What is the $20,000 Claim?
After a yoga class, a student slipped on ice outside of the studio and fractured his shoulder. Although this happened in October, the injured person decided to sue the yoga teacher who runs the studio in September of the following year; 11 months after the incident. The yoga teacher did not renew her insurance policy in January and it had now been expired for 8 months and the medical bills totaled $20,000.
Why would Insure Bodywork or Yoga Alliance not pay the claim?
With Insure Bodywork or Yoga Alliance, she would be responsible for paying the $20,000 herself to the person that slipped on ice because they are “claims made” and the injured person would have had to sue her during her policy term.
Why would beYogi pay the claim?
Luckily the yoga teacher had beYogi Insurance which is “occurrence form” and covers her for the incident that happened while she was insured. beYogi paid the $20,000 others would not, directly to the injured person with no out of pocket expenses to the yoga teacher.
How often does this happen?
BeYogi has evaluated all our claims over the years and determined 36% of our total claims payouts happen after the insured’s policy expire. If they had our competitor’s policy, they would be left to pay the claim on their own.
Does beYogi’s policy cost more due to this extended coverage period?
No. If you look at the different policies offered, you will see beYogi is offered at a low rate and does not limit the number of hours you can work in a week.
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The Liability master policy is issued to the Insurance Plus Risk Purchasing Group, members of which are also members of Protection Plan Association, Inc. The Identity Protection Plan is powered by Identity Fraud, Inc., Walnut Creek, CA, whose members include members of Protection Plan Association, Inc. Protection Plan, Inc. is the insurance partner for Massage Magazine and Protection Plan Association, Inc. members. Willis of New York, Inc., a 50-state licensed broker, is the broker for all coverage under the BeYogi Insurance Plus program. Willis of New York, Inc. also serves as excess and surplus lines broker for the BeYogi Insurance Plus Program. Professional Liability and Commercial General Liability coverage under the BeYogi Insurance Plus program is underwritten in the surplus lines market by Aspen Specialty Insurance Company, which is rated A (Excellent) by A.M. Best Company. Persons insured by surplus lines companies are not eligible for recourse through any state guarantee fund for the obligations of an insolvent insurer. BeYogi Insurance Plus is included as a member benefit of Protection Plan Association, Inc., an association for health, wellness and beauty professionals and students created for the purpose of providing valuable and important benefits and services to its members. Neither Insurance Plus Risk Purchasing Group, Protection Plan Association, Inc., Protection Plan, Inc or BeYogi Insurance Plus are insurers. 820 A1A N Highway, Suite W18 Ponte Vedra Beach, FL 32082