Career Coach Insurance: Cost & Quotes From $11/month

As a career coach, you are in the business of giving what could be transformative career advice. However, this might not always be the case. More often than not, you will be dealing with clients with unrealistic expectations. When these aren't met, you will face lawsuits and mounting legal fees. 

That's why you've got to protect yourself, just like sports coaches and health coaches. Given just how litigious the masses have become, you will need to purchase career coach insurance to stay afloat. This caters to all the costs arising from claims against your career advice or business. If your advice doesn't pan out or there's an aggrieved party in the course of you carrying out your duties as a career coach, the policy covers the consequences.

Career coach insurance ensures you have peace of mind so that you can offer your clients the best services. 

Career Coach Liability Insurance 

When dealing with people, there's bound to be an aggrieved party. You are constantly exposed to the risk of third-party injury or property damage. Unfortunately, these are inevitable, even if you were to take extra precautions. The urgency therein is that these will often lead to lawsuits that can be rather expensive and, in worst-case scenarios, lead to business closure. 

That's why you ought to get general liability insurance for career coaches. Regular interaction with your clients increases the risk of customer injury, client property damage, and advertising injury. This policy steps in to protect your career coaching business from the high costs of lawsuits. Besides, career coach liability insurance comes in handy when applying for leases and contracts. 

Short-Term General Liability Insurance for Career Coaches

General liability insurance for career coaches is available as a short-term policy. A short-term general liability insurance grants protection for hours, days, or weeks, depending on your needs. This has a $1 million-$2 million per occurrence limit with a $2 million aggregate. 

Similar to the usual general liability policy, short-term general liability insurance comes with a certificate of insurance. You can also name additional insureds in its language. However, the policy might not come with floaters or riders. 

So where do you get a short-term general liability policy? Thimble is a popular option. You can also buy one from Hiscox but note that it’s underwritten by Thimble. The last choice is The Hartford. 

Professional Liability Insurance for Career Coaches

As a career coach, you are in the professional service industry. While the field remains largely unregulated, this doesn't mean that questions will not abound over how you dispense your duties. 

When negligence or bad advice claims arise, you want to be sufficiently covered with professional liability insurance. This ensures you do not end up paying out of pocket for the expenses accrued due to claims against your performance. 

This policy, also sold as error & omissions coverage, helps your career coaching business gain protection against:

• Work mistakes 

• Professional negligence 

• Undelivered services 

• Violation of good faith

• Violation of fair dealing

• Breach of confidentiality

• Misrepresentation 

Commercial Property Insurance for Career Coaches

You will often find that most providers offer commercial property coverage as a standalone policy. You use commercial property insurance as a countermeasure in case something happens to a condo or building you’re using as an office. You can even use this to insure your private office at home. 

Commercial property insurance will reimburse your losses if the office gets damaged or destroyed because of:

• Fire

• Theft

• Vandalism

• Civil commotion

• Riot

• Lightning

• Winds

• Hail

• Snow

• Rain

• Sinkhole collapse

• Volcanic action

• Vehicle 

• Aircraft

• Falling objects

Commercial property insurance can also help if important documents, credit cards, computers, and other valuables in the office get damaged or lost due to fire, theft, vandalism, and other exposures we mentioned above.

Depending on where you purchased it, commercial property insurance might come with an equipment breakdown floater. Also found in general liability insurance, an equipment breakdown floater covers replacements or repairs if laptops, cameras, and other devices you use for work get damaged or lost because of:

• Mechanical breakdown

• Electrical surge

• Electrical shorts

• Impact

• User error 

Business Owner’s Policy for Career Coaches 

To save money and increase security, it would be best if you considered bundling the general liability coverage with commercial property coverage under a business owner's policy (BOP). For you to qualify for a BOP, you'll need to:

• Have fewer than 100 employees 

• Make less than $1 million annually 

• Have a small workplace 

The BOP will cover:

• Damage to business equipment and other property 

• Third-party property damage and injuries 

• Advertising injuries, including copyright infringement and libel 

• Temporary closure 

Workers Compensation Insurance for Career Coaches

If you have employees, your business is not immune to injury. A career coach under your brand could trip in the office and break their wrist.  If the employee is injured while on the job, workers' compensation helps you cover the resulting costs without using personal funds or business funds. Common costs covered are:

• Surgery, first aid treatment, and other medical expenses

• Hospitalization

• Medication

• Rehabilitation and retraining

• Lost wages due to inability to work 

• Funeral expenses and allowance to dependents in case of death

Suppose the aggrieved employee was to claim you failed to provide a safe work environment and ultimately sue you. To prevent paying out of pocket for the arising costs, you want to purchase employer's liability insurance. This insurance policy, which is usually included in workers' compensation insurance, covers: 

• Attorney's fees 

• Court costs 

• Settlement 

• Court judgments

It is important to note that most state laws mandate that you get a workers' compensation policy as a professional services business. 

If you run your career coaching business in North Dakota, Ohio, Washington, or Wyoming, you will be required to purchase your worker's compensation policy through a monopolistic state fund. 

This means that your workers' compensation policy won't include the employer's liability insurance. Evidently, you will likely end up with a coverage gap that requires additional investment in a standalone employer's liability policy. 

Employment Practices Liability Insurance for Career Coaches

Employment practices liability insurance is another policy that grants protection against claims filed by employees. But note that this doesn’t cover negligence resulting in bodily injuries or property damage. Instead, you use this to cover claims employees file because of:

• Wrongful termination

• Sexual harassment

• Retaliation

• Failure to promote

• Exploitation

• Other violations of employee rights

Cyber Liability Insurance for Career Coaches

You are a prime target for cyberattacks looking to acquire your client's credit card information and other personal data. A simple phishing attack could see your IT infrastructure and the cyber security of clients compromised. 

The impact would be far-reaching, which calls for prompt investment in a cyber liability insurance policy for career coaches. This policy covers:

• Data breaches 

• Cyber attacks 

• Cyber extortion 

In today's IT ecosystem, you are going to need both first-party and third-party cyber liability. The first-party cyber liability policy covers: 

• Business interruption and lost revenues

• Notifying clients of the cybersecurity breach 

• Cost of containing the breach 

On the other hand, third-party cyber liability insurance caters to: 

• Attorney's fees 

• Filing costs and other court fees 

• Legal obligations following the ruling 

• Cost of remediation

Career Coach Auto Insurance 

You or your employees might consider yourselves the most competent drivers. Still, you are subject to the countless perils on the road every day. It is in light of this that you want to purchase commercial auto insurance for all your commercial vehicles. 

Commercial auto insurance helps compensate for any arising costs as a result of litigation, property damage, and treatment fees from an auto accident. Further, if your business vehicle is vandalized, stolen, or damaged, the policy meets the cost of repair or replacement. 

Overall, as a professional service business with a commercial vehicle, you are on the safer side with career coach auto insurance. Note that state regulations call the shots when it comes to exactly how much coverage you will need. For example, if you’re in New York, your commercial auto insurance must provide $25,000 coverage for bodily injuries, $50,000 per accident, and $10,000 for property damage. 

Career Coach Insurance Cost 

You will pay $38 per month or $456 per year for a $1 million general liability insurance. This career coach insurance cost estimate assumes that you have 5 employees and make $500,000-$750,000 per year. 

You will pay $45 per month or $540 per year for commercial property insurance. An insider tip would be to go with the BOP instead of a standalone general liability policy and commercial property insurance. 

BOP for career coaches will cost $42 per month or $504 per year.  To secure a discount, discuss with your insurer of choice whether you can bundle other insurance policies to your BOP.

Professional liability insurance for career coaches will cost $55 per month or $660 per year. This will have a $1 million per occurrence limit and a $1 million aggregate limit. 

Commercial auto insurance costs $57 per month or $684 per year. For workers' compensation insurance, premiums will be $61.83 per month or $741.96 per year. As highlighted, it is best that you find out if you are in a monopolistic state, as this would then mean additional investment into a standalone employer's liability policy. 

To provide further reference of how much career coach insurance policies cost, here's a table detailing the premiums of the best carriers: