What’s the best insurance for coaching business owners? That’s a question that many coaches are likely pondering as they start to think about the future of their business.
There are many options out there, but which one is right for you? And more importantly, which one is affordable?
By the way, we’re Cass + Tee, the creators of Lovely Impact. As entrepreneurs with 20+ combined years of experience, we are passionate about supporting coaches with the best resources to help your coaching business thrive.
Insurance can be a tricky topic, but don’t worry – we’re here to help! In this post, we’ll outline some of the best insurance options for coaching businesses and help you decide which one is right for you.
So read on and learn more about the best insurance to protect your coaching business!
Table of Contents
- What Is Insurance For Coaching Business Owners?
- Why Insurance For Coaching Business Owners?
- The Best Insurance For Coaching Business Owners
- Final Thoughts – Best Insurance For Coaching Business Owners
What Is Insurance For Coaching Business Owners?
Insurance for coaching business owners is a policy you will pay for on a monthly or yearly basis which covers you for accidents and problems that could arise with your clients when you are coaching.
Like other kinds of insurance, this is intended to pay your costs if something goes wrong, and it serves as protection for you and your business – so you don’t need to constantly worry about something going wrong.
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You should have insurance to cover you in the event of lawsuits, misunderstandings, financial disputes, or more.
Insurance may also cover things like your property, vehicles, equipment, etc., and might pay for any accidents or data breaches that occur. Insurance for coaching business owners can have a broad scope.
Why Insurance For Coaching Business Owners?
Almost all businesses face risks, and a coach is not exempt from these, as you are probably already aware. No matter what kind of coaching you do, you will face potential problems that could cost you enormous amounts of money if they become a reality.
That’s where insurance for coaching business owners comes in; this will cover you for all sorts of incidents and issues.
For example, you might make a claim if you have a data breach, or if you coach in person and a client has an accident.
Risk assessment is a key part of becoming a coach and should help you identify whether you need things like third-party injuries, liability insurance, etc.
The Best Insurance For Coaching Business Owners
Here are our top picks for the best insurance for coaching business owners that are looking to protect their clients and business.
For coaches who value simplicity and straightforwardness, StartSure may be the best option. This business is committed to keeping insurance simple and it offers comprehensive, easy-to-understand policies that any coach can make use of.
One of the challenges of getting insurance for coaching business owners is understanding how a policy actually protects youStartSure combines expertise with technology to simplify how you get the custom-tailored coverage that you need.
Backed by Arch Insurance, StartSure offers mobile-friendly insurance options, so you have everything you need at your fingertips, and their range of policies makes them suitable for coaches in all the different niches.
StartSure offers the following:
- A quote within minutes without needing excessive amounts of information
- Various kinds of insurance, including General Liability, Professional Liability, and more
- Mobile-friendly approach that means you can access your insurance information from anywhere
- A simple style designed to demystify insurance and make it easier for all of their clients to understand
Thimble provides a variety of insurance options for coaching business owners, and you can purchase things like business equipment protection, commercial property insurance, general liability, and more.
The company prides itself on offering quick, efficient insurance policies that can be taken out in a matter of hours, and that serve clients in a range of different situations.
If you’re feeling a bit daunted, don’t worry; Thimble has worked hard on simplifying the process of taking out insurance and offers flexible payment options to ensure you can find something that suits you.
Thimble serves many small business owners, so it’s an ideal option for coaches in all sorts of niches.
The company offers a multitude of handy features, including:
- Options to pause and modify your contract when you need to, allowing for fluctuations in business
- Scalable options to suit a variety of coaching needs
- Quick, straightforward policy options
- Professional liability insurance to protect you from dissatisfied clients and false claims about your work
- Insurance for equipment, including your laptop and any coaching tools you need
- Insurance for your property, including theft, damage, or loss
Founded by three small business owners, Next Insurance is intended to cater to the needs of coaches with maximum efficiency, providing instant insurance certificates, 5-minute quotes, and flexible insurance.
The company uses some cool AI technology to build quotes and ensure you are getting the best price possible and prioritizes swift decisions and responses.
Most claims are turned around within 48 hours of being made, which is a pretty impressive service to offer! It’s a great way to reduce your anxiety if something does go wrong.
The whole business operates online and offers a range of policies that you might need for your coaching business.
Next Insurance offers insurance for coaching business owners by providing:
- General liability to ensure you are covered if an accident occurs
- Business owner’s policy (combines general liability and commercial property insurance into a convenient single package)
- Insurance for tools and equipment
- A 10% discount if you hold multiple policies with them
- An instant certificate of insurance
- The option to make monthly payments
- 365-day service, so you have access to help even during holidays and weekends
If you’re looking for an insurance company with a track record, Hiscox may be the one – the company dates back to 1901.
It offers many different insurance packages, including several that are suitable for coaches, such as general liability, short-term liability, and cyber security.
If you get hacked, cyber security insurance will help to cover the associated costs.
Hiscox Insurance policies are customizable and straightforward, and it takes very little time to get a quote. The company prioritizes customer service and its size and extensive product offering mean it’s a pretty appealing option for coaches.
