Yoga Studio Insurance

What You Need to Know About Yoga Studio Insurance

Yoga is a constantly evolving industry, with new styles emerging constantly. Nowadays, people can even tune into yoga classes all over the world; all they need is a computer and a wifi connection. As a constantly evolving industry, there are many variables and liabilities for business owners to safeguard themselves against, putting them at risk of not having enough coverage or having the wrong insurance policies in place to protect their business.

A comprehensive insurance policy that fits all your business needs is the key to protecting your yoga studio. Whether you own a small independent studio or are the owner of a large yoga chain, you deserve to know that your livelihood is safe. 

Insurance Coverage Options

With the growing popularity of yoga, more and more studios are popping up all over as people turn to yoga for its relaxing nature and various health benefits. However, as with any business, teaching yoga has its risks and liabilities. As yoga studios offer a service, including things like physical adjustments, there will always be a risk of injury or damage that you could be liable for. Therefore, all yoga studio owners must have a comprehensive insurance policy to protect their business. 

We understand that setbacks can be costly. We also understand that insurance can be, too. That’s why Insurance Hero makes finding business insurance for yoga studios in Ontario simple and painless. Our insurance heroes use their expert knowledge and understanding of insurance to ensure you get the insurance you need at the most affordable rates possible.

What is yoga studio insurance?

Basically, yoga studio insurance is an insurance portfolio tailored to yoga studio owners to safeguard their business from its unique industry-related risks, such as damages, losses, negligence and injuries. 

Why does a yoga studio need insurance?

A yoga studio needs to have insurance. For one, it protects your studio and its contents by covering the costs associated with any insured damages, such as fire, theft, vandalism, and water damage. And for another, it protects you and your business in the event of a lawsuit. 

For example, should a client slip and fall inside your studio and injure themselves, they could file a lawsuit against the instructor or your studio. Another example could be if an instructor gave advice to a client, such as recommendations for certain poses to relieve neck or back pain, and it resulted in the client further injuring themselves, the instructor could suddenly find themselves facing a lawsuit. 

Both lawsuits and studio repairs/replacements can be very costly if you find yourself suddenly having to pay for them out of pocket, resulting in financial ruin and the closure of your business.

How much does yoga insurance cost?

There is no one set price for yoga studio insurance, as there are several factors to consider before a price can be determined. Some of these factors include the following:

  • How many employees you have
  • What services you provide
  • Your annual and projected revenue
  • How much training you/your employees have
  • How much experience you/your employees have

As your local insurance heroes, let us review your business’s unique requirements to help you get the best yoga studio insurance possible!

What does yoga studio insurance cover?

Professional Liability Insurance

Professional liability insurance, also known as errors and omissions insurance, is essential for yoga studios. It protects your business against claims of misconduct, negligence, failure to deliver a service or inadequate work. Professional liability covers:

  • Errors, mistakes and oversights
  • Failure to meet deadlines
  • Failure to deliver your product/service as advertised
  • Professional negligence
  • Failure to meet a standard of care
  • Breach of contract

Commercial General Liability Insurance

Commercial general liability protects you, your business and your employees from legal liability against third-party bodily injury or property damage claims that occurred while a client was at your yoga studio. It covers the costs of medical bills, legal fees, and repairs or replacements. This insurance policy also protects you against any advertising and reputational injuries (e.g., slander, libel, copyright infringement).

Commercial Property Insurance

Commercial property insurance protects your yoga studio and the contents inside (e.g., equipment, inventory, etc.) by covering the financial loss from such perils as:

  • Property damage due to natural disasters, flood, fire, vandalism or theft.
  • Property damage or theft of electronics, equipment, company documents or employees’ personal belongings.
  • Inventory theft by employees.

Commercial property insurance can also include business interruption, which protects your business should you be unable to work due to an illness or injury and have to shut it down temporarily. This helps offset ongoing costs from income losses, such as bills, employee wages, etc.

Product Liability Insurance

Many yoga studios sell products to clients, such as yoga mats. For example, if someone injures themselves using a yoga mat bought at your studio, you could find yourself facing a lawsuit. Product liability insurance protects you against claims of bodily injury or property damage due to a product you manufacture, distribute or sell. 

Cyber Insurance

Cyber and privacy liability insurance protects your business by covering damages and legal claims if your customers’ personal information is leaked or stolen due to a data breach or theft. As more and more studios are offering virtual yoga classes, this has become an essential insurance policy for yoga studios to have.

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Additional Recommended Insurance Coverages

Participant Accident/Liability Coverage

In the event that a client is injured during a yoga session or while still at your studio and there is no fault or liability found, this policy will provide accident and medical coverage. It includes:

  • Accidental death and dismemberment
  • Accident para-medical expense 
  • Permanent and total disability 
  • Weekly accident indemnity 

Commercial Auto Insurance

Should an instructor use a vehicle for work-related purposes, such as driving off-site to a privately booked class at a client’s house or an outdoor class at a local park, you will need commercial auto insurance, as personal auto insurance will not cover vehicles used for work. This includes the following:

  • Third-party liability: If you or an employee are found to be at fault in an accident while driving a commercial vehicle that leads to a third party’s property damage or injury/death, this policy will cover legal fees, repairs and medical expenses.
  • Accident benefits: This policy covers the driver, passengers, or pedestrians if injured in a vehicle accident, regardless of who is found to be at fault. These benefits include:
      • Income replacement, non-earner and caregiver benefits
      • Medical rehabilitation and attendant care benefits
      • Death and funeral benefits
      • Miscellaneous benefits
  • Uninsured automobile coverage: Should the occupants of a commercial vehicle be involved in an accident with an underinsured at-fault motorist or a hit-and-run driver, this policy covers medical expenses, lost wages and more.
  • Direct compensation-property damage: If you are found not at fault while using a commercial vehicle, this policy covers the cost of repairs or replacement of your vehicle, its contents and a rental.

Get a Yoga Studio Insurance Quote Today

The type of insurance and how much you need will depend on several variables. Let Insurance Hero help manage your risk and insurance cost by conducting a full commercial insurance policy review to determine what kind of coverage is best for you!

For reliable, affordable Ontario yoga studio insurance, please request a quote online or call us at 1-855-777-4376. Our team of insurance heroes is happy to answer any questions you have!