Running a yoga business is no doubt a dream come true. However, that dream can turn very quickly into a nightmare without adequate insurance coverage — just one incident can shut your business’s doors for good. But thankfully, we’re experienced in finding the right yoga insurance policies for businesses like yours.
In this guide, we’ll explain everything you should know about yoga insurance to effectively protect your business.
Insurance for Yoga Instructors in Canada
Yoga is one of Canada’s most popular health and wellness activities. As a result, the industry is rapidly growing, with new styles popping every few months.
But despite the tranquillity yoga brings, teaching is a surprisingly risky endeavour. Yoga instructors like you offer a physical service, meaning you could be liable for damage or injuries that occur to clients following your instructions.
So, regardless of how or where you teach, you need the right insurance coverage. Luckily, LiabilityCover is well-versed in finding yoga instructors the best policies for protection from all eventualities.
What Is Yoga Insurance Coverage?
In a nutshell, yoga insurance is a policy package customized to fit your business’s unique risks. Since all practices are different, our dedicated team establishes your requirements by analyzing your answers provided on our short request form.
What Does Yoga Insurance Cover?
In general, you can expect to see the following policies in a comprehensive yoga insurance bundle:
- Commercial general liability insurance coverage — It’s a standard coverage that protects against daily operational risks, namely third-party bodily injury and property damage. No matter the lawsuit’s outcome, it covers legal and medical costs.
- Professional liability insurance coverage — Otherwise known as errors and omissions insurance, it financially covers you for allegations of misconduct, negligence, or failure to deliver a service as promised.
- Product liability insurance coverage — It protects against claims alleging property damage or bodily injury caused by a product you manufacture, sell, or distribute (e.g., yoga mats and yoga blocks).
- Cyber liability insurance coverage — If you offer online courses or digitally store customers’ information, this policy is a must-have. It covers the costs of cybercrime involving data and technology systems.
- Commercial property insurance coverage — It covers your property and its contents from insured perils. Usually, the perils include fires and thefts.
Who Needs Yoga Insurance Coverage?
Coverage is essential for long-term survival, no matter what kind of yoga business you own.
Find out which policies are best for you based on your type of yoga company:
- Yoga studio owners:
- Commercial general liability insurance
- Commercial property insurance
- Business interruption insurance
- Product liability insurance
- Professional liability insurance
- Cyber liability insurance
- Freelance yoga instructors:
- Commercial general liability insurance
- Product liability insurance
- Professional liability insurance
- Cyber liability insurance
- Online yoga instructors:
- Cyber liability insurance
- Produce liability insurance
- Professional liability insurance
Please note: This is just an outline. To determine the specific coverages you require, fill in our simple online form to let our advisors analyze your needs.
How Much Does Yoga Insurance Coverage Cost?
Insurers consider many factors when deciding the cost of your yoga insurance. However, most yoga teachers can anticipate spending at least $330 annually on a commercial general liability and professional liability package with an overall limit of $2 million.
When you use our secure online form, we analyze your insurance needs to give you accurate quotes, so you don’t have to guess.
The following factors influence your premium price:
- Training and experience — The more experience you have, the less likely you’ll make mistakes or recommend yoga poses that irritate past or current injuries. As you gain experience, you can expect insurance premiums to reduce slightly.
- Your services — The specific yoga services you supply can impact your premium cost. For instance, if you sell products in addition to instructing, you’ll need extra coverage to save your business from lawsuits alleging product-related injuries or property damage.
- Number of employees — Generally speaking, the more people who work for your yoga business, the more you’ll pay for insurance. Why? Because you’re exposed to more risks arising from employees’ mistakes.
- Your annual and projected revenue — If a client sues a highly profitable business, there’s more at taken than if they sued a less-profitable company. A high income means your clients are more likely to request a bigger settlement fee during lawsuits. Thus, you should anticipate spending more on your policy.
Why Choose LiabilityCover?
We work with the best insurance providers in the country, specializing in covering yoga businesses like yours.
You don’t need to worry about navigating the tricky, convoluted insurance world with us. We do all the hard work for you, allowing you to focus on what matters most — yoga.
To get started, simply call us on our toll-free number or submit our straightforward online request form.
Frequently Asked Questions
What Are Some Common Yoga Insurance Claims Examples?
Find some real-world yoga insurance claims below:
Example One: Fire Damage Claim
Due to a faulty essential oil diffuser, a small fire starts in your studio. Unfortunately, it results in damage to some of your yoga equipment.
Thankfully, your contents coverage policy covers the cost to replace your yoga equipment, totalling $10,000.
Example Two: Negligence Claim
Your client follows your advice of doing some yoga poses to relieve their back problems. Unfortunately, they sue you for negligence, alleging your advice made their back issue worse.
Luckily, your professional liability insurance policy covers the costs associated with the lawsuit, equalling $30,000.
Example Three: Slip-and-Fall Claim
After a hot yoga session at your studio, one of our clients slips on a wet patch. They hurt their head and end up suing you for bodily injury.
Fortunately, your commercial general liability insurance coverage pays for the related medical and legal fees, costing $27,000.
Which Canadian Insurers Does LiabilityCover Work With?
We work with Canada’s leading licensed insurers, some of which you can find below:
- Ace Insured
- AM Fredericks Underwriting Management Ltd.
- Allianz
- April
- Beacon Underwriting Ltd.
- Encon
- First Media
- Elliott Special Risks Ltd.
- Eagle Underwriting Group Inc.
- Creechurch
- Cowan Insurance Brokers
- Coast Underwriters Limited
- Aviva
- Chubb Insurance
- Chutter Underwriting Services
- Chartis
- Chesterfield Canada, Inc.
- CFC Underwriting
- BI&I
- Berkley Canada
