Physical training and fitness are ways to stay healthy and strong. But on the way to a fitter body, mishaps can happen. According to the National Safety Council, exercise equipment was the leading cause of injuries among all sports and recreation in 2021, accounting for more than 409,000 injuries.
While being a personal trainer or yoga instructor means you help clients reduce the likelihood of getting injured by getting stronger, statistics show that injury is a real possibility during training sessions. And while these may be accidents, a client can still blame you and sue.
If clients blame your training as the cause of their injury, you might face legal consequences, which would cost a lot of money. Personal trainer insurance will protect you and your business against the financial impact of these circumstances.
In this article, we discuss the cost of insurance policies as a yoga instructor and the things that factor into this cost.
Insurance for Yoga Instructors
There are two common business insurance coverage for yoga instructors and other fitness trainers: general liability and professional liability insurance.
1. General Liability Insurance
This type of insurance policy provides coverage for legal and settlement costs associated with a client’s claims of bodily or personal injury and other damages. This usually applies to situations where a client hurts themselves during your session in a manner that is not directly related to your instruction.
For example, one of your yoga students slips or trips during your class but not while you’re teaching, injuring themselves.
A general liability insurance policy will protect you from the financial repercussions of the incident. This includes medical costs to treat the injured person and the legal fees you will incur if they decide to sue.
In addition, general liability insurance also covers property damage. If you’re renting a studio for yoga classes and an accident damages anything, your insurance policy will cover the repair or replacement costs.
2. Professional Liability Insurance
Also referred to as errors and omissions insurance, personal liability insurance protects you and your business from the financial risks of professional negligence claims. This usually applies to situations where injuries and other financial losses are the direct results of your services.
For example, one of your yoga students tears a muscle and claims it was because of your posture adjustments and alignment cues in class. Your professional liability insurance policy will cover the costs of legal fees in case the student decides to sue.
Failure to deliver certain services or classes advertised within a package can also result in a lawsuit. For example, if you promised a four-week yoga class package but only delivered three weeks, a client may file a case for failing to provide what you promised.
Your professional liability insurance also covers the legal fees and settlement costs from instances like this.
The Cost of Insurance for Yoga Instructors
Insurance premiums depend primarily on the coverage you want for your business. Personal trainers and yoga instructors who only need general liability coverage pay premiums between $400 and $2,100 annually.
Those who need professional liability insurance pay premiums between $500 and $1000 on average per year. Professional liability insurance premiums for fitness instructors are more affordable than professional liability coverage for most other professions.
Additionally, insurance providers consider various factors about you and your business to determine the cost of insurance premiums. Among the factors that affect the cost of insurance policies for fitness instructors include the following:
If you have been teaching yoga for a while and have had mishaps that resulted in you filing an insurance claim, you will likely have to pay higher premiums. For insurance providers, multiple claims make your business look more high-risk.
Where you do business matters. Areas with low crime rates or that rarely experience extreme weather events will pay lower premiums than the opposite. Again, it comes down to how much your location contributes to the likelihood of you filing a claim.
How much your business earns factors into the cost of your insurance premiums because it’s directly proportional to your interaction with your clients. The more yoga students you have, the higher your revenue will be. But the more students you have, the higher the probability of someone getting injured.
So if your fitness business brings in significant revenue, your insurance company will likely have you pay higher premiums to match your risk.
The more employees you have, the more chances are that they could be involved in an incident that causes injury to your clients. This is why fitness businesses with more employees pay higher general liability premiums.
The size, age, and condition of where you do business also factor into the cost of your coverage.
General liability insurance providers see higher risks in larger premises because there are more places where your clients can injure themselves. Older properties also increase premiums because of the higher risk of accidents from outdated facilities and accessibility measures.
Ultimately, the cost of your insurance premium comes down to how much risk you pose. As such, providers conduct risk management and look at anything you may have or do that minimizes those risks.
For example, suppose you have security systems and fire alarms or use liability waivers for your fitness students. In that case, your insurance provider may offer you a discount or lower your insurance premiums.
How to Get the Best Yoga Instructor Insurance Policy
With numerous providers of insurance policies in the market, it can be challenging to determine which one will offer the best coverage at the best price for your yoga business. Keep the following in mind when shopping for your insurance:
1. Determine the type of policy and coverage you need
As mentioned above, general and professional liability insurance provide ample coverage for yoga instructors. However, you should still evaluate your business and the specific risks that come with how you operate daily.
If you know you need extra coverage or another type of insurance, such as property insurance, you can add those policies to the other two, so you’re fully protected.
2. Compare insurance premium quotes
One of the biggest mistakes you can make when shopping for insurance policies is going for the first one you see that provides the coverage you need.
It’s best to note the cost of the premiums for each provider and the coverage that comes with their policies. Once you have these details, you can then compare to see which one has the best offer.
3. Read the reviews
Some insurance providers may offer policies that seem too good to be true. It’s your due diligence to confirm the quality of their offer by looking at the customer service they provide and any reviews or complaints they may have received.
You want to choose a provider that makes good on their offer and doesn’t make it difficult or downright impossible for you to file a claim in case you need to.
Insure Yourself and Your Yoga Business
API Fitness helps you enjoy a thriving career as a yoga instructor with our yoga instructor insurance.
We provide essential coverage for yoga instructors, personal trainers, and other fitness professionals. From professional and general liability to public liability and additional coverage, you get everything you need in an insurance policy with us.
Our team also provides excellent customer support, helping you resolve disputes and answer questions whenever you need.
For superior liability coverage, apply for an API Fitness membership today.