As a life coach, you accompany your clients on the amazing journey towards realizing their victories and transforming their challenges. Further, you get to tap into your newfound sense of listening while possibly transitioning into being your own boss. This path is not only a noble endeavor but is also equally rewarding.
Granted, giving people advice on how they can achieve their goals and better their lives doesn't seem particularly dangerous or risky. Still, this pursuit can serve you a handful of punches.
That's where insurance for life coaching business comes in. This specialty insurance product is meant to help life coaches manage the professional challenges they face.
Similar to consultants, there aren't any federal or state requirements for life coaches. This doesn't mean that you shouldn't get life coach insurance.
Further, while you might assume that a sound contract could help with any potential legal conflicts, said contract doesn't cover the costs arising from lawsuits or claims the way insurance for coaches and consultants could.
When you purchase insurance for coaching business, you effectively protect yourself and your practice from all claims raised by aggrieved third parties.
We'll cover all the various types of insurance for coaches that you must consider, how much they cost, and some of the best providers offering life coaching insurance policies for your business.
Even in a low-risk field, you are still held responsible for what you do and for what happens as a result of your business. When you purchase coaching liability insurance, you effectively cover your coaching business from anything that happens to anyone that comes into contact with your practice. This also includes claims that stem from how you conduct your business.
With general liability coverage, your practice is covered if a client claims they were injured while on your premises. Further, life coach liability insurance will be sufficient if you were to damage a client's property during an in-house consultation.
This kind of business insurance for coaches caters to all legal fees arising from all third-party claims for bodily injury or property damage. Real-life situations where the general liability insurance steps in are when:
A client claims you spilled a soft drink or coffee on their PC while at a consultation
A client slips and falls while on the premises of your business
A faulty electric wire within your establishment causes a fire that damages your neighbors' property
A basic general liability policy for life coaches and career coaches covers medical expenses and provides reimbursement for losses. Note that this inclusion in personal coaching insurance will also cover copyright infringement, libel, or slander claims.
Some carriers will offer equipment insurance as part of their general liability insurance. This coaching consultant insurance will provide coverage if computers and other tools you use for life coaching services sustains damage due to:
Electrical surge
Electrical shorts
Mechanical breakdown
Operator error
| Minimum Limit | |
|---|---|
| Third-party bodily injury and property damage coverage | $300,000-$2 million |
| Products and completed operations | $2 million |
| Advertising and personal injury coverage | $1 million |
| Rented premises liability coverage | $250,0000 |
If you are working with a tight budget, consider bundling your property coverage with general liability coverage. The new cover is referred to as Business Owners Policy (BOP) and is the most cost-effective way to get both these policies and business interruption insurance, which covers all arising costs if you are forced to close your doors temporarily.
| Minimum Limit | |
|---|---|
| Per bodily injury and property damage coverage | $1 million per occurrence $2 million aggregate |
| Products and completed operations | $2 million |
| Advertising and personal injury coverage | $1 million |
| Rented premises liability coverage | $50,000 |
| Medical payments | $5,000 |
| Business personal property | $10,000 |
As a life coach, you are expected to maintain a level of professional standards. Unfortunately, there will be situations where you'll be sued for negligently performing your duties, even when it was an innocent mistake. If the advice you offered caused harm or if you were to break the confidential clause in an agreement, you are likely going to be involved in a legal tussle.
If you have professional liability insurance for life coaches, you are more aptly able to respond to them.
Also called malpractice insurance for life coaches, this policy covers the legal expenses, settlements, and other costs when a claim is filed for negligence, inaccurate advice, violation of good faith, violation of fair dealing, and other issues with your work.
| Amount | |
|---|---|
| Per occurrence limit | $250,000-$2 million |
| Aggregate limit | $250,000-$2 million |
| Coverage limit for punitive damages | $250,000 |
Get all the best quotes from leading providers in a click of a button!
Most states require businesses to purchase a policy that'll cover medical costs and lost wages. That way, if there are any work-related accidents, illnesses, or even death, the policy is expected to provide comprehensive coverage for employees.
You want to consult with the state about whether or not workers' compensation insurance is mandated. This type of life coaching insurance will cover these costs if an employee sustains a work-related injury or disease:
Medical treatment
Hospitalization
Medication
Rehabilitation
Lost wages
Death benefits
Further, suppose a threat actor hacks into your computer and accesses private and confidential information about clients.
This cyber event could take a significant toll on your practice, seeing as you have to cater to the costs of managing the threat and informing the client.
If you were to purchase cyber liability insurance, you are assured that the costs that arise from said cyber attacks and data breaches are covered.
Offering your life coaching online provides you with ample opportunity to spread your knowledge to the masses. While you do not handle your clients in person, you are still exposed to various risks.
Now, suppose one of your students in a recent series of online classes applies the assertive lessons you've taught, and they, unfortunately, experience something bad. Further, what if, by accessing your online class or handling the lesson material, a student gets hacked, and they can trace the event from your end?
