With shared liability aggregates, each policyholder will in essence share the same pot of coverage. That means if you have a $1 million shared liability aggregate, and others in the group use up $999,000, there’s only $1,000 left in available coverage. Shared liability aggregates can save employers money by pooling everyone together but as we just saw, this could leave you without adequate coverage when others in the group use the limits before you. That’s why it’s always advisable to make sure you are personally covered with a massage insurance plan with individual annual aggregates.

Aggregate simply means a grouping or grouped together, which is exactly how a shared aggregate works. You have individual limits with most massage insurance policies but then there’s your annual aggregate. This is the total of all your claims in a given year. When you have a shared annual aggregate, you will be on a plan with other individuals. Others may use up all the available coverage under this type of plan before you have the chance. Unfortunately, you’d be left covering any shortfall yourself. Comparatively, for just $169 per year, you can have professional massage insurance with coverage that is 100% yours and yours alone.

In this case, better depends on if you’re looking for more comprehensive coverage, or just a cheaper price. Shared limits are often used to make for a cheaper premium because the insurance company has pooled the risks. If you are the policyholder in a shared limit property insurance plan, any claims that others have on the policy before you will reduce the available coverage you yourself have. This can lead to not having adequate coverage when an unfortunate event occurs. That’s where having your own individual insurance plan through MMIP does so much more for your peace of mind, knowing that you alone have access to the coverage, benefits, and support of the plan.

Your annual aggregate is how much you have available in coverage throughout the year. For example, with MMIP massage insurance, you’ll see $2 million per occurrence and a $3 million individual annual aggregate. This means you have all the way up to $2 million to cover a single claim and $3 million in total for the sum of all your claims. You can either have an individual annual aggregate or a shared aggregate. Shared aggregates means you’ll share the coverage limits with others. So if you have $3 million in shared annual aggregate, everyone on that plan is sharing that same $3 million limit throughout the year.

Yes, massage insurance plans include aggregate coverage in one of two formats - shared or individual. Individual annual aggregates are vastly preferred since the policyholder is going to have the full amount of the aggregate available at any given time during the policy term. With a shared aggregate, that limit may not be available if others were to have a bunch of claims before you. With shared annual aggregate massage insurance plans, you could be left empty handed when it came time to file your own claim.

Absolutely—but you need to be cognizant of what kind of aggregate insurance you are receiving with a policy. Not all massage insurance plans are created equal and you may find a low rate means literally sharing coverage. Shared aggregates means there’s others who have the same access you do to a set amount of coverage each year. When there’s others filing claims, that pool is depleted little by little throughout the year. That means you can be left without all the money you need to cover a claim even when you thought you were buying all this coverage with your plan. Rather than leaving it up to chance, it’s a far better long term strategy to secure individual aggregate massage insurance.

Individual annual aggregates are by far the choice that massage professionals want when it comes to the best coverage for their careers. Massage Magazine Insurance Plus offers individual annual aggregates for things like general and professional liability and offers millions of dollars in coverage for each individual policyholder. You’ll never have to share your limits with another party or worry if someone else might use up the benefit before you’re able to.

If you are an employee such as in a chain massage spa, you are probably covered under the employer’s umbrella policy. The problem with this is that it may offer low limits or shared aggregates. When you have a shared aggregate as an employee, you and your coworkers will all be pooled on the plan with a single, set limit. This limit is the sum total of all the claims the plan will pay out on in a given year. Once that limit is reached, the plan isn’t going to pay out any additional funds. So, if there’s a lot of claims by the others on the shared aggregate plan, then you might not have everything you need to cover your own claim. Even for those working in a spa, individual massage insurance from MMIP is a much safer bet and even comes with loads of benefits like free continuing education.

It is possible that some plans will allow for a massage student shared aggregate policy but this really isn’t advisable. If there are multiple parties sharing the same limits, as with a shared aggregate, then the limits of the plan can be exhausted before an individual policyholder has a chance to use them. We offer students an incredible deal, with full and out protection that includes individual annual aggregates for just $25 for twelve months of coverage.

Property insurance typically applies to damages in or around your place of business. When it’s rental damage insurance, this would be to help cover the costs of repairs when damage is done to a rental unit. With shared limits property insurance policies, whatever coverage you have available is also going to be available to others sharing the same limit. So if you have $100,000 in property insurance, on a shared plan the others in the group might need to access that $100,000 limit before you do. This could mean you’re on your own to fix any repairs out of your own pocket even though you started the year with $100K in coverage.

Shared annual aggregate insurance plans do tend to be cheaper than individual annual aggregate plans. That’s because the insurance company is pooling the risks of several different policyholders under a single aggregate which can mean having less coverage than you think you have. Taking the total of all those different policyholder’s claims, the shared limit is depleted throughout the policy term which simply lessens the available remainder. If you’re late to file claims and the others use up the benefit before you do, you won’t be getting everything you need to be made whole after a claim. For as low as $14 per month, MMIP’s individual annual aggregates included with our massage insurance plans provides absolute assurance that every cent of the policy limits is available to you should you need it.

Definitely not. Group liability insurance is something you’ll most likely find as an employee of a chain salon or spa. This is where individuals are grouped together and share a common aggregate limit. The total of all the claims they have are added up, or aggregated, and go against the total limit for the year. This is not the industry preferred form of insurance because it’s taking a chance that you won’t have everything you need in coverage. With MMIP, our massage insurance includes $3 million in individual annual aggregates for general and professional liability which means each policyholder has that full amount throughout their term ready and available should an unforeseen event pop up.

We like to keep massage insurance as simple and straightforward as possible so offer comprehensive plans that cover a multitude of modalities, offer individual coverage limits, and are available at one, low price you can see upfront. Some plans give the option to have different limit tiers but the lower limits that are less expensive tend to be lacking in coverage. That’s where one low price for awesome coverage sure comes in handy.

Shared annual aggregates can result in lower premium prices which is why some plans offer this. Even though they provide less of a benefit, some see the cost savings as worth the extra risk.