Business Insurance For Yoga Teachers

 Compare business insurance quotes with Savvy to find the best policy for your yoga studio

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, updated on July 27th, 2023       

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As a yoga teacher, you know how important it is to your overall health to have peace of mind. You’ll be able to sleep easily at night by making sure you have the right business insurance to protect you just in case a covered event does take place, such as an accident or a member of the public sustaining an injury during one of your classes. 

You can compare quotes for a range of different types of business insurance here with Savvy. Just answer a few simple questions about your business and the insurance you need and you’ll have multiple quotes from a range of respected insurers to consider instantly. Use our quick and easy comparison service to help you get the best value insurance for your yoga business today. 

What types of insurance should I buy for my yoga business?

There are several types of business insurance you should consider if you run a yoga studio. These include: 

Professional indemnity insurance 

Professional indemnity insurance covers you against claims that the teaching service you provided was either incorrect or negligent. This type of insurance can offer you protection against many types of claims, including: 

  1. Allegations the teaching you provided was ineffective or unsuitable for your students 
  2. Claims the teaching you provided led to personal injury 
  3. Claims the yoga advice you offered was incorrect, negligent, misleading or contrary to professional standards 
  4. Claims you breached intellectual property or copyright 
  5. Claims the yoga teaching service you provided did not meet your student’s expectations 

Cover starts at $250,000 and can go up to $10 million or more. The amount of cover you require will depend on several factors, such as the size of your yoga studio, if you employ any other instructors and how many students you teach.  

What it covers 

  1. Payment of compensation if there’s a successful claim against you 
  2. Payment of court-awarded damages to the litigant 
  3. Cover for your legal defence costs 
  4. Cover for the cost of disciplinary proceedings or an investigations 

Public liability insurance 

Working closely with the public can expose you to risks of personal injury claims levelled by students who may injure themselves during one of your classes. Public liability insurance can cover you against claims injury was caused to a third party or their property was damaged. This insurance can offer between $5 million and $20 million worth of coverage and may be a compulsory form of insurance in order to conduct classes in public spaces or before hiring halls or gyms. 

What it covers:  

  1. Third-party personal injury claims 
  2. Damage to a third party’s property 
  3. Legal fees to defend yourself 

Accident and sickness insurance 

Fitness is a high priority for all yoga teachers. Have you thought about what you’d do if you injured yourself or became ill or were unable to work for an extended period due to an accident? 

Accident and sickness insurance can provide cover for you if you become unable to work, providing a weekly replacement income and helping you pay your bills if you're injured or suffer a serious accident. 

What it covers: 

  1. Loss of income as a result of an injury or illness 

Optional extras can include: 

  1. Death benefits 
  2. Disablement benefits 
  3. Payment of business expenses during your recovery period 

What isn’t covered under my business insurance for yoga teachers?  

Some of the most common general exclusions include: 

  1. Flood damage 
  2. Glass breakage 
  3. Unlawful activity or criminal negligence 
  4. Reckless behaviour or intentional damage 
  5. Anything to do with asbestos 
  6. The effects of pollution caused by your business activity 

How much does business insurance cost for a yoga teacher? 

There’s no set cost for an insurance policy, as each applicant is different and faces unique risks. Many factors influence the cost of business insurance, including the following:   

  • The state you’re in  
  • Whether you live in a rural or urban area 
  • Whether you’re a sole trader, are in a partnership or run a larger business 
  • Your business size and turnover  
  • If you have any employees 
  • Your credit history  
  • Your insurance history 
  • Whether you’ve made an insurance claim in the past five years 

However, the cost of insurance also varies depending on where you live. For example, a yoga teacher buying business insurance in Western Australia may not receive the same quote as an identical yoga studio in Victoria, due to the different locations these studios are in. 

There are many more variables which will affect the cost of your public liability insurance and other policies, so the best way to find out how much your insurance will cost is to get a free, no-obligation quote through Savvy so you can have exact numbers to compare. Whether you’re self-employed or work in a partnership with another instructor, you’ll be able to compare a range of policies from top insurers with us. 

Why do I need business insurance for my yoga studio?

You’ve worked hard to organise and set up your yoga business, so it makes sense to want protection just in case a covered event takes place. Because we’re all human, mistakes can happen, so you’ll want to know you’re protected just in case you are the subject of a legal claim. Business insurance offers this protection for a variety of unexpected circumstances and can be a relatively cheap way of securing the coverage your business needs. 

Most small businesses have some contingency funds to fall back on, but they’re rarely sufficient to cover the cost of a major catastrophe. For example, if one of your students experiences a life-changing spinal injury during one of your yoga classes, you could potentially face a personal injury claim which could amount to millions of dollars. If this happens and you have adequate insurance to protect yourself, you’ll have a far better chance of recovering and getting back to doing what you love quickly. 

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More questions about business insurance for yoga instructors and teachers

Do I have to have a separate insurance policy for all the different types of insurance I need as a yoga teacher?

No – you can bundle your insurance needs together into one general business insurance policy, which can contain elements of all the different types of insurance you need, most notably cover for your yoga equipment. A general business insurance bundle may be the most cost-efficient way to get the insurance you need (including cheap public liability insurance) without having the inconvenience of policies with separate insurers, but it’s always worth reviewing what you are and aren’t covered for under your package. 

How much public liability insurance will I need to hold my yoga classes out in the open?

This will depend on where you want to hold your classes. Most councils require a minimum of either $10 or $20 million public liability insurance and at least $5 million maximum cover for professional indemnity insurance, but this figure varies between different councils around Australia. You’ll need to contact the owner of the open space where you want to hold your classes and enquire about the level of insurance required in order to get a permit. These same rules apply to fitness and personal trainers and martial arts instructors who wish to use public parks to conduct training. 

What information will I need if I have to make a claim on my insurance policy?

The information you should have to hand when you contact your insurance company to make a claim will include: 

  • The name of the policyholder 
  • Your policy number and start date (which can be found on your Certificate of Currency) 
  • A detailed description of the incident (what happened to cause the injury, damage or loss) 
  • Specific dates and times when the incident happened 
  • Contact details of any other parties involved and witnesses to the event 
  • Details of your police report number (if a crime took place) 
  • Details of any property lost or damaged (including its age and value) 
  • Your bank details for settling the claim 
Are my business insurance premiums tax-deductible?

The Australian Taxation Office recognises that having business insurance is a legitimate cost of doing business, so the full cost of your insurance premiums can generally be claimed as a business expense and offset against your income. However, you should always consult a tax professional to get individual advice about what you can and can’t claim as business deductions. 

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