As a yoga instructor, you should carry insurance on yourself, your location, and if applicable, your employees. This insurance will protect you from lawsuits resulting from many instances, such as injury to a client, or property. The coverage provided varies by the company, type, and amount of yoga liability insurance you choose.
When choosing a policy, you should first look at who is covered, what is covered, and where the coverage extends.
Who Does Yoga Teaching Insurance Cover?
Some Yoga Insurance policies require a Certification by the Yoga Alliance for each insured party. If you hold this certification, let you insurance agent know. They may be able to get quotes from a larger number of venders. If you do not, look for a company that does not hold this requirement.
2. Teachers in Training
If you plan to expand your business or already have teachers studying under you, make sure your Yoga Teaching Insurance covers teachers in training. Most mistakes occur while instructors are completing the training process. If you elect a policy that does not cover teachers in training, be absolutely sure to remedy this before hiring any new teachers.
To run a yoga studio, you will need other employees, such as a receptionist. Be sure these employees are covered for any errors they may make. Although they should not be giving advice on yoga, clients often take their words as just that. If your yoga instructor insurance includes them, you will be covered should a situation arise.
4. Independent Contractors
Since the company pays independent contractors differently, they are often overlooked. However, they can create a liability situation for your company or person and should be included on your Yoga Insurance.
What Do Yoga Insurance Cover?
If you own a studio, you need to double-check all of your policies. Insurance for yoga teachers may not cover the physical building, but may protect the studio in the event of a lawsuit resulting from injury at the location, such as a slip and fall lawsuit.
2. Assortment of Insurance
Does your Yoga Teachers Insurance cover professional liability, advertising liability, personal injury liability, product liability, premise liability, property damage, and sexual harassment? While we like to think these things could never happen at our location, they occur all to often to ignore the probability. As the saying goes, it’s better to be safe than sorry!
As a yoga center, you may offer services other than yoga. Check possible Yoga Teaching Insurance policies to see if they offer coverage for these other services, such as Pilates or massage. Also, ensure all the types of yoga you teach are covered. Companies typically insure aerial and acrobatic yoga.
Ask your insurance agent which props are covered. Be sure to avoid using props that are excluded from your liability insurance for yoga teachers, as any injuries resulting from these objects would not be paid.
5. Legal Fees
Any lawsuit quickly accumulates legal fees. Check for a policy that includes these fees in the amount your receive back, or one that provides an attorney for you.
Knowing what is not covered is just as important, if not more, than knowing what is covered by your yoga teacher insurance. Read this portion of the policy carefully and discuss with your insurance attorney or agent.
Where Yoga Insurance Coverage Extends
1. Outside the Country
If applicable, check to see if your Yoga Teachers Insurance follows you outside of the country in which you purchase it. This factor is of extreme importance if you plan on doing workshops or conferences in fun, exotic locations!
2. Outside of the Studio
Make sure your coverage follows you if you practice outside of your studio or normal location. For example, yoga in the park might not be covered under all yoga teacher liability insurance policies.
After answering the questions of what, who, and where regarding your yoga teaching insurance, you should begin looking at the premium, payout amounts, and procedures.
Yoga Insurance Premiums
1. Annual Rates
Compare policies based on their annual rates. Each insurance company allows payment on different terms. By comparing annual rates, you will see which gives the most coverage for the least payout. An annual rate is the premium you pay for coverage and will vary greatly with the amount of coverage, and size of insurance company.
2. Membership Discounts
Many companies offer yoga alliance insurance discounts for businesses that have membership with affiliated organizations. Your insurance agent should be able to help you take advantage any available discounts. Often, membership is free or low cost.
When researching plans, compare the deductibles, the amount you will pay out of pocket for each claim. While lower deductible plans often cost more, in the case of an event, you will reap the benefit of coming up with less money to fulfill your obligations.
1. Max per Claim
Insurance companies set a maximum amount per claim for each claim type. This information is critical to your decision because injured parties may receive damages higher than the maximum amount allowed by your insurance. In this case, you may have to pay the difference.
2. Aggregate Annual Claim
Another figure to pay attention to is the aggregate annual claim. This number indicates the yearly maximum that a policy will cover, regardless of the quantity of claims.
1. Maximum Number of Students
Most options for yoga teaching insurance, base their rates on advanced calculations that include the number of students per class and as a whole. Be sure to select coverage for the appropriate size of your studio’s clientele.
2. Time to Report a Claim
Each company sets their own rules and requirements for filing a claim. One of the most important is the amount of time you have between an incident and a claim being filed.
When shopping for insurance policies, there are many considerations to make. These policies are often written in legal language and difficult to understand. Consider hiring an insurance agent or attorney to look over policies for you and recommend several based on your needs.