When running a business, protecting your personal assets is the most important thing you can do. This is commonly accomplished by obtaining an insurance policy so that if you are involved in a lawsuit, your personal assets are separated from your business assets. But since health coaching is a relatively new profession, the type and amount of insurance you need to run your business will vary.
types of insurance health coaches may need
In essence, health coaching is a business. Trainers take on a huge responsibility every time they hire a new client, as their advice and consultations can directly affect the health and well-being of clients. it is imperative to ensure that trainers take every precaution to ensure the safety of their businesses and clients.
Reading: Which insurance companies cover health coaching
commercial property insurance
Business property insurance protects business property from things like fire, theft, and natural disasters. Think of it like renters insurance for small businesses on commercial properties. Just like renters insurance, the building you operate in is covered by the property management company or property owner, but it is your responsibility to insure things within your business.
commercial auto insurance
Commercial auto insurance protects against injuries or accidents that occur while using your vehicle for business purposes. Since you’re using a personal vehicle for business, you need this extra level of protection when driving to clients or other business-related activities.
general liability insurance
General liability insurance, sometimes called commercial liability insurance, protects businesses against claims that occur during standard business practices. According to Geico, “Business liability insurance typically provides coverage to small businesses for bodily injury, medical payments, advertising injuries, and more.” Geico recommends general liability insurance for small business owners, consulting firms, and marketing firms, among others.
General liability insurance is one of the least expensive insurance options available, priced from $30 to $50 per month, although some plans can go as high as $100 per month. The cost of a general liability insurance policy will depend on the size of the business, its revenue, and the location of the business.
See also: When should you do a private settlement after an accident?
See also: When should you do a private settlement after an accident?
professional civil liability insurance
Professional liability insurance is similar to general liability insurance. Sometimes called errors and omissions (E&O) insurance, it protects companies from negligence claims related to professional services offered. Both general liability and E&O insurance are designed to protect a business against liability. According to Progressive Insurance, both “general liability and professional liability help alleviate the financial burden these incidents cause, so your business feels minimal impact after a claim.”
The main difference between the two is the type of risk they cover. Professional liability insurance covers negligence related to professional advice or services. it is usually related to a financial loss rather than a physical injury. For example, a health coach could face a lawsuit for providing bad advice that resulted in a financial loss for his client. if someone or something had been physically damaged, a general liability claim would be made.
Professional liability insurance may also include coverage for HIPAA-related violations. As a trainer, you are likely to be working with clients on matters related to health. According to the National Board for Health and Wellness Coaching, “Health and wellness coaches must manage clients/patients’ personal health information and records in accordance with the policies and procedures established by the Health and Fitness Portability Act. health insurance liability (hipaa). If you’re working with insurance companies to bill clients, you need HIPAA-related coverage.
See also: Compare the Cost of Honda Accord Insurance For Your Model Year | MoneyGeek.com
cyber liability insurance
With more business conducted online than ever, ensuring data is secure has never been more important. As we all do, small businesses use computers to send, receive, and store data. this often includes personal customer data, tax documents, financial information, and other important private information.
Data breaches allow people who shouldn’t have access to access information and can put your privacy and security and that of your customers at risk. Businesses can protect themselves against the costs associated with data breaches by purchasing a cyber liability policy. Cyber liability insurance protects against financial loss from data breaches, but not from the data breach itself. You should still take steps to protect your workspace and adhere to best practices, such as using a password-protected network, never sharing information with others, and never clicking on links or emails you don’t recognize.
Who offers health coach insurance?
Most major insurance companies in the United States offer applicable insurance policies that will cover a health training practice, including Allstate, Progressive, Geico and Farmers Insurance Groups. Some boutique insurance companies, such as cm&f insurance, offer health coach liability insurance policies, which encompass many of the features listed above, but are tailored to the specific services coaches offer their clients.
Small insurance companies may offer different types of liability insurance policies, but they may not have specific policies for health coaches. be sure to check with your specific insurer to see what policies they offer and if you qualify.
the end result
Insurance is a crucial business investment, especially in this time of financial uncertainty for clients and trainers alike. Just as you insure your home, your car, and your life, you need to insure your business. Before purchasing insurance, be sure to consult with an insurance expert to determine your state’s requirements and what coverage best suits your personal and business needs.
