Insurance for Life Coaches
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Why do Life Coaches need it?
A great life coach can change lives. You work closely with each client to help them achieve their goals, create healthy habits, or reach greater levels of personal or professional success.
Working this closely with the public comes with risks. Accidents or mistakes can happen in any occupation, but when they lead to claims of injury or financial loss, they could put your small business in jeopardy. That’s why life coaches should have business insurance to help protect their small business.
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What is Professional Liability Insurance?
Professional Liability, otherwise known as E&O insurance, protects your business against claims of negligence, misrepresentation or mistake. Typically, the allegation is that your services, products or employees caused some form of financial damage to a third party. Regardless of fault, litigation is expensive, drains time and damages reputation. Professional Liability insurance can protect professional service providers from potentially devastating financial damages resulting from alleged negligence or error in the delivery of your services.
Coverage is provided for:
- Attorney fees and other legal expenses
- Costs and expenses related to a settlement
- Costs and expenses related to a judgment
Professional Liability Insurance for – Life Coach
Life coaches can benefit from the protection provided by Professional Liability insurance. It can safeguard your small business’ finances from claims of negligence, errors, omissions, missed deadlines and other similar incidents.
If a client ever reacts negatively to your work, Professional Liability insurance will cover the legal costs associated with potential lawsuits. This includes expenses such as hiring an attorney, covering court costs, and paying settlements or judgements. Without a Professional Liability policy, you would be responsible for these costs, whether the claim is valid or not.
General Liability Insurance
While Professional Liability insurance can protect life coaches in many ways, it does not cover every scenario you might face while working. General Liability insurance helps fill these gaps.
General Liability insurance protects small businesses against the risk of customer injury and property damage. For example, your client accidentally trips while visiting your office. He suffers a serious cut which requires stitches. General liability insurance will help cover medical expenses caused by the accident regardless of fault.