The expectation of success is entirely on you. Your clients may blame you if their dreams don't come through and may demand compensation.
If you see clients face to face at your premises, there are risks of trips or falls during a session with you.
If you're using a laptop or computer to store your clients' files, you depend on your work equipment. Could you afford to pay for the repair or replacement?
As a life coach you conduct a lot of one on one sessions. If you say something that's taken the wrong way, you may find yourself facing a legal claim.
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What insurance do life coaches need?
Choosing the right insurance for you depends on the size and nature of your business. Key insurance covers life coaches should consider include:
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.
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.
When you decide to protect your business with Suited we want you to get more than just insurance. That's why with every policy subscription we include Business Legal Protect. From the moment you sign up you gain access to extra support services which are all part of our price.
- IR35 & HMRC investigations
- Legal matters concerning your business
- Negative PR (£25,000 cover)
- Criminal prosecution
- Compliance & regulation issues
- Unpaid invoices (over £200)
- Free tax advice
- Free commercial legal advice
- Counselling for you and your staff
- Access to a legal template library
- Identity theft assistance
My work contract requires professional indemnity insurance. Suited were quick to call back and very helpful explaining the product to me. Suited offers a trustworthy, professional service and a peace of mind.
Suited was easy to use, to the point, concise, I found everything I was looking for , was covered. The process was efficient and quick. Fast forms to fill in. I think the price was pretty competitive too.
The fast and hassle free way to get business insurance for small professional outfits.