(888) 900 0205Insurance for Yoga Centers
Yoga centers are both relaxing and rejuvenating at the same time. There is an energetic pace of activity that creates a soothing calm in your customers. This keeps them happy with your company, and likely to spread the word to their friends and family over time too. Owning a yoga center is a very satisfying business, but the type and levels of activity that occur each day puts your company at risk for accidents. Protect yourself from financial stress by carrying the right types of business insurance.
General Liability Insurance for Yoga Centers
General Liability Insurance is a must for yoga centers. It covers the basics: accidents and injuries that happen on your property. It’s also helpful if someone claims that your advertising caused damage to their reputation. Here’s what’s covered:
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Each Occurrence: This is the maximum amount the policy will pay for any one claim (like a student spraining their ankle during class).
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Damage to Rented Premises: Covers damage to a studio space you’re renting if something happens while you’re using it.
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Medical Expenses: If a client needs immediate medical attention due to an injury in your studio, this coverage helps with those costs.
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Personal and Advertising Injury: If someone claims your marketing efforts hurt their reputation or led to defamation, this part of the policy steps in.
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General Aggregate: The total limit your policy will cover within a year for multiple claims.
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Products/Completed Operations: If you sell yoga products (like mats or props) and they cause harm, this coverage helps with the resulting claims.
Business Owners Policy
General liability insurance is included with a more comprehensive business insurance known as a business owners policy, or BOP. This insurance is flexible and can be tailored to meet the specific needs of your yoga center. The majority of the coverage available in a BOP is designed to protect your tangible and intangible business assets. Coverage examples include:
- Buildings and Contents
- Business Income and Extra Expense
- Electronic Data
- Newly Acquired or Constructed Buildings
- Employee Dishonesty Coverage
Workers Comp
Workers comp insurance is required by law in most states. This coverage protects your employees from having to pay large medical bills if they are injured on the job. When work related injuries and accidents happen, workers comp pays the medical care bills along with any other ongoing recovery and rehabilitation expenses.
Commercial Umbrella
Commercial umbrella insurance is an add on coverage that is designed to protect you above and beyond the levels of your regular business insurance policies.