Insurance for Yoga Studios

Top 3 Recommended Policies

General Liability Insurance

Property Insurance

Worker's Compensation

1. General Liability Insurance

General liability insurance, also known as business insurance, covers business from claims arising due to property damage and bodily injury. These claims can arise throughout the course of business operations, and without sufficient coverage, you would have to pay out of pocket. General liability insurance covers the cost of medical expenses, lawsuits, repairs, and settlements and judgments. Liability claims can get expensive and are not uncommon.

Here are some of the risks that general liability covers:

• Personal and advertising injury
• Property damage
• Legal defense and judgment
• Medical payments
• Bodily injury

2. Commercial Property Insurance

Owners of a yoga studio should consider getting commercial property insurance. The policy will cover the cost of repair in case the building sustains a loss or damage. In addition, the policy will also replace all of the business products and property. This type of insurance is usually purchased as a bundled product with Business Owner’s Policy. Commercial property insurance protects a company’s physical assets from theft, fire, storms, explosions, vandalism, and burst pipes. The cost of commercial property insurance is determined by several factors, such as occupancy and location.

3. Business Owner's Policy

A business owner’s policy is a combination of commercial property insurance and general liability insurance. A BOP policy helps provide coverage against claims resulting from theft, fire, and other covered disasters.

The policy also provides coverage for claims that may result from your business operations, such as property damage or bodily injury. You can also customize your BOP policy by adding additional coverages, such as business income for off-premises utility services, data breaches, etc. Having a BOP policy is great for yoga studios because it can be tailored according to the needs of the industry. While insuring your business, you must always customize your BOP according to the various risks associated with a yoga studio. 

4. Worker's Comp. Insurance

Worker’s compensation insurance provides coverage for the cost of medical treatment, lost wages, lawsuits, and settlements. This type of insurance has specifically been designed to protect the interests and rights of employees. In case one of your employees sustains an injury while working at the yoga studio and is unable to work for a certain amount of time, worker’s compensation will compensate for the lost wages and cover the cost of medical bills. 

5. Professional Liability Insurance

Yoga studios have students of varying age groups and skill levels. Sometimes accidents occur, and students get injured due to wrong posture or receiving incorrect instructions. A professional liability policy can help protect your business in case of negligence claims that resulted from misunderstandings or human errors. Professional liability insurance is also known as errors and omissions insurance. This type of insurance will protect your yoga studio against the cost of lawsuits over unsatisfactory work. 

6. Business Interruption Insurance

Business interruption insurance is designed to protect the business from suffering heavy losses due to a disaster. For example, suppose your business operations cease for a specific period of time due to damage, physical loss, the rebuilding process, loss of the business facility, or destruction of insured property. In that case, business interruption insurance can cover the specific loss. However, this type of insurance does not provide coverage for broken items that resulted from a covered event or loss. The most common causes of business interruption claims are floor and fire. Having this insurance coverage will ensure that you face less burden as some of the lost revenue will be recovered. 

7. Commercial Umbrella Insurance

Having general liability insurance of a business owner’s policy may give your business a lot of coverage; there are some lawsuits that may exceed the limits of your existing policy. Thus, the payout may be bigger and could put your business at risk of bankruptcy. In such cases, business owners should consider getting commercial umbrella insurance. Commercial umbrella insurance adds an extra layer of protection and can be used if the limits of the underlying policy are exhausted. For instance, if one of your students sues your studio for bodily injury and the cost of medical treatment, medicines, and other damages exceeds the limits of general liability policy, you will end up paying the extra amount from your own pocket. But with a commercial umbrella policy, you won’t have to worry about breaching the limits of the claim. 

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There are many instances where a student can easily get injured while doing yoga within the premises of the building. The injury could quickly turn into a lawsuit, putting your business and reputation at risk. Therefore, to avoid or deal with these business risks, commercial insurance should be considered as your priority. With adequate insurance coverage, you, your employees, your students, and your property will remain well-protected from losses and risks throughout the course of the business.

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