BALENS

Specialist Insurance Brokers

»Yoga / Studio / Fitness centre

Packages

»Commercial Business

» Training Schools

»Home Insurance - including

seeing your client from home...

& more!

» £6m Medical Malpractice (£4m

student)

» £6m Professional Liability (£4m

student)

» £6m Public & Products Liability

(£4m student)

» Taxation and Legal Package

» Cover for temporary work abroad

(Excluding the USA & Canada)

» Teaching Covered as Standard

(Exclusions apply)

Optional Extras Can Include:

»Policies available in Europe

»Can include over 3500 therapies /

activities

Balens are a 4th generation, ethical family business providing exclusive insurance schemes in the UK, Republic of Ireland and

Europe. Business Contents, Income Protection and Clinic packages also available.

Telephone: 01684 580 771

Web: http://www.balens.co.uk

Email: [email protected]

76 Balens Limited is Authorised and Regulated by the Financial Conduct Authority

om yoga ttg2018

Claire Squire of Balens

highlights some key

insurance considerations

for new yoga instructors

T

here is always much to think

about when setting up a

new business, and it can be

tempting to get carried away

with whatever, for you, are the

most exciting elements. However, time and

attention are also needed for the more

grounded disciplines of business, finance,

risk management and insurance.

The complexities of insurance can often

be daunting and thus potentially off-putting.

It is advisable to seek professional advice at

every stage of your business development,

to ensure you are getting the right cover

for your own particular circumstances. The

following is a brief guide to some of the

insurances to consider when setting up as

a yoga professional.

Cover for you

First and foremost, you will require

Professional Indemnity Insurance cover to

protect yourself against clients or others

who may choose to make a complaint or

claim against you. This is insurance for you

as the yoga professional. Good quality cover

will include Medical Malpractice and Public

Liability cover as standard but check what

else is included (i.e. breach of confidentiality,

financial loss, criminal and tax defence, loss

of reputation, cover for Good Samaritan

acts etc.). Does the policy include products

cover, should you choose to sell items to

your clients? Will the policy cover you for

temporary trips abroad, should you choose

to offer a yoga retreat in a warmer climate?

What other benefits are included within the

policy (i.e. legal or other helpline advice)?

If your new business is your only source

of income, you may also wish to consider

personal sickness or accident cover,

together with some form of Business

Expenses protection that would cover your

regular business expenses in the event that

you are incapacitated.

Cover for your business

If you are purchasing or renting premises,

you will need to look at cover for contents,

buildings insurance (owners) or tenants’

improvements if you are renting and have

made any alterations. Cover for items taken

away from the premises such as mobile

equipment and laptops or loss of profits

arising from damage to your premise should

also be considered. Employers Liability

insurance is a legal requirement if you have

anyone working for you, even if this is only in

a voluntary capacity.

For larger businesses including corporate

entities with multi therapist clinics, businesses

selling health products or other commercial

ventures, there are various other special

insurance packages available. It may be

that you are looking to set up with a

number of other professionals, yoga or

otherwise, in which case you may require

some form of corporate insurance policy

in place rather than relying solely on

your own individual professional

indemnity insurances.

What if a claim is made

against you?

Should you find yourself in a claims

situation, don’t panic. Contact your broker:

they should be able to give advice on how

best to deal with the situation. Never admit

liability or promise to pay, this prejudices

your insurer’s position, and may mean that

your insurance becomes nullified. There are

a list of common claims ‘do’s and don’ts’ on

the Balens website however if in doubt ask.

We all make mistakes, it is part of being

human, but with good quality support you

can be reassured that you will not be paying

the price of that mistake yourself: you can

then reflect, learn and move on.

There is further information on Insurance on

the Balens website (balens.co.uk) including a

glossary of terms and more information on

the different types of insurance.

Insurance

for yoga

professionals

om yoga ttg2018