This coverage is vital to protect against malpractice lawsuits that could come from dissatisfied clients.
When checking all the boxes for a well run business, life coach insurance can be easy to overlook, but is one of the most vital steps to remember. This coverage can mean the difference between a highly successful small business or a complete financial catastrophe.
When you have a great relationship with your clients, it can be difficult to imagine they might sue you.
A lawsuit can seem to come out of nowhere, and it is only one of the types of coverage that life coach insurance can provide. The largest component of this coverage is malpractice insurance. This helps you to know that as long as you have provided advice responsibly, then if you are ever sued as a result of your guidance, you will have coverage during the legal process.
That said, this type of policy will also typically include a business owners policy. Depending on the type of business you operate, you should also consider commercial auto insurance and cyber liability protection on top of your business coverage. On average, this type of policy will cost about $1,200 per year, depending on the size of your business, the nature of the advice you are administering and the additional coverages you add to your base policy.
_________________________Random Success Quotes to Remember ~ “Successful people do what unsuccessful people are not willing to do. Don't wish it were easier; wish you were better..” - Jim Rohn
That said, there are additional types of coverage you may also want to add to your business coach insurance.
You may also want to add professional liability insurance to the protection you have purchased for your business. The average coverage of this nature is about $1,735 per year, but that may be higher or lower depending on a number of factors regarding your business. If you are uncertain as to what types of coverage your business will require, it’s a good idea to speak with an insurance agent with experience in the types of policy a life coach can require.
The reason life coaches require a unique combination of coverage types is that they are faced with certain risks that aren’t typical in a standard small business. Making sure you have life coach insurance coverage meant specifically for your business and the types of risks it involves will make sure that an unhappy customer’s lawsuit won’t leave you financially ruined.