This year, let’s be as proactive as possible by making it a point to purchase yoga studio insurance. Last year showed us how important it is to have safety nets in place for a wide range of problems. If you are the owner of a yoga studio or a yoga instructor of a studio, then you absolutely need yoga studio insurance. The insurance safety net is one that could save you thousands of dollars and your business’s reputation.
As with anything else in life that requires insurance coverage, you have to think in, outside, and all around the box to ensure you will not have a crisis on your hands in the future. In this article, we will review who needs coverage, what needs coverage, and the type of coverage you will need specifically for yoga studios.
Who needs to be covered?
First, we need to cover the basics of yoga studio insurance when it comes to covering people. Anybody who steps foot in your studio must have some form of coverage under your insurance policy.
Everybody has heard of the age-old story of the person who walks into a Mcdonald’s. The person slips on a wet floor with no wet floor sign in sight. They then go home with a wad of cash in their account after some arduous hours in court.
In fact, whole law firms specialize in injury cases that occur in fast-food restaurants. People and businesses in the U.S. file over 40 million lawsuits each year on average. Although yoga focuses on mindfulness and reaching inner peace, do not assume immunity.
If looking to hire trustworthy and well-adjusted employees for a yoga studio, then they need coverage as well. Yoga instructors are equally liable for any injuries or damage that occurs in the facility under their watch. Therefore, any wise instructor looking for a job will make sure that they are fully covered by their employer.
You must also purchase worker’s compensation insurance in case any of your employees get injured on the job. Most states require this of any registered business with employees. Worker’s compensation is especially important in the realm of fitness where injuries are very likely.
This also goes for employing instructors that teach private sessions outside of the studio. Insurance for yoga instructors can cover injuries and property damage at the hands of an instructor in a client’s home or elsewhere.
Students of yoga classes are the most important group to have coverage for. In the realm of health and fitness, people commonly experience injuries and are apt to come back with a lawsuit. Although problems like this may happen with no fault of your own, you still need protection through general liability coverage.
If you’re a studio owner, then you are liable for anything that happens on your property. That means outside of your coverage for employees and students of your classes, you are liable for anything that happens when someone steps foot through your door.
Someone could be in the middle of signing up for a class and get a rouge yoga ball to the head causing a chain of action that results in an injury. The person will have medical bills to pay for and most likely miss time from work. Under those circumstances, they could come back and sue your yoga studio. Insurance will help cover medical bills and may even provide you with an attorney.
What needs to be covered?
The physical property that makes up a yoga studio ain’t cheap, so make sure to employ commercial property insurance. In the case of an accident or natural disaster, you want assurance that your property can be replaced to some extent without thousands of dollars out of your pocket.
Not only does your actual building need insurance coverage, but just about everything else inside of your building needs protection as well. This includes computers, phones, wall decor, furniture, yoga equipment, and more.
Yoga studios, typically, have very little equipment compared to gyms that have an abundance of equipment ripe for damage. However, replacing a large portion at once can weigh heavy on the pockets. So in the case of experiencing a large amount of damage to your building and all of its contents, you want to be sure that it is all covered.
Business Interruption Coverage
Business interruption insurance ensures you will not lose necessary income if operating your studio is put on hold for any reason. Common examples are fires or temporary shut-downs for building repairs. This policy covers income loss for businesses that have sustained physical loss or damage.
Because of Covid-19, many businesses tried to claim this coverage for interruption of business. However, it was widely denied by courts across the U.S because viral infections were not covered in most policies. In the future, this might change insurance companies’ policies on the issue of viral pandemics.
Commercial General Liability – Yoga Studio Insurance
General liability insurance covers the costs of damages to the property of others. The example mentioned before was one of your yoga instructors accidentally damaging a piece of someone’s property while conducting a private lesson in a home.
Another example, a fire erupts in the locker room of your studio from an electrical problem, and the customers’ property stored in the lockers is damaged. They will receive payouts from your insurance provider to replace the damaged property.
Regarding injury, bodily injury claims may not always be exactly representative of the whole situation. However, if you or one of your instructors are found liable, then this will cover your backside. This is in the case of an accident like a rogue yoga ball to the head. It’s good to have protection from general liability insurance to cover the cost of defense if necessary.
There are things in this world that might surprise you. Would the fact that you can get sued for libel and slander as a yoga instructor be one of them? Personal injury for challenges your business’s reputation.
Crazier things have happened, but you could find yourself in a situation where one of your students is suing you for libel or slander. This can happen over a social media post or something said verbally in class among other listening ears.
Professional Liability – Yoga Studio Insurance
Professional liability covers your reputation as a yoga studio owner and instructor. Your business and employees will be protected if someone claims that they have been given ill advice or instruction by someone representing your studio.
Specifically, in the case of a yoga studio, claims for ill advice can lead to an alleged injury that the person can request compensation for. Claims of this nature are considered negligence.
In any case, professional liability insurance will help cover the costs of defense in court. It will also cover other costs of damages from actual or alleged claims of negligence. This also includes the costs of medical bills from the alleged injuries sustained.
Medical bills from alleged injuries sustained on your property or at the hands of one of your instructors can cost you thousands out of pocket!
Not having insurance can mean that you pay out of pocket which can cost you ten times as much as a simple insurance policy.
Anything is possible. It would be quite a shame to take such a hit to your business for claims made against you or your employees.
Although not required like car or homeowners insurance, you should still treat your yoga studio as a major asset that requires tender love and care… and insurance.