With Hiscox Insurance, you can enjoy:
- A range of insurance options, including business owners’ policy, professional liability, and more
- Fast quotes and simple policies that are easy to understand
- Advice on protecting and growing your coaching business
- Telephone support so you have access to a real human who can help you when you’re having problems (Monday to Friday, 7 a.m. – 10 p.m.)
Whether you are an established coach or just starting out, Embroker offers insurance options for everyone. It takes very little time to apply and get a quote, and you can either choose the growth package or the startup package, depending on how far you’ve got and what insurance you might need.
The founder and CEO, Matt Miller, explains how the company uses algorithms to calculate its underwriting and tailor its policies to maximize affordability for its clients.
The company is focused on keeping costs as low as it can and claims to have the most competitive pricing on the market.
They still offer a quality product, however, and place great emphasis on making it easy to create a claim and track it online.
Embroker offers its potential clients:
- Multiple packages that are aimed at different business levels, so you can choose depending on how established your coaching business is
- A policy finder so you can work out what coverage you need
- Fast, straightforward insurance options that cover many of the risks you might face
- Real advisers who can help you out any time you get stuck
- The ability to take out a policy within 15 minutes
Operating in almost 30 countries, Liberty Mutual specializes in the construction industry but has plenty of options to suit insurance for coaching business owners too.
You can take out property insurance, small business owner’s policies, professional liability insurance, general liability insurance, and more.
Liberty Mutual boasts stability and security, but also promises to provide its customers with comprehensive and flexible insurance options – so if you’re looking for a way to insure your coaching business with a large provider, it is definitely worth talking to them.
You can easily get a quote via their website, and this will help you to determine whether their offerings are right for you.
Some of the best aspects of Liberty Mutual include:
- Fast quotation service that allows you to quickly and easily get a quote
- The ability to tailor your package to ensure it fits your business and your needs
- General liability insurance to cover your business for things like personal injury, property damage, etc.
- Small business owner’s policy to protect your growing coaching business, matched with an independent agent who has the skills to ensure your policy meets your needs
Many coaches handle sensitive data day to day, and it can be easy to forget just how precious that data is – but it’s absolutely crucial to protect it properly.
If you don’t, you could be in a lot of trouble legally.
With cybercrime always on the rise, companies like Cyber Policy are well placed to keep their clients safe and protect them from financial issues if an attack should occur.
You need to take steps yourself to keep your client’s data safe, but having insurance will provide extra security and peace of mind.
Cyber Policy offers plenty of other kinds of insurance too, including professional liability and a business owners’ policy.
Taking out insurance with Cyber Policy gives you:
- The ability to compare insurance quotes
- Coverage within 24 hours of purchase
- Tailored quotes to suit your coaching business needs
- The option to buy multiple insurance policies
- Access to free resources on cyber security
- Access to a variety of insurance carriers, including CRC, Texas Mutual, Pie Insurance, Nationwide, and Acuity
- Full protection against data breaches, data loss, cyber-attacks, etc., with the cyber policy.
If you are looking for a simple way to get the insurance that fits your coaching business perfectly, Insurance Bee can help. This company prides itself on making it easy to choose a policy that is right for you, and it also focuses on ensuring it is simple to make a claim or apply adjustments to your existing cover.
You don’t need to become an expert in insurance to get what you need from Insurance Bee; they do the work for you.
The company covers a whole range of small businesses and has a wealth of offerings that are great for coaches, including general liability and professional liability, the perfect insurance for coaching business owners!
You can get a quote online easily, or call the customer service team to talk about your needs in more depth before making any decisions.
Insurance Bee provides:
- A customer service team that is available from 9 – 5:30, Monday to Friday
- Simple options to make it easy to choose the insurance that is right for you and your business
- Low prices and the ability to buy insurance very quickly
- Coverage for a whole range of business owners, including coaches
- Free guides to improve the security of your business and reduce your overall risk
Final Thoughts – Best Insurance For Coaching Business Owners
Fortunately, the best insurance for coaching business owners can be found right here! We hope that you found this article informative and that it connected you with an insurance provider that feels right for your business.
Are you still wondering whether or not insurance is necessary for your coaching business? Simply put, it’s a way to protect your business from potential risks and liabilities.
No one can predict the future, so by having insurance in place you are giving yourself and your business peace of mind.
As a coach, you likely work with clients on a one-on-one basis, which means that if something were to happen to them – whether it’s an accident or they experience emotional distress – you could be held liable. Insurance for coaching businesses can help protect you from such legal entanglements.
It’s always best to get a quote created for your unique needs and if you have further questions, to talk directly with a specialist from the insurance provider you are considering.
That specialist can help you understand the risks you face as a coach and find coverage that fits your needs.
Remember, insurance is not just about protecting your business from accidents or disasters. It’s also about giving you peace of mind so that you can focus on your clients and their success.
Have you had any experiences where you were glad you had insurance for your coaching business, or wish that you did?
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