Accidents happen – no matter how well you prepare or how much training you have, it’s just a part of life. When this happens, unfortunately attorney fees can be expensive and devastating to a small business even if that business did nothing wrong.
That high cost often translates into higher rates. Sometimes that increase is $20, while other times it’s $100. It often depends on what is happening in that specific trade in the industry. Take for example the AcroYoga industry. When one or two studios or teachers have a client fall and tear their rotator cuff, that may amount to $300,000 in medical costs, especially if surgeries are involved. Multiply that by twenty studios, and you have claims costs upwards of $6 million!
Again, this is why our approach in creating optional choices is so important. Not all services feel the rate increase. For example, massage therapists aren’t paying for an increase when claims rise for those in the pole fitness industry, and vice versa.
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