Yoga has seen a rise in popularity over the years because of its restorative effects and its additional promotion of a healthy lifestyle beyond cardio or weight training. From celebrities promoting a yogic lifestyle to the rise of yoga instructor schools, yoga has quickly become a valuable part of mainstream living in the West today. But the prevalence of yoga is leaving many yoga studios feeling vulnerable when it comes to potential liability issues.
With an overarching combination of both yoga studio insurance and a business owner’s policy, it is easy to prepare for risks. Professional liability insurance through Small Business Liability ensures that your yoga company never suffers the repercussions of high insurance costs or ineffective insurance plans.
General Liability Insurance for Yoga Practices
Yoga insurance is a form of errors and omissions insurance, which covers your yoga business in the event that a claim is made against it. Perhaps one of your full-time yoga teachers was not supervising class well enough and someone sustained a bodily injury as a result. Maybe you raised your membership fees without telling members and you’re now being sued for misrepresenting your services. Regardless, these kinds of accidents – in addition to other incidents of fault by yoga businesses – do happen often. In most instances, they will result in monetary compensation.
Some of the things this type of insurance policy covers include:
- property damage
- medical coverage, including medical payments, should your instruction cause bodily harm, or if bikram yoga creates adverse effects
- personal injury, including any injuries that are of a non-physical nature
- legal fees if you or someone working with your company is sued
This kind of insurance coverage is customizable, and that is part of what Small Business Liability does best. Through a detailed analysis of your business practices, we can create a unique coverage plan that includes the different yoga styles you offer as a service, a variety of different studio owners, even yoga students who might be working as interns.
While this type of commercial general liability does not include some forms of coverage, anything that is not included can also be added into a business insurance package that includes coverage for personal items and employees.
Yoga liability insurance does not automatically include:
- workers compensation for full-time or part-time employees
- loss or theft of personal or business-related items
- property insurance (unless you are renting)
Even if your state or local laws do not insist that your company has a liability insurance policy, it is still in your best interest to get a policy. The indirect benefits of these kinds of policies are multifaceted, which are explained below:
- You have the peace of mind that comes from not having to worry about how to pay for large liability claims
- All the paperwork and research you need to do will be done for you by knowledgeable and specialized insurance agents
- Flexible coverage limits are available that can help you balance your needs with your budget
- Alternative plans can be drafted which allows you to hire independent contractors without facing premium penalties
- Insurance policies for 501 c(3) eligible non-profit organizations are flexible
If you’re looking for a free quote or if you’re looking to get to work with one of our licensed insurance agents, please contact Small Business Liability today! We promise that our rates and agents are as flexible as the chakrasana you teach to your students every day.