One of the most important things you have to do when you start a business is to protect yourself against financial losses resulting from claims. The easiest way to do this is by taking an insurance cover. With the right insurance policy, you can protect your personal assets in case of a lawsuit.
However, if you are a health coach, what kind of insurance would be right for you? Moreover, what amount of coverage will you need for your particular business? Will you need a public liability insurance NI policy? Read on to find out.
Insurance Options for Health and Wellness Coaches
While different from most businesses, a health coaching business still needs insurance. As a health coach, anytime you start working with a new client, some form of liability falls on you. This is because your advice or consultation can directly impact the health and wellness of your clients. Therefore, it is critical to ensure that your business is safe from any litigation.
Below are some types of insurance that health and wellness coaches should consider:
Business Liability Insurance
Business liability insurance is also known as general liability insurance. This type of insurance protects businesses against claims that may result from their business practices. According to Insurance Quotes NI, a public liability insurance NI company, this cover is usually taken by small business owners to protect them against claims related to advertising injuries, medical payments, bodily injuries, among others.
This insurance cover is recommended for small business owners, marketing businesses, consulting firms and other types of businesses.
Public liability insurance is one of the more affordable insurance options. Generally, businesses can expect to pay premiums ranging from $30 to $50 a month. However, depending on the insurance carrier and type of business, the premiums may go up to as high as $100.
The cost of public liability insurance usually depends on the size of the business, its location as well as income.
Commercial Property Insurance
With commercial property insurance, your business will be protected from losses that result from things such as theft, fires, and acts of God. This cover is similar to renters’ insurance. While the property that your business is in is covered by the property owner, it is your responsibility to insure the things in your business.
Commercial Auto Insurance
As the name suggests, this insurance is taken by a business to protect against claims related to accidents or injuries that may occur when you are using your car for business purposes. As a health and wellness coach, you need this cover even if you are using your personal car for business. For example, you do not want to be liable for the costs that will ensue should you get involved in an accident when driving your client or engaging in other business activities.
Cyber Liability Insurance
As more businesses conduct their work online, it is critical to ensure your data as well as that of your patients is well secured. As a health and wellness coaching business, you probably use computers to send, retrieve and store data. This data may include sensitive information such as financial records, tax documents, client data, among others.
In case of a data breach at your organization, your business may not only lose credibility but may also be exposed to lawsuits from clients whose data you were holding. To protect yourself against such claims, you can take a cyber liability insurance cover.
While a cyber liability cover will reduce the financial burden that results from lawsuits related to third-party data access by bad actors, it is still important to follow the best practices to keep your data safe. Things such as using secure passwords, installing antivirus programs in your computers, ensuring there is a strong firewall in your network are basic steps that should be taken to safeguard your data.
Professional Liability Insurance for Health Coaches
This cover has nearly the same features as public liability insurance. Sometimes, it is referred to as error and omissions (E & O) insurance. The cover protects your health coaching business from lawsuits resulting from to the services that you offer.
Both E&O and public liability insurance protect your practice against liabilities. When you have this insurance, your business will have a lesser financial burden to should various incidences occur that result in a claim.
While similar, E&O and public liability insurance are different. The main difference is clear on the types of risk they cover. Public liability insurance will protect you against lawsuits related to advice or professional services. The cover is usually meant for financial losses rather than physical injury.
For example, your wellness practice may be sued for provided bad advice that led the client to financial loses. Let’s say you recommended a sports bra to a client, which ended up having side effects that meant the client had to seek specialized treatment. In such a case, public liability insurance will cover you.
Public liability insurance may also cover your business against lawsuits brought about by agencies that enforce HIPPA regulations. As a coach, you may be handling sensitive health matters related to your clients. The National Board for Health and Wellness Coaching advises professionals in this sector to follow HIPPA guidelines when handling client data related to personal health. For example, if you are billing your clients through their insurance companies, you will need a HIPPA-related coverage. Public liability insurance can be used in this case.
Where Can You Purchase Health and Wellness Insurance
Insurance companies offer various policies that cover health and wellness coaching practices. Some of the companies that you can sign up with include Farmers Insurance Group, GEICO, Progressive and Allstate.
Some companies, for example, CM&F insurance, offer Health Coach Liability insurance policies that have all the features we’ve covered above. Moreover, the company can tailor its cover based on your specific needs.
Small insurance companies also have various liability insurance policies. However, the policies may not be specifically tailored for health and wellness coaches. It is advisable to consult with the specific insurance company you want to sign up with to find out about its policies and requirements.