Purchasing insurance is a critical part of any business planning, including yoga instructors. You should be able to teach your class with peace of mind, knowing that if anything unforeseen happens, your business and reputation are not at risk.
Knowing what the most common problems are will help you navigate the decisions around your yoga instructor insurance purchase.
1. Not purchasing the right insurance.
- Many yoga instructors that purchase insurance are not aware of some of the details of their policy. It is important to note that if your business changes, your insurance needs might also change. Make sure you speak with a knowledgeable broker about what options will get you the best possible coverage, and what aspects of your yoga instruction business are different.
2. Not properly assessing the amount of insurance needed.
- A yoga instructor can make a mistake by not properly taking into account who their client is. For example, if their client is an aspiring professional sports player, the damages from a lawsuit that takes their future earnings into account could be incredibly high. It is also possible that their local municipality requires a minimum amount of insurance in order to operate properly within regulations. These are all factors that should be taken into account when determining how much insurance is needed.
3. Assuming they don’t need insurance at all.
- This is the most critical mistake that yoga instructors make. Unfortunately, it is also one of the most common. Having insurance isn’t just the responsible thing to do, it could save your business and livelihood.
- Example: A yoga instructor is working with his or her client. The client does not properly follow the trainer’s instructions, and performs an exercise improperly. As a result, they injure themselves. Without insurance, the trainer would have to foot the bill for any defense costs if they decide to sue, rightly or wrongly.
4. Assuming they don’t need their own insurance coverage.
- Just because the studio you work at or for has coverage, doesn’t mean you’re necessarily fully covered for everything you do there. For example, if you bring clients in for a private session, make sure you’re still covered by the studio’s policy, or you have your own insurance. Either way, look at the studio’s policy and learn how much coverage they have.
Many people consider insurance to be something of a burden. But you pay for other things for your business, like equipment, marketing and education — insurance should be no different. Insurance has other benefits for yoga instructors:
- It is a tax writeoff as a business expense.
- It adds legitimacy to your business.
- It can add to your marketing, as clients will know you’re a professional who takes risk and responsibility seriously.