Why do you need life coaching insurance?
Your clients come to you to help them make positive changes to their lives and career. In some ways they put their life in your hands and follow your advice faithfully.
However, assisting with your clients’ life ambitions can sometimes lead to disputes. Clients don’t always recognise the part they have to play in changing their path. As a result they can decide that, if their life has taken a turn for the worse, that it's all your fault. Down to the advice and guidance you provided.
A client pursuing their claim against you represents a problem. In fact a number of problems: legal, financial and reputational.
If your client has hired a solicitor, you’ll need to reciprocate unless you’re skilled in all matters legal. That brings us to the second issue - money. Solicitor fees start at hundreds of pounds per hour and you’ll probably need several hours of their time for the issue to be addressed properly.
In the meantime your reputation might be at risk. Angry clients are looking for ways to vent and might be posting negative reviews about you, jeopardising the future of your business. You’ll need immediate and effective damage control assistance to stop them in their tracks before the situation gets out of hand. Could you do it without help?
Professional indemnity insurance for life coaches
Life coaching insurance should consist of key covers that address the danger of professional advice going wrong and the risk arising out of face to face contact with clients and their property. You may also wish to consider protecting your business equipment.
Professional indemnity insurance for life coaches is a key cover for this profession. It protects life, career and executive coaches and mentors against professional mistakes, accusations of negligence, breach of confidentiality and more.
The price of PI insurance for life coaches is very reasonable compared to the possible costs of situations that could arise. Good PI insurance provides peace of mind that if something goes wrong, you’ll get the right assistance to help you deal with the problem professionally and financially.
In addition Suited PI cover includes a legal extension - Business Legal Protect - that gives you legal assistance in the form of several dedicated telephone helplines to discuss tax, business and also personal matters. The cover also pays for any legal, tax or PR assistance if you face an HMRC enquiry, commercial dispute such as an unpaid invoice by your client or a threat to your business reputation.
Public liability insurance for life coaches
As a life coach or mentor you probably see many of your client face to face at various locations. Accidents sometimes happen and can lead to injuries or property damage. Public liability is designed to shield you from claims from of this nature and pay compensation if you become liable. The cost is usually minimal compared to the average public liability claim.
Suited professional indemnity and public liability insurance is backed up by an excellent insurer and a legal team provided by a specialised law firm should you encounter a situation with your client or a member of the public.
Another useful insurance for life coaches
Most professionals these days own some business electronic equipment such as laptops used to communicate, make notes or hold client data.
If you’re working from home, be aware that your home insurance cover may not extend to your businesses items and activities. Therefore if you are receiving clients at home or rely on certain business equipment that you keep at home, ensure you have adequate insurance.
This goes for any business equipment you carry around while out seeing your clients or travelling on business.
