Advice from the Experts: BMS Insurance

Separating You from Your Business

There’s a well-known mental skill referred to as compartmentalisation that assists in creating discrete psychological boundaries between issues or concepts, usually employed subconsciously by the brain as a coping mechanism but sometimes as a learned skill. Compartmentalisation relies on breaking down life or goals into compartments and recognising the relative elements of each compartment.

When you consider your own life, as a professional, as a partner to your loved one, as a parent, as a business owner, there are many different versions of you with different responsibilities and insurance gets broken down in a very similar manner. There’s no one insurance that covers every aspect of your business and this is often done for good reason. The main reason is that you and your business are different entities. You the practitioner and you the business owner are, for all intents and purposes, different people and in most cases having a separation between the two is best practice for both your mental well being and for your insurance.

Your risk as a practitioner arises from your work: one on one or in groups with clients, either in the performance of your professional duty or arising from the advice you give. As a business owner, your risk arises in a different way, which we call vicarious liability. That is, your business can be brought into legal action for the clinical actions or conduct of anyone in connection to your business. From a business perspective, this vicarious liability can arise out of any aspect where the business has a responsibility to the customer, just a few being:

  • Business processes
  • Hiring due diligence
  • Record keeping
  • Advertising
  • Common Areas
  • Contractual Agreements

Similar to when you consider what insurance policies you need outside of work (home & contents, motor vehicle, personal accident), the same approach should be taken with your business. For your own risk, you have your PAA Member Insurance Policy and for your Business, you may need:

  • Business & Contents Cover
  • Cyber Liability
  • Management Liability
  • Business Indemnity Cover

The last on this list is the Professional Indemnity and Public Liability cover, which would defend you as a business when the business is named in a civil or regulatory action.

If you’re unsure if you’re appropriately covered, or if you want any advice about insurance, contact us via phone 1800 940 764 or email pilatesaa@bmsgroup.com

Meet the BMS Insurance Customer Service team

 

Shelley Yiasoumi
Assistant Account Executive

Shelley Yiasoumi is actively involved in the Pilates customer service team and brings with her skills and knowledge from her previous role with a healthcare insurance provider. Having been in the Healthcare Insurance industry for a number of years, Shelley brings a bright personality and strong technical skills to ensure all members have a positive experience when contacting BMS.

Paige Frigo
Assistant Account Executive

Paige brings the Pilates customer service team a broad experience across different types of insurance, from travel, corporate enterprise and professional indemnity. In her role as assistant account executive, Paige brings a passion and enthusiasm for insurance, balanced with great customer service skills to deliver an informed, warm and friendly service experience.

Contact the Customer Service team via phone 1800 940 764 or email pilatesaa@bmsgroup.com