What do yoga instructors and studio owners consider before deciding where to purchase their yoga insurance coverage?
And how can an insurer position their company as the best yoga studio insurance provider in Australia?
We will tell you in a bit.
This is pretty important especially if you are running an agency aimed at selling the best insurance coverage to yoga instructors.
If you understand what yoga teachers want and incorporate them as part of your product features, they will fall on top of each other to purchase and recommend your insurance policy for yoga teachers.
Now is probably the most exciting time in history to be a yoga teacher owing to the increasing popularity of the yoga industry.
If you’d like to have a successful yoga business plan that is proven to work, then you must consider protecting yourself and your business in the event of an accident or claim by learning how to get the best insurance for yoga instructors.
To get you started, here are 5 important things yoga instructors need to consider before choosing any insurance company for their general and professional liability insurance.
1. Flexible payment options
Truth be told. Yoga studio insurance costs are high. Many instructors are not insured because they can’t afford to pay the annual premium for yoga insurance at once.
But there’s something any agency that has the good of yoga instructors at heart can do. And that is by giving them flexible payment options.
Making it easier for instructors to purchase an affordable yoga instructor liability insurance coverage will definitely make them choose your company over those of your competitors.
Insurers can offer yoga instructors the option of making monthly payments without additional fees in order to attract and retain them for as long as they are in business.
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2. Tailored insurance for different yoga styles
What is the need of buying your yoga insurance policy from a company that doesn’t understand the risks involved in your field so as to cover them?
Before purchasing your coverage, check out if the company is specialized in your field of business. Make enquiries. Ask your colleagues for recommendation and demand for details of everything from the agency. If possible, hire an independent insurance agent near you.
What are the various yoga styles their insurance policy cover? Ask for a plain sheet of them all. Are there styles you teach that they don’t cover?
If they cover some yoga styles you don’t teach, no problem, you can go ahead to buy your yoga insurance coverage from them. But if some of the yoga styles you teach aren’t covered then you need to take a walk.
One thing you don’t want is to be denied a claim when you or your student file for one as a result of an accident or lawsuit.
3. Claims responsiveness
How fast does the insurance company respond to a claim?
Does the insurance company assign dedicated claims representatives to assist her customers in the event of an accident or lawsuit that led to a claim?
Why this isn’t something you should embrace wholeheartedly as many of them are sent to represent the interest of the insurance company and not yours by cutting down your claims, however, it’s important that they have one – at least they can serve in one way or the other.
When choosing the best yoga instructor liability insurance company, you must go with one that responds to claims promptly and is willing to guide you navigate the process.
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4. Worldwide coverage
Before purchasing yoga insurance cover, a yoga instructor wants to know the countries you cover. Nobody wants to keep getting new coverages for different countries as their business expands when they can actually get it from one insurer.
Do you offer international yoga teachers insurance coverage? It’s important you emphasize it on your company website because that is what these instructors want to know.
Insurance companies that offer worldwide coverage are always the best to work with. You may not know how important this thing is until a claim is filed and your cheap yoga insurance company comes up with the excuse that your studio location is not part of the area covered in your policy.
When choosing an insurer for your yoga studio, go for one that covers beyond Australia and extends to the United States, Canada, the U.K., etc.
5. No membership fee required
Agents don’t care about showing you how to lower your yoga instructor insurance costs. The majority of them are constantly looking for ways to make you spend more money with them.
Of course, this is not unethical but spending more for less isn’t why you are here. The goal of every yoga business is to make a profit, right? So, we will advise that you distance yourself from any insurer demanding that you pay a membership fee after purchasing your yoga instructor liability insurance from them.
This is more likely to happen when they offer you cheap yoga insurance but not in all cases.
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Why you need to protect your yoga business with yoga instructor liability insurance
In the event of a claim, lawsuit, an accident or fire outbreak in your yoga studio, you will need someone to fall back on to carry the financial burden for you. And that is exactly what a yoga instructor liability insurance coverage will do for you.
There are basically two types of yoga instructor liability insurance coverage; general commercial and professional.
To protect your business from being wiped off the surface of the earth with a single lawsuit, you need yoga instructor insurance.
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Does Yoga Alliance provide insurance?
A lot of our visitors have asked us if Yoga Alliance actually provides an insurance policy. Today, we want to answer that question once and for all.
No, Yoga Alliance doesn’t sell their own insurance policies. Instead, they partner with a reliable insurance broker like Balens LTD to cover everyone that got their yoga teacher membership. When you become a Yoga Alliance Professional, you will be given discounts on all general and professional liability insurance coverage.
Here are some of the Yoga Alliance benefits you will enjoy when you become a member:
- Yoga Alliance community
- Discounts on general and professional insurance
- Member directory to help boost your perceived value and bring more recommendations in the industry
- Accreditation – your students want to be sure they willing be learning from an expert even before they pay.