Yoga Teacher Insurance Cost
While yoga may have had niche origins, it has been mainstream for decades. You will find multiple studios in cities throughout the country and most gyms even offer classes. Young and old; fit and less than; people looking to lose weight or simply interested in mental health; yoga offers benefits for a wide-range of people. And while the expanded interest is great for yoga teachers, it also involves increased risk. It’s wonderful that older people and those who are not in shape are practicing, but there’s a greater chance that they can push themselves and get hurt. And if you are the one in charge of the class, you could be held liable. Whether in person, at a studio or online, instructors need proper coverage.
After reading this guide, you will have enough information about yoga teacher insurance cost to get the policy you need at the best price.
- How much does yoga teacher insurance cost?
- What is yoga teacher insurance?
- What does yoga teacher insurance cover?
- What does yoga teacher insurance not cover?
- Benefits and risks
- Tips for buying
- All types of insurance you may need
How Much Does Yoga Teacher Insurance Cost?
What Is Yoga Teacher Insurance?
In addition to providing a physically and mentally stimulating experience, yoga teachers are expected to consider the limitations of their students and make sure no one is attempting anything that may be harmful. You can ask questions and pay attention to everyone in class, but no matter what efforts you take, accidents and injuries can occur; and you could potentially be held liable and be responsible for legal defense costs and damages. Depending on the nature of your employment and business, this could devastate your company, or even your personal, finances. Yoga teacher insurance is essential coverage for anyone working in this industry. You shouldn’t begin any class without it.
What Does Yoga Teacher Insurance Cover?
When thinking of potential risks of teaching a yoga class, your first thought is lawsuits from the potential student injuries, but there is a lot you are overlooking. If you rent space at a studio you or a student could slip and break a window or the enormous mirrored wall. Additionally, you might have equipment like speakers and a microphone, mats, weights, and other items for your students; this stuff adds up. If it gets damaged or stolen, you will have to replace it; that’s not an insignificant amount of money. And finally, if you have employees, you also need to be concerned about their potential injuries. Standard yoga teacher insurance provides protection for these risks and others that fall into the following categories:
- Third-party bodily injury
- Third-party property damage
- Personal injury
- Product/completed operations
- Damage or theft of business personal property
- Lost business income
- Equipment breakdown
- Work-related injury and illness
- Ongoing medical care (such as rehab)
- Missed wages during recovery
What Does Yoga Teacher Insurance Not Cover?
There are certain risks that are not included in many yoga teacher insurance policies. They can include:
- Damage to equipment while in transit or offsite
- Harm from improper guidance
- Accidents while driving business-owned vehicles
Most providers allow you to add additional insurance to cover these scenarios.
Benefits and Risks
Yoga teacher insurance offers various benefits to cover risks, including:
- Compliance and greater opportunity: Many yoga studios require teachers to have their own insurance. Already having coverage can give you an advantage over other applicants.
- Cover legal expenses: If a client, employee, or third-party files a lawsuit against you, yoga teacher insurance will cover the expenses, including attorney fees and damages.
- Peace of mind: Knowing that you and your business is covered in case something happens outside of your control gives peace of mind to you, your employees, and your students.
Tips for Buying
When considering yoga teacher insurance cost, keep the following in mind before making your decision:
- Review your policy: Confirm that policy is exactly what you need. For instance, if you work in different locations or online, be sure that your coverage is extended no matter how or where you teach.
- Bundle policies: Insurance companies will often provide discounted rates when you combine certain key coverages -- like a BOP.
- Compare quotes: Policy costs vary between insurers. Do the research and consider several quotes to find the best rates and coverage.
How much coverage do I need?
Most yoga instructors get policies that include a $2 million limit for professional and general liability and $100,000 for rental damage.
How do I mitigate risk?
Inquire about the health of your students before starting a class, and tailor the instruction for their limits. If you are a teacher, make sure you are properly trained and certified, and studios should only hire qualified instructors.
Does the type of yoga I teach impact my insurance needs and rates?
If your students are older, or your modality involves riskier practices, like intense heat, your rate may be higher than typical policies.
Anyone teaching yoga should get insurance coverage before teaching a class. It is important, and may be required, for those working for a studio, and imperative for sole proprietors. A lawsuit could destroy your business and ruin your personal finances. Once you understand yoga teacher insurance cost, you can find the right policy and give you and your business the chance to thrive.