For most of the choices one makes, the concept of “risk versus reward” can be applied to help reach the proper decision. In the business sense, using the risk versus reward rule can be especially necessary and helpful.

In case you are unsure how risk versus reward works, it is a matter of comparing what you might have to risk to what you stand to gain. If the possible reward is much greater than the possible risk, then the choice is typically a safe one and a good one.

If what you have at risk is much greater than what you stand to gain, then you will probably want to refrain from making that kind of move. As you can see, applying risk versus reward to your decisions certainly is not rocket science.

As a massage therapist or bodyworker, you may now be wondering how any of this applies to you and your daily work as a hands-on healer. One great way to take a look at risk versus reward in action is to consider a business decision that professional touch therapists are frequently faced with, which is the question of whether or not to purchase massage liability insurance<.

For those folks who work in this healing field each day, it can be tough to understand why one would ever need massage liability insurance. However, this type of insurance has been created specifically to protect massage therapists and bodyworkers from the possibility of a law suit brought on by a client, as well as the loss or damage of equipment and rental space.

Let’s take a look at the risk to reward ratio as it applies to the purchase of massage therapy liability insurance. A high quality policy usually will charge an annual fee, which can be paid all at once or broken up in separate payments. The total fee is usually less than $200, and this represents your “risk.”

In terms of rewards, a good massage liability insurance policy should protect the practitioner from a variety of unexpected circumstances. For one, this policy should deliver the “reward” of protection against a malpractice suit, which would mean a client claiming damage or injury due to misconduct or lack of ordinary skill on the part of the massage therapist or bodyworker.

Instead of engaging in a costly law suit to fight or settle such a claim, the professional touch therapist armed with a solid massage liability insurance program would be completely covered, often for around $2 million to $3 million dollars. This is a clear example of a favorable risk to reward ratio.

Other “rewards” of enrolling in a massage liability insurance policy include coverage for damage or injury claims from clients due to any product you might use in the session room, as well as “slip and fall” coverage for any accidents a client might have on your property.

A top notch massage liability insurance program should offer additional coverage as well, including reimbursement for lost or stolen work equipment, such as a massage chair or stereo system. Coverage for any damage that may take place in your rented work space is yet another benefit of paying the fairly minimal fee for one of these policies.

Put the risk to reward concept to use, and it seems you may find that purchasing a massage therapy liability insurance policy is a safe bet for the professional touch therapist.