“It could never happen to me.” We’ve all said those words many times. The truth is, no one can ever be certain about what the future holds. When it comes to your personal and school- or studio-based yoga business, the risks are too high to not be insured against the unknown.
Liability insurance protects yoga teachers and businesses from lawsuits filed against them. Industry experts agree that liability insurance is an essential – if not the most important – part of any business plan. “Every instructor who wants to be protected from financial ruin should have this type of insurance,” according to Faye Martins of 42 Yogis.
Yoga is not exempt from risk
Yoga is viewed as a laid-back practice, but that doesn’t mean that your business should be laid-back as well when considering legal and financial protection. No matter how many safeguards you take, there is no way to completely eliminate your risk of a lawsuit. Businesses in most other industries take advantage of the protection liability insurance offers. Your yoga business deserves that same protection! Even if you teach yoga privately or outside of a studio, your business is legitimate enough to warrant liability insurance.
Every wellness regimen has its risks of injury, yoga included. No teacher wants a student to be injured in their yoga class, but there is only so much a teacher can do to ensure their students’ safety. Certain yoga asanas ask us to move our bodies in unfamiliar ways; some students come to yoga with preexisting conditions. These factors open up opportunities for injury, which could result in a lawsuit against the yoga teacher or studio. With liability insurance, teachers and studios can be at ease knowing they have protection if something should go wrong.
How liability insurance benefits you
Protecting your money is perhaps the greatest, most recognized benefit of liability insurance. Lawsuits, along with their associated costs, are expensive, even if the ruling is in your favor. And unfortunately, many yoga teachers and businesses do not make enough money to afford a lawsuit out of pocket. Liability insurance gives you financial protection when a lawsuit arises so your hard-earned money does not have to be at risk.
Did you know you can be sued even if you are not negligent? If a student is injured during a yoga class and believes the teacher or studio was negligent, that student could sue. With liability insurance you can easily hope for the best, yet plan for the worst.
Other benefits are particularly helpful for teachers. Studios typically require teachers to have their own liability insurance. When looking for a job, already having insurance will make this process much easier and quicker. Many yoga instructors teach at multiple locations; many liability insurance plans offer coverage that goes with you wherever you teach, be it a studio, a park or your own home.
Risks of not having liability insurance
Hefty fees. As stated earlier, lawsuits can be extremely expensive for both parties involved. When it comes to your money and your business’s money, why take the risk of losing it all? The costs of a lawsuit could be enough to put you out of business.
You don’t have to be in the wrong to be sued. Even if you are not negligent, students who injure themselves in your classes could sue you if they believe you were.
Falsely assuming you are covered. Just because you teach at a studio that has liability insurance, you can’t assume you are protected as well. Not all studio insurance plans extend coverage to the studio’s teachers.
Whatever your yoga business looks like, liability insurance is an important protection to look into. At Yoga Alliance®, we’ve made it easier for our members to access affordable liability insurance; YA members can access discounted general and professional liability insurance from two of our partners. Members living the United States can access insurance from Alliant Insurance Services and members in Canada can access insurance from Fraser & Hoyt. Learn more about these Member Perks. Learn more about these Member Perks.