Yoga teachers are usually already pretty mindful individuals but today’s professionals have to be more mindful than ever with how they offer safe instruction for everyone involved. But searching for yoga teacher insurance online can yield a ton of different results. Short of flipping back and forth all day comparing yoga insurance programs, how do you know if one program is better suited for your yoga practice?
We’ve boiled down all the ways to choose a solid yoga instructor insurance plan into our top 3 things to look for when purchasing yoga instructor insurance.
Counting Down beYogi’s Top 3 Most Important Yoga Insurance Differenetiators
Sure there’s a lot of choices out there when it comes to insuring your business. It can be tempting to brush past the plan’s offering and just secure the first coverage option you see at a good enough price. But good enough might not be stout enough to provide you with the adequate protection you need. Different insurance plans are crafted with different drivers such as low coverage limits or limited coverage of modalities in order to bring down an advertised premium rate.
We’ll look at the three best areas to be particularly mindful of as you compare yoga insurance programs to make sure you’re getting the right coverage for your unique yoga journey.
3. What is Included Beyond Insurance? Check Out The Benefits Program
Coming in third place but beating out a lot of other considerations should be a look at the membership benefits page of the plan. With a beYogi yoga insurance plan, members get access to more than $1,000 in member benefits from day one including a new website.
A free professional-looking website is a pretty big deal. This website isn’t some hokey listing on a directory service, it’s actually a really slick-looking, modern website (see an example here), especially designed to complement yoga professionals’ service offerings and helping to market themselves online.
Beyogi also includes discounts and deals from our partners on a wide variety of yoga products, yoga resources, everyday expenses, and even preferred rates on health insurance. Beyond just the general and professional insurance coverages you (should) see with most reputable yoga insurance providers, should be an opportunity to easily spot additional value in their offering.
2. What Is and What Isn’t Covered?
As you search for yoga insurance online, you may only find a quick mention of general and professional liability offerings and be asked to provide a whole list of information just to get a rate. Well, beYogi believes yoga insurance should be accessible, meaning you should quickly be able to tell what you get and how much it’s going to cost. It might seem obvious if not a little boring, but you should always do a little digging into a policy to find the kinds of activities that are covered and which are not.
It’s important to note both the coverage type and limits of coverage of each but also how many different modalities are covered. Some plans offer low premiums to cover only a limited number of massage modalities, while beYogi covers nearly 500 different massage and wellness practices. Other areas to be mindful of as you scan insurance plans include:
General and Professional Liability
Like we discussed, you’ll want to make sure that the plan has generous coverage limits for general and professional liability. Limits need to be adequate to provide a good buffer to cover the costs of an unexpected event. But, limits also need to be set prudently. Too low and you risk undercoverage and too high and members are paying for more than they really need. At beYogi, our limits for general and professional liability are set after many years in the industry at $2 million for each occurrence, up to a $3 million individual annual aggregate.
Pay attention to the “aggregate” part. With an individual annual aggregate, the coverage limit is entirely yours. If you happen to see “shared annual aggregate” this means your coverage is pooled with other policyholders. If a claim year happens to see a lot of the other policyholders filing claims and using up that shared limit before you do, you could face not having enough coverage for your own claim(s).
Product liability coverage is protection for yoga teachers from a claim of an injury or damages resulting from a product used during the session failing, malfunctioning, or otherwise contributing to the loss event. When a student under your tutelage is using the yoga block you loaned them and the block breaks during a pose, they may hold you responsible if they’re injured. Without this important coverage type, you could be left paying for claims related to products liability out of your own pocket.
Rental Damages Coverage
Most yoga instructors rent space in order to provide sessions. Whether that’s in another studio or even to rent recording space for live or prerecorded sessions, a rental situation brings on its own host of potential risks. Within the lease agreement you sign with the landlord, there’s usually specific language about your responsibility to cover any damages occurring in the space while you’re occupying it but even if there’s not the landlord may still hold you responsible. Rental damages coverage provides help with covering the cost of repairs when an accident causes damages.
With beYogi, you get all the way up to $100,000 to cover the costs of claims like these. Be careful with rental damages coverage as you compare plans, though. Some of the other plans out there include rental damage coverage but then significantly limit what types of damages it actually covers.
Identity Theft Protection Plan
A free website is great but with more reliance on digital mediums to conduct business and even personal affairs, the risk for your identity being compromised at some point is high. That’s why we found it prudent to include an identity restoration service coverage with our yoga insurance plan. Remember, we covered that yoga insurance should provide adequate coverage for modern risks without going overboard.
Without coverage for something like identity theft that can significantly disrupt your ability to earn a living teaching yoga, professional teachers today are left exposed. Beyogi includes up to $25,000 in identity restoration services to help put the pieces back together after a personal data breach.
Stolen Equipment Coverage
While yoga doesn’t rely on too many tools, there are several like props, mats, straps and blocks that are all fairly essential. When you lose your yoga equipment due to a robbery by force, the results can be emotionally and financially devastating. With beYogi, you have one less thing to worry about with a $1,000 stolen equipment provision with a $250 deductible.
Portability & Occurrence Form
Two really important coverage details to hone in on include portability and occurrence form coverage. With portability, you can move jobs, move employers, and even move states and your insurance plan follows you every step of the way. Some plans will make you pay an additional fee for moving or transferring and others may not offer coverage altogether.
Occurrence form says you can still file for claims even after your policy has expired. As long as the claim event occurred prior to the expiration, you can still go back and file the claim. Despite occurrence form coverage being the preferred coverage type, a lot of plans out there use a claims made coverage.
Claims made policies simply say the policy has to be active and in place in order to have a claim be considered. If you don’t file a claim for an event and then your policy expires, you usually have no recourse and simply miss out on that coverage. Both of these provisions can literally mean the difference between having full coverage and not having any coverage whatsoever. Even if the plan checks all the boxes in every other category, details like portability and occurrence form really matter in how effective the coverage will be under real world conditions.
1. What is the Cost-to-Benefit Ratio?
Number one on the charts takes into account every pro and con you can imagine for comparing one yoga insurance plan versus another. The cost-to-benefit ratio is how much it costs to obtain a certain level of coverage. For example, at $179 per year for full-time yoga insurance, for every dollar you invest in beYogi yoga insurance, you get $11,173 in total annually for general and professional insurance (to calculate: $3 million individual annual aggregate divided by the $179 per year premium equals $11,173).
Take this quick division with you as you compare other yoga insurance plans out there but let it be a starting point. Once you spot a good cost to benefit ratio, take into account the full depth and breadth of coverage, along with the ancillary benefits of the policy to select a yoga insurance plan that provides the best value for your unique situation.
Cost compared to benefit is really important when you consider just what this coverage is doing. It’s saving you from having to pay out of your own pocket whenever an unfortunate happens. $6,229. That’s the average beYogi paid out to our members for claims filed against them because of events like a simple trip, and fall or a wrist injury.
Sign Up for Yoga Insurance in Minutes
To get started with beYogi yoga insurance, all you need to do is fill out a quick and easy application and check out. You’ll enjoy instant coverage and immediate access to all your plan documents.