Risk management

Insurance considerations for yoga teachers and their businesses. By Claire Squire

We are currently operating in strange and unchartered territory, finding a way to work within a Covid-secure manner. This has created change and challenge for most of the planet’s population. Many yoga teachers have started to offer classes online and although this is a far cry from face to face work, it is at least an option to continue practice. The Covid-19 pandemic has perhaps highlighted for many the fragility of systems and processes that we had once taken for granted, and the importance of ensuring safety nets are in place. Insurance is one such safety net. Whether you’re standing on the threshold of a new career or are a seasoned pro, some time spent on the disciplines of risk management and insurance could save you many hours at a later date should the worst occur.

The complexities of insurance can often be daunting. It is therefore advisable to seek professional guidance at every stage of your business development to ensure you are getting the right cover for your own particular circumstances. The following is a brief guide to some of the insurance policies to consider.

Professional Liability Insurance — As a business owner or individual practitioner / tutor you can be held legally liable for injury, harm or financial loss alleged to have been caused to your clients or other parties, and / or loss / damage to their property. As such you may require Professional Liability insurance. Good quality cover will include Professional Liability and Public Liability as standard, but it’s useful to consider other elements, e.g. any advice given or cover for mental anguish caused; manual or electrical equipment used as part of your profession; additional therapies / activities that you are qualified in; and whether the policy will cover you for online work, which has been particularly important during the current pandemic.

All Risks Cover — For items you take with you i.e. mobile equipment / laptops. May be of particular use for those who travel to various locations.

Personal Accident and Sickness — Various options available; cover may be of particular importance for those that are selfemployed and have no alternative income.
Legal Expenses — Covers Criminal Defence and Legal Advice, may also include legal and taxation advice lines. May be included as part of a Professional Liability Insurance package.
Entity or Contingent Insurance — Will cover the business name and any insurable claims that are directed towards this, particularly important if you have a trading name for your business as a yoga teacher that others are working under; can also include Professional Liability insurance for named employees.
For Buildings, Contents, Stock and when employing others
Employers Liability Insurance — Typically a legal requirement, if you have anyone working for you, including volunteers.
Stock and Contents Insurance — Take care not to under insure (i.e. not cover the full value of your contents or stock), as claims may be proportionately reduced if you do.
Buildings Insurance — A consideration if you are the owner or responsible for this in any rental agreement. May also be a requirement of any mortgage agreement on the property.
Tenants’ Improvements — In the event of building damage due to an insured peril (e.g. fire or flood), improvements or alterations made by tenant may be their responsibility to insure.
Business Interruption — Cover for financial losses and/or increased costs to your business when unable to operate due to property damage arising from an insured peril (i.e. fire or flood).
Check the policy wording to see what you will actually be covered for; lower premiums may equal inadequate protection in the event of a claim. Time spent checking the policy will cover different eventualities, which will hopefully ensure full peace of mind should the worst occur.