,000,000 | $1,000,000/$2,000,000 | $300,000/$2,000,000 |
Commercial property coverage limit | $50,000 | $330,000 | $25,000/$500,000 | $75,000 | $75,000 |
Optional policies can be added? | Yes | Yes | Yes | Yes | Yes |
Name additional insureds for free? | Yes | Yes | Yes | Yes | Yes |
BOP discount? | Yes | Yes | Yes | Yes | Yes |
The business owner's policy for cryotherapy centers is a business insurance that merges the commercial general liability, the business interruption policy, and the commercial property insurance into one policy.
Under this policy, your cryotherapy center's business is protected from any third-party bodily injury and property damage claims. You are also protected from incurring any legal costs in the event you get served with a lawsuit alleging your business of reputational harm, personal injury, and advertising injury.
And in case your commercial buildings and the assets found in them get destroyed by fire, wind, theft, or vandalistic acts, your insurer will provide you with financial aid for rebuilding and replacing the destroyed business assets. The BOP for cryotherapy centers also compensates you for lost income after the occurrence of an insured peril that renders your business incapable of performing its income-generating activities.
It ranges between $250,000 to $1,000,000 for the liability coverage and $25,000-$50,000 for the commercial property coverage. The size and the nature of your cryotherapy centers business are some of the coverage limits determining factors under this essential cryo insurance policy.
HNOA coverage–Hired/non-owned auto liability coverage can be added to a business owner’s policy. This will cover third party medical costs if a vehicle you hired or borrowed causes an accident
Equipment breakdown coverage–This add-on to BOP will cover the resulting expenses in case an electrical or mechanical breakdown causes some damage to business equipment
NEXT | Thimble | Hiscox | The Hartford | |
---|---|---|---|---|
Aggregate limit | $3,000/$10,000 | $2,500/$5,000 | $15,000/$25,000 | $5,000-$10,000 |
Covers hired and borrowed equipment? | $3,000/$10,000 | $2,500/$5,000 | No | Yes |
Miscellaneous equipment also covered? | $5,000/$10,000 | No | Yes | Yes |
Offered as an endorsement to general liability insurance? | Yes | Yes | Yes | Yes |
Deductible | $500 | $500 | $0 | $0 |
This cryo insurance policy protects you from incurring the costs of repairing or replacing your tools and equipment in the event they get lost, stolen, or unintentionally damaged in your workplace. Insurers only provide coverage to tools and equipment that are moveable and are less than 5 years of age. Your employee's working gear is also covered under this policy.
The coverage limit under this insurance policy is approximately $5,000. This coverage limit may go up or down depending on the type of tools and equipment you use and their actual market value.
Rental reimbursement coverage–Rental reimbursement coverage will cover the resulting extra expenses if you need to hire or rent business equipment while the one you own is being repaired
Inland marine coverage–Under this add-on, you are protected from incurring any costs of replacing or repairing your cryotherapy tools and equipment in the event they get damaged, lost, or stolen during transportation
Workers' compensation insurance is a cryo insurance policy that provides your employees with disability and dismemberment benefits, pays for any medical expenses, and ongoing treatment care costs when work-related bodily injuries and diseases are sustained.
Under this policy, your employees can be paid a certain percentage of their lost wages. And in the event, your employee dies following a job-related injury or illness, his/her named beneficiaries are provided with death benefits. Such death benefits include burial fees and in other cases, the beneficiary can be paid a portion of the deceased’s salary for a stipulated period as defined in the policy.
There is no set coverage limit on how much an insurance carrier will pay you for this cryotherapy business insurance.
Excess liability insurance provides you with additional financial coverage in the event your primary policy coverage limits get exhausted. If your errors and omission insurance limit is $300,000 and your client sues you for $450,000, an excess liability insurance will be used to offset the $150,000 that's not covered under your underlying errors and omission insurance. It's essential that you purchase this cryo insurance if you deal with clients who require more insurance coverage than your primary policy provides.
The coverage limits usually range between $1,000,000 to $10,000,000. This coverage limit is not fixed, since your chosen insurance carrier may increase or decrease it depending on your cryotherapy center's business needs and the limits available under your primary insurance policies.
Cost per Month | Cost per Year | Deductible | |
---|---|---|---|
General liability insurance | $92 | $1,104 | $0-$500 |
Excess liability insurance | $95 | $1,140 | $500-$1,000 |
Commercial property insurance | $97 | $1,164 | $1,000-$2,000 |
Business owner's policy | $189 | $2,268 | $1,500 |
Tools and equipment insurance | $96 | $1,152 | $500-$1,000 |
Commercial auto insurance | $101 | $1,212 | $500-$1,000 |
Workers compensation insurance | $113 | $1,356 | $2,500-$5,000 |
The average cryotherapy insurance cost is $92 per month or $1,104 per year for a $1 million general liability insurance. Factors that affect the cost of premiums are claims history, business history, location, deductibles, policy limits, and revenues. Here’s a table showing the cost of a $1 million general liability insurance from the best cryo insurance companies:
Cost per Month | Cost per Year | Best For | |
---|---|---|---|
NEXT | $75 | $900 | Small-sized cryotherapy centers looking for online affordable cryo business insurance coverage |
CoverWallet | $80 | $960 | Cryotherapy centers in need of customizable coverages |
Hartford | $85 | $1,020 | Established and Large-scale cryotherapy centers which own high-value assets and are in need of comprehensive coverage |
Tivly | $90 | $1,080 | Newbie cryotherapy centers in need of basic and straightforward insurance policies |
Thimble | $100 | $1,200 | Cryotherapy centers that operate seasonally |
Hiscox | $120 | 1,440 | Cryotherapy centers which are located in areas prone to the occurrence of commonly insured risks |
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Here are some of the best companies you might want to work with. Read some of the reviews below to know their pros, cons, and average rate for a $1 million general liability insurance.
Best overall
Issues an online proof of insurance instantly
Fastest general liability insurance for cryotherapy centers
Great customer service and reputation
Excellent rates
Outstanding value for money
Get a 10% discount if you buy two or more policies
Couldn’t find any
NEXT is a digitally operated insurance company that was established in 2016. This privately owned insurance carrier has its headquarters located in Palo Alto, USA. The AM Best has independently rated NEXT as an A insurer. NEXT specializes in providing affordable and customizable business insurance policies to small-scale business owners.
Best for: Best overall; Fastest general liability insurance for cryotherapy centers
Average cost: $75 per month
Our rating: 10/10
HNOA coverage automatically included in general liability insurance
You can use its platform to compare the different cryo insurance policies provided by its multiple partnered insurance carriers
Cancel your coverage anytime
Cryotherapy business insurance policies are not underwritten in-house since CoverWallet is an insurance broker
In November 2019, AON acquired this competitive online insurance company. The headquarters of CoverWallet is at 100 Avenue Floor 16 New York, USA. Through its partnered insurance carriers, this company that earned an A- rating from BBB provides its clientele with over 30 types of cost-effective and easy-to-claim business insurance policies.
Best for: Comparing cryo insurance quotes online
Average cost: $80 per month
Our rating: 10/10
Its auto policies have a lifetime renewability
If you are over 50 years of age you qualify for its policies' discount incentives
It provides you with a wide range of cryo insurance policies
Limited add-ons to base policies
The Hartford was founded 212 years ago. Due to impeccable customer services and its ability to tailor its premium rates to suitably meet the economic demands of its clients, the AM Best and the BBB have rated this insurance industry-leading company an A+
Best for: Established and large-scale cryotherapy centers which deal in or are in possession of costly business assets
Average cost: $85 per month
Our rating: 10/10
Compare quotes over the phone
A partner of many reputable insurance companies
It matches you with insurance policies that suit your cryotherapy business needs
You need to call to get a quote
Tivly is an online insurance agency that has partnered with over 200 insurance carriers to provide its clientele with tailorable and affordable coverages. Despite it not underwriting its policies and claims, AM Best has rated Tivly as an A+ digital insurance agency. Call now to compare quotes over the phone.
Best for: Comparing cryotherapy insurance quotes over the phone
Average cost: $90 per month
Our rating: 9/10
It’s accredited by the Better Business Bureau
Numerous add-ons to general liability insurance
It can provide you with temporary coverage
You can’t reach customer service by calling
The AM Best rates this insurance agency an A, whereas the Better Business Bureau rates this online insurance company an A+. Thimble is backed by the Markel Insurance company. Its ability to provide its customers with 24/7 claims reporting services, and flexible and temporary insurance coverages has made this BBB-accredited member an insurance agency to reckon with.
Best for: Cryotherapy centers that operate seasonally and are in need of temporary or on-demand coverage
Average cost: $100 per month
Our rating: 9/10
Its coverages are available in 49 states of America
It underwrites its own policies and claims
Its an A+ AM Best rated insurance company
· You cannot benefit from its policies if you live in Alaska
As of 2023, Hiscox, which is an Anglo-Bermudan insurance carrier, was estimated to have a net worth of $45,480.522. This internationally recognized insurance company is owned by Robert Ralph Hiscox. Despite having been founded in 1910, Hiscox up to date doesn’t provide its coverage to the state of Alaska.
Best for: Cryotherapy centers located in areas prone to the occurrence of the insured risk/peril
Average cost: $120 per month
Our rating: 9/10
Use anyone except Employers. Period. They are non-transparent and shameful. After I complained long enough to warrant a call from a supervisor, the supervisor called back from a PRIVATE NUMBER (no caller ID), left a message that they are not reversing their decision (without any communication with me), and failed to leave a phone number for me to call back. She was hiding! They also fact find via email and phone calls, which is terrific for speed and communication. However, after setting a precedence of email or phone calls, they send time sensitive information via email, without any heads up... they are hoping you miss it and forfeit via expiration. Evil policies. Go elsewhere.
This place is an absolute joke of a company and should be ashamed of the way they conduct business. I was hurt on the job at the end of July and it took them just shy of 7 weeks to issue out a paycheck to me. Yes the amount was back dated but still. Not many have the luxury of not receiving a paycheck for almost 2 months. To top it all off, the original adjuster marked me down for the wrong state which caused a problem from the get go, I've had 3 different adjusters now since each one can't seem to figure out the simplicity of my claim. All my paperwork which includes, my job, house, and drs visits all are from the same state and city but yet some how I have been filed under a completely different state 1500 miles away. They do not answer your phone calls or emails no matter how many you leave. I've had to escalate my frustrations to the supervisors of each of these individuals in order to even get some kind of response. I've had more communication and information given to me about my claim from the customer service representatives then the actual adjusters.......... please tell me how that works?! A serious overhaul needs to happen here in order to serve your clients the way they deserve to be taken care of. 10/10 do not recommend this company to a single soul on earth
I have never had the displeasure of working with a more incompetent and disrespectful person in my life. I’m an injured worker and the adjuster that was assigned to my case was named Carrie Furgeson. In the past 6 weeks that I’ve been injured and out of work I have only been able to get ahold of her twice, not for lack of trying. I have left countless voicemails, countless emails, and she ignores them all. When I am finally able to get ahold of her I’m greeted with terrible customer service. She is rude, she talks over me and I’m hardly able to get a word in edgewise. She spelled my name wrong on my documents even after I spelled it for her properly countless times, this caused a whole new issue with my bank. I have bill collectors from the hospital calling me demanding payment and Carrie Furgeson won’t do a single thing to help, or to get them paid. All of my documentation is in Colorado, my job is in Colorado, my address is in Colorado, all my Dr offices and appointments have been in Colorado and Carrie still managed to hold my claim because she wasn’t sure what state she needed to file it under. It’s been 6 weeks since my Injury and my company still hasn’t received the wage paperwork to fill out so they can get me my correct wages. When she’s not ignoring me she’s answering my questions with “I don’t know” well I don’t know how she got this job, because apparently she doesn’t know anything about it. She is a disgusting morose individual inside and out and I genuinely wish her the worst in all of her future endeavors. I highly recommend you don’t use this company. Please if you are a business owner and your looking into this company please don’t use them. I’m sure they have the cheapest payment and that’s why companies use them in the first place, but you will be doing your employees a grave disservice by forcing them to venture into this absolute dumpster fire of a company. I would rate 0/5 if possible but 1 was the lowest I was allowed.
Their general liability insurance purchase process is simply the best online experience I've ever had in my life!
As long as they cover your line of business, you're literally covered! best rates, best coverage, best online experience, best professionals, can't be happier that I chose them!