What is life coach insurance?
Life coach insurance is a type of coverage designed specifically for those working as life coaches or coaches in various personal development and self-improvement fields. Being a life, career, or wellness coach can be rewarding, but it also carries certain risks, which is where life coach insurance comes into play. To learn more about insurance for your life coaching business, and how much it will cost, get a quote.
life coach professional liability insurance
Who needs life coach insurance?
Life, career and executive coaches work with clients to assist them in changing habits, reaching goals and overcoming obstacles in their work and personal lives. As such, these professionals should have general and professional liability insurance. Problems can arise when working with clients who take issue with specific approaches and methodologies, or if there is an accident. Obtaining insurance is a great way to protect yourself while continuing to provide beneficial life coaching services to your clients. This is particularly true for life coaches who work privately or own their own business.
Policies available for life coaches
For most life, career, or wellness coaches, there are three main types of insurance policies that are worth considering, each of which provides its own unique aspects of protection to assist you in running your business smoothly and effectively.
Professional liability insurance
Though claims such as fraudulent acts, bodily injury and property damage usually aren’t covered by life coach professional liability insurance, this type of insurance is very important for professionals who regularly provide services or advice to clients.
Here’s an example. A life coach was working with a client who had a high-pressure corporate job and was experiencing a lot of stress. After several sessions, the coach suggested a major lifestyle change might be in order. The client quit their job, sold their house and moved across the country, despite the life coach’s suggestion that they might proceed with a bit more caution. A few months later, the client decided they still weren’t happy, so they sued the life coach for giving bad advice. The coach’s professional liability policy covered defense costs as well as a settlement.
General Liability Insurance
Should a client react negatively to your work as a life coach, accuse you of breaching a confidentiality agreement, or otherwise feel as if they or their business has been damaged in some way by the services you provide, they may choose to sue you or your business. Potential issues for life coaches can come in a number of different forms. One way to protect yourself is by getting professional liability insurance for life coaches.
Although life coaches can benefit from having a professional liability insurance policy, there are some scenarios that aren’t usually covered under this form of insurance. General liability insurance—also called commercial general liability (CGL)—covers life coaches against property damage, claims of bodily injury and associated medical costs.
Here’s an example. A client comes to the office of a life coach for a consultation. As the client is leaving, they trip and fall on the stairs, injuring their wrist. A general liability insurance policy could cover the costs associated with the injury, including the client’s medical expenses and lost wages.
Though your own property won’t typically be covered under general liability insurance, damage sustained to third-party property will be.
Learn more about general liability insurance costs for your business.
Business Owner’s Policy (BOP)
For some, a business owner’s policy (BOP) is a good choice.
How much does life coach insurance cost?
Life or wellness coaches can expect their insurance cost to vary depending on factors like risk, claims history, and type of coverage.
Life coaches who purchase general liability insurance coverage can expect to pay as little as $30 a month. Professional liability insurance starts at $22.50 a month and a business owner’s policy can be as low as $42 a month.
Why do life coaches choose Hiscox?
At Hiscox, we understand just how much work goes into being a life coach. Whether you’ve opened your own business or are working in a different capacity, we can help you grow your career by reducing risk with our policies, allowing you to focus on what really matters—providing exceptional coaching services to your clients.
Here are six reasons why life coaches choose Hiscox above other providers for professional liability insurance and general liability insurance:
- We offer you the option of making monthly payments (with no additional fees) to help you manage your cash flow.
- Customized insurance: We specialize in businesses like yours and tailor coverage to the risks in your field.
- Claims responsiveness: When a covered claim is reported, Hiscox will immediately assign a dedicated claims representative to assist you.
- Coverage for contracts: Our architects insurance coverage satisfies most standard contract insurance requirements.
- Passion for service: Agents knowledgeable about your business concerns will provide you with excellent service.
Ready to learn more about how Hiscox insurance can help mitigate risk with life coaching insurance coverage? Get a fast, free quote now and get that Hiscox confidence behind your business.