Insurance and Liability
No one can ever be certain about the future, even if yoga is considered a laid-back practice; there is nothing laid-back about the business side of it. You NEED legal and financial protection.
As we expose our healthy students, and the injured and ill ones too, to different and unfamiliar postures, we open opportunities for injury, which could end up in a lawsuit.
Lawsuits and their associated costs are very expensive even if the ruling ends up being in your favor.
I cannot stress enough how important it is for you to be fully insured in case of any accident or mishap at your Home Yoga Studio before, during or after one of your classes. Without being properly insured, you can potentially face a lawsuit, bankruptcy or even legal charges.
There are two kinds of insurance you need to count on: Property insurance and Yoga Practice insurance.
If you own the property where your Home Yoga Studio is established, make sure to have Property insurance in place. If you are renting the premises, your landlord must provide this Property Insurance – most likely it has already been provided by your landlord, ever since you have been renting your house or apartment.
Also, very important: you must make sure that this Property Insurance covers liability just in case one of your students or their companions gets hurt by the property itself, for example: a faulty staircase, slippery areas, etc. In most countries, you can get the less expensive liability insurance that usually covers the equivalent of 2-5 million dollars, which is more than enough for any incident inside your home or apartment.
Professional Liability Insurance
This insurance will protect you when (hopefully never, but the key is hopefully) a student of yours claims you adjusted a pose, or did not cue appropriately and the student ended up with an injury.
Even if you did give the correct instructions and the student didn’t listen or cared.
You may be right, but that will not stop the student from suing you.
Belonging to your country’s or state’s Yoga Association helps not only to bring credibility to yourself as a Yoga teacher but also to connect with discounts and better fees from insurance companies, most Yoga associations usually endorse a deal with an insurance company, which you can take advantage of.
One very important thing to know is that if you do belong to the Yoga association of your area, your students might also be entitled to cover the expenses of their Yoga classes from their own health care provider, and therefore they will afford to come to as many classes as they possibly can.
What you need to ask the Insurance Company:
- How much does it cost, and if this is only part time, is there any discount
- Can you find a deal through your Yoga Association
- Do you actually need to belong to a Yoga Association
- Does the insurance cover you whilst you are training
- Will it cover employees once you’ve grown and you have more teachers in your studio
- Ask if it covers teachers when they are only doing a cover for a class
- Will it cover you if you are teaching elsewhere, even overseas
- How much will it cover? This is important since some landlords actually might ask you to have a minimum of coverage before they lease to you
- Is there a maximum number of students in the policy
- Are you covered for meditation and breath (pranayama)
- Will it cover you yoga style
- Are props included in the policy or is the use of them going to increase your premium
- Will it cover your advertisement (libel, slander, copyright infringement)
- Will it cover property damage
- Will it cover sexual harassment or abuse (remember this is the students’ perception, not necessarily true)
- Is there a deductible and how much is it
- How much time you have to make and report a claim
And just really, really, really, read the exclusions.
Insurance will give you peace of mind.