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.
Next Insurance leverages AI technology to streamline the process to purchase insurance, track claims, and manage policies at no additional cost.
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.
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.
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.
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.
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.
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):
Depending on the studio, as a yoga instructor, you may be required to have personal insurance policies in place.
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 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.
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.
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.
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.
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.
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:
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: