Best Yoga Insurance of 2022

Bryan Keith

While there are many ways to implement safe yoga practices, accidents and injuries can happen unexpectedly where your yoga business could be held liable for damages. Yoga insurance can protect your business from liability and financial losses due to accusations of negligence, lawsuits, and medical expenses. We’ve evaluated the best yoga insurance providers based on coverage, financial stability, customer satisfaction, and overall quality.

Affordable plans and coverage provided within minutes

$2,000,000

Coverage Up To

$0 - $2,000

Deductibles

Overview

Next Insurance leverages AI technology to streamline the process to purchase insurance, track claims, and manage policies at no additional cost.

What we like

  • Affordable insurance plans
  • Customized coverage to fit your business
  • Get covered within minutes
  • Near instant access to proof of insurance
  • Quick and easy to process claims

What we don't

  • Not available in New York

Covers a wide range of industries

$2,000,000

Coverage Up To

$1,000+

Deductibles

Overview

Coverwallet began its journey in New York City in 2015 operating under the Aon Insurance banner. At Coverwallet, you can access everything you need to keep your company well-protected at an unbeatable price.

What we like

  • A skilled advisor to assist you
  • Free quotes from multiple insurance carriers
  • Covers low risk to even some high risk industries
  • Online account management

What we don't

  • No brick-and-mortar offices
  • Deductible costs

Customized solution to fit your business needs

$2,000,000

Coverage Up To

$0 - $10,000

Deductibles

Overview

With a 100-year history of insuring businesses, Hiscox is well-known across America and globally. With more than 500,000 small business customers, Hiscox is fully aware and trained in the unique risks a business can face.

What we like

  • Established insurance company
  • Dual auto insurance
  • Customizable insurance for over 180 industries
  • Deductibles starting at $0
  • Affordable rates

What we don't

  • Limited US offices
  • Coverage limited to $2 million online

Flexible coverage by the year, month, day, or by the job

$2,000,000

Coverage Up To

$0 - $10,000

Deductibles

Overview

Thimble provides business insurance that can be tailored to your business by the year, month, day, or even the job. At Thimble, the process to getting the right business insurance is simple, scalable, and flexible.

What we like

  • Scheduled coverage options
  • Coverage by the job available
  • Buy a policy online within minutes
  • No hidden fees
  • Affordable plans
  • Drone insurance

What we don't

  • Not available in New York

Tailored Amazon seller insurance

$1,000,000+

Coverage Up To

$100+

Deductibles

Overview

Spott will ensure that your policy coverage is tailored to your business while complying with Amazon’s Terms and Conditions. They also track changes to Amazon’s Terms and Conditions to identify potential issues with listings before a suspension.

What we like

  • Tailored eCommerce insurance
  • Liability insurance for Amazon sellers
  • Store Suspension coverage
  • Compares leading insurance carriers
  • Flexible coverage options and payment plans
  • Knowledgeable about Amazon’s rules and policies

What we don't

  • Limited physical offices

What is yoga insurance?  

If someone gets hurt during a yoga class or pushes beyond their limits, your yoga studio could be held liable for any injuries and medical expenses. Or, a student may be unhappy with your services and take legal action against you for not teaching the correct yoga postures.  

Yoga insurance can protect your business and help cover legal expenses, the cost of medical treatment, and property damage. 

Who needs yoga insurance?

Any business that practices yoga as a regular activity would benefit from yoga insurance. These types of businesses can include (but are not limited to):

  • Yoga studio owners
  • Yoga teachers
  • Trainee yoga instructors

Depending on the studio, as a yoga instructor, you may be required to have personal insurance policies in place.

What insurance do yoga studios and instructors need?  

When taking out yoga insurance, it’s important to consider different types of coverage and policies to adequately cover your business for legal liability and potential financial losses. The most common types of policies are:

General liability insurance

General liability insurance is one of the first insurance policies many yoga studios choose to take out to cover basic risk factors such as a student slipping and falling while in a class, or injuries from broken and faulty equipment. Unexpected events can happen and general liability insurance can help pay for medical expenses and legal fees after an accident if the customer chooses to take legal action against you.  

Coverage for general liability insurance can include third-party bodily injury, third-party property damage, reputational harm, judgments, and settlements from a lawsuit. 

Exclusions for general liability insurance can include employee injuries and illnesses, commercial auto accidents, and professional errors and mistakes.

Professional liability insurance

Sometimes referred to as errors and omissions insurance, policies can cover the legal defense costs if a student accuses you of making a mistake that resulted in injury or financial loss. For instance, while teaching yoga, a student that doesn’t understand the instructions could get injured and take legal action against you to recover the cost of medical expenses. 

Coverage can include claims of negligence, breach of contract, mistakes made by employees and yoga instructors, legal and settlement costs. 

Exclusions to your policy can include employee injuries, property damage, accidents while using a business vehicle, and false advertising.  

Workers’ compensation insurance

Many states require businesses that hire employees to have workers’ compensation insurance in place. This is to help pay for medical care and lost wages due to a work-related injury. For instance, if a yoga instructor is helping a student get into a posture and loses balance which causes injury, time off may be required to aid a full recovery. 

Workers’ compensation insurance coverage can protect your yoga studio against medical expenses, lost wages, employer liability, permanent injury, and survivor benefits. 

Common exclusions include professional mistakes, executive officers, and owners of the business.  

Commercial property insurance

If your yoga studio offers in-person classes, then it is likely that you’ll require a place of business to carry out your classes. Commercial property insurance can protect your business from damages done to your property, and equipment you need to do business. This includes if someone breaks into your yoga studio and vandalizes the studio or a fire causes damage to the equipment.  

Coverage can include damage that results from specific hazards such as fire, vandalism, explosions, and falling objects, business income interruption where you might have to temporarily close your business for repairs, equipment breakdown, and structural repairs to your building.

Exclusions can include damage during earthquakes, flooding, and intentional damage caused by employees. 

What are the limits of yoga insurance?

When taking out a yoga insurance policy, it’s important to factor in limits to adequately cover yourself for risks. If your claims exceed your coverage limits, the extra financial burden will need to be paid out-of-pocket. 

For general liability and professional liability insurance, you can take out coverage for limits up to $2,000,000 per occurrence and $3,000,000 per year. However, coverage limits can depend on the size of your business. Large commercial yoga studios could be eligible for higher coverage limits. 

Some insurance policies can restrict the number of hours you can work in a week, and if you exceed the number of hours, your insurer can void your policy. Be mindful to be aware of this when you are looking for a yoga insurance policy.

How much does yoga insurance cost?

Several factors go into the calculation of yoga insurance, and policy premiums can vary from one yoga studio to the next. Basic plans for general and professional liability insurance can start from as little as $12.50 a month. Here are some factors that insurers will consider when providing a quote:

  • Location: Some areas such as bigger cities can have a higher cost of insurance than areas outside of the city. This can be particularly important for commercial property insurance, as real estate costs and repairs to property can be high in some cities.
  • The number of hours worked: Part-time yoga instructors will work fewer hours than full-time yoga instructors, which can impact your coverage needs and how much you pay for insurance. Typically, a part-time instructor will have lower premiums. 
  • Years of experience: As a yoga studio, the more years of experience you have running a business, the fewer mistakes you are likely to make, resulting in fewer claims and lowering your yoga insurance premium. Newer business owners and instructors can expect to pay more, as mistakes can be costly.
  • Size of business: A larger yoga studio is likely to have bigger classes and more customers increasing the chances of an accident or injury. In addition, with more employees and yoga instructors there is a greater chance of an error or mistake being made. 
  • Deductibles: Typically, deductibles are adjustable, and the more you choose to pay out-of-pocket, the lower your insurance premium. 
  • Coverage limits: With higher coverage limits, this can increase the premium of your policy. 

How to choose the best yoga insurance

When looking for the best yoga insurance plan, it can be difficult to understand which policy best suits your needs as a studio or an instructor. Here are some key factors to consider when comparing yoga insurance policies:

  • Style and discipline: Yoga can vary in different disciplines and styles. If in doubt whether your discipline is covered, it’s best to call up the insurer before you take out your policy.
  • Occurrence coverage: Some yoga insurance policies provide occurrence coverage where you are covered for claims after your policy expires, if the incident occurred when your policy was active. This can be valuable for yoga instructors as it provides valuable protection against lawsuits even after you have stopped teaching. 
  • Limits on class size: Some yoga insurance policies may include limits on class size. Be mindful to read the terms and conditions before you take out your policy because any breaches could result in your insurance claims getting rejected by the insurer. 
  • Online classes: If you teach yoga classes online, it’s a good idea to check if your policy will cover you for virtual sessions.