Best Small Business Insurance
Best Small Business Insurance
Being a life coach is a unique mix of rewarding and risky. First and foremost, you work to help people improve their lives. However, the operative word there is help—as a life coach, you act as an usher into a better way of life, but your clients are the ones who need to get themselves up and follow your lead.
As a result, clients who are expecting you to do all of the work can easily become disgruntled and, worst of all, litigious. Moreover, simply by interacting face-to-face with your clients, you’re vulnerable to general liabilities that every working professional is exposed to.
Because of these multifaceted risks, your clients might require you to come to the table with an active life coach insurance policy. Even if they don’t, the coverage liability insurance offers life coaches is a worthy investment you should consider making.
So you can see for yourself why it’s so necessary, here’s a guide to all things life coach insurance:
With Thimble, you can purchase policies by the hour, day, and month, so you’ll only pay for the time you’re working. Get an instant quote to better understand exactly how much it will cost.
The cost of your Life Coach Insurance policy depends on a few moving parts:
Decide how long you need your life coach insurance policy to be active. Depending on how frequently you work as a life coach, the time span of your coverage could last from a few hours to a few months.
If you’re working one-off, infrequent life coaching sessions, then individual, short-term policies might serve you well. However, if you’re performing life coach services consistently year-round, then you might need to invest in a longer-term policy.
Depending on your needs, investing in one, long-term policy could be more cost-effective than purchasing multiple short-term policies repeatedly. At the end of the day, your life coach insurance policy should apply to every moment you’re working as a life coach, so investing in the exact length of coverage you need will be worth whatever investment it requires.
Who Your Policy Covers
You also need to determine how many people will be covered by your policy. If you have employees, volunteers, interns, or any other team members who help you fulfill your life coach services, they need to be included on your policy. Investing in their coverage now could save you untold sums in covered liabilities down the road.
You may need to add any company you contract with to your life coach insurance policy. Add as many Additional Insureds as you’d like with Thimble—they’re free.
Say your life coach services are contracted by a company as a fringe benefit for their employees. You’ll need to add this company to your policy as an Additional Insured, and they might even ask for an updated Certificate of Insurance as proof that you actually added them.
Your coverage limit is simply the amount of money a policyholder is able to access from their insurance provider through their policy. Through Thimble, you’ll be able to choose a life coach insurance policy with a limit of $1,000,000 or $2,000,000. Investing in a higher policy limit could mean the difference between complete and partial claim coverage down the line, and typically the price difference between the two is minimal in comparison to the additional coverage you will receive.
If you’re accessing liability insurance for life coaches through Thimble, then you’ll be able to add on coverage for additional activities. Available add-ons for your life coach insurance could include printing, sign installation, and even Vendor Insurance. With each additional activity you add on, your policy will offer even more coverage, and save you from having to purchase separate policies for the services you offer.
Now that you have an idea of how the cost works, consider the coverage liability insurance for life coaches offers.
Life coaches should purchase two types of commercial insurance: General Liability Insurance and Professional Liability Insurance. Having these two policies can help you access coverage for many of the financial risks a life coaching career comes with.
Here are examples of the forms of coverage you’d have access to if you invest in insurance for your life coaching business:
Maybe you invite a client to speak with you in your home office. On her way up your front steps, she trips and lands directly onto her knee. After visiting the doctor, she’s crutch-bound for a month, and her burgeoning dance career is sidelined for ever longer. You’re on the hook for defraying her losses, so you tap into your life coach General Liability Insurance policy by filing a claim for this bodily injury.
3rd Party Property Damage
Alternatively, imagine one of your clients invites you to meet with him in his home office. He greets you at the door, and on the way to his workspace, you accidentally knock his collection of crystal glasses with your bag. All the glasses tip and shatter, and you’re responsible for replacing them.
Because you were in his home in a professional capacity, and because your life coach General Liability Insurance covers third party property damage, you’re able to file a claim for the costs of replacing the collection.
Even if you dot all of your i’s, cross all of your t’s, and skirt every single crystal glass collection you encounter, your life coaching career is still vulnerable to unfounded claims. If someone decides to sue your life coaching business, no matter how untrue their claim might be, you’ll need to pay for a lawyer to prove their claim is false.
Maybe a former customer claims that your life coaching caused his wife to divorce him. Even if that claim is eventually proven false, you’ll have to pay for defense in the meantime—and it won’t be cheap. Luckily, your life coach General Liability Insurance covers defense costs, so you don’t have to pay your lawyer out-of-pocket.
Your dancer client’s knee injury actually ends up requiring surgery to heal, and you need to cover the copay on top of her other financial losses. The life coach General Liability Insurance policy you invested in covers medical costs, so you’ll be able to help her afford to heal fully and get back on the stage.
Errors and Omissions
If, at any point, you or your employees fulfill your life coaching services imperfectly, a Professional Liability Insurance policy could help you address any losses your customers experience as a result of working with you. Say, for instance, advice you give your client directly results in her losing her job.
She could file a claim that your services resulted in her financial loss, and you could be on the hook for whatever compensation she’s found to deserve. Your life coach Professional Liability Insurance covers Errors and Omissions, so you can file a claim to finance this compensation.
If you choose to purchase liability insurance for life coaches through Thimble, then you’ll be able to access your Certificate of Insurance instantly. Having immediate access to this document will help you easily prove your coverage and verify the details of your policy.
There you have it—all things life coach insurance. Because you’ve made it through this article, you’re familiar with the pricing structure and coverage details for this form of small business insurance. You’re equipped with all of the necessary information, and your next steps to coverage are as simple as a few clicks.
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