All of these represent reasons why you must invest in online coaching insurance. In the event of a negative outcome, your business is comprehensively covered hence saving you from paying all fees out of pocket. Further, for these online coaching sessions, you can have a cyber and data cover built into your insurance policy. The policy will help cover any costs arising from cyber liability, both first and third-party.
General liability insurance for life coaches cost $40 per month or $480 per year. This will have a $1 million per occurrence limit with a $2 million aggregate.
To get a better understanding of your rates, here's a table showcasing both the monthly and annual premiums of the best life coach insurance companies in the market today:
| Cost per Month | Cost per Year | Best for | |
|---|---|---|---|
| NEXT | $20.67 | $248.04 | Best overall; Fastest general liability insurance for life coaches |
| CoverWallet | $25.41 | $304.92 | Life coach insurance quotes comparison online |
| Tivly | $28 | $336 | Comparing life coach insurance quotes over the phone |
| Hiscox | $32 | $384 | Sole proprietors of life coaching firms who want multiple policies from a carrier with extensive experience in business insurance |
| Thimble | $38 | $456 | On-demand life coach insurance |
| International Coach Federation | $42 | $504 | Liability insurance for ICF members |
| LicenseCoach | $45 | $540 | Life coaches working with the pre-licensing provider |
| SimplyBusiness | $50 | $600 | Executive life coaches looking to bundle general liability insurance and professional liability insurance |
You will pay $48.16 per month or $577.92 per year for a $1 million professional liability insurance for coaches.
Commercial property insurance will cost $45 per month or $540 a year for a $110,000 building coverage and $15,000 contents coverage.
Business owner’s policy will cost $41.03 per month or $492.36 per year. Inclusions are $1 million general liability insurance and $10,000 commercial property insurance.
Finally, you will pay $128 per month or $1,536 per year for a $1 million cyber liability insurance.
Get all the best quotes from leading providers in a click of a button!
Here's a breakdown of the best life coach insurance companies. Read to know their pros, cons, and rate for a $1 million general liability insurance.
Best overall
Get an online proof of insurance and send as a text message, email, or social media post
Fastest general liability insurance
Great customer service and reputation
Outstanding value for money
Bundle two or more life coach insurance policies and get a 10% discount
Couldn’t find any
NEXT insures life coaches through its insurance program for adult education businesses. Policies you can avail are general liability insurance, workers compensation insurance, commercial property insurance, and professional liability insurance.
This company’s general liability insurance for life coaches has a $1 million per occurrence limit with a $2 million aggregate. You can upgrade to add terrorism coverage in the terms of general iability insurance.
Best for: Best overall; Fastest general liability insurance for life coaches
Average cost: $20.67 per month
Our rating: 10/10
Compare life coach insurance quotes over the phone
Get covered online
Call anytime and cancel your policy
Competitive rates
Not an insurance company but an insurance broker
CoverWallet’s life coach insurance offers general liability, commercial property, workers compensation, and a business owner’s policy.
This company’s general liability insurance for life coaches has a $1 million per occurrence limit with a $2 million aggregate. The policy also has a $5,000 medical payments coverage, $2 million products and completed operations coverage, and $250,000 rented premises liability coverage.
Use CoverWallet’s online quotes comparison platform and compare life coach insurance quotes online.
Best for: Life coach insurance quotes comparison online
Average cost: $25.41 per month
Our rating: 10/10
Compare life coach insurance quotes over the phone
Responsive customer service
Call and get covered online
Can refer you to partners if it can’t provide coverage
You need to call to get a quote
While Tivly (formerly CommercialInsurance.NET) doesn’t state that it covers life coaches, it has consultant insurance. Therefore, the company might provide coverage for your business since both are closely related fields. Policies you can avail from this company are general liability, workers' compensation, commercial property, professional liability insurance, and more.
Call Tivly now to talk with a representative and compare life coach consultant insurance quotes over the phone.
Best for: Comparing life coach insurance quotes over the phone
Average cost: $28 per month
Our rating: 10/10
Hiscox has an easy online insurance application
Prospective policyholders can purchase and manage their policies online
Flexible coverage with room to make policy changes
Policyholders can tailor their insurance for a custom insurance policy for your business
BOP is unavailable in most states
If you are a sole proprietor or run a micro life coach business, you must consider working with Hiscox. This top-rated provider has an extensive understanding of the niche field, that is life coaching. This means that if you were to work with this carrier, you would be able to tailor your coverage for the specific risks your business faces. The life coach insurance from Hiscox will cost you, on average, $32 per month or $384 per year.
Best for: Sole proprietors of life coaching firms who want multiple policies from a carrier with extensive experience in business insurance
Average cost: $32 per month
Our rating: 9/10
Policyholders can cancel their policy and get a refund at any time
An unlimited number additional insureds can be added to the policy
ACORD 25 certificates of insurance
Quick to issue life coach insurance quotes
Customer service is not available over the phone
If you are on the search for instant liability insurance, you must consider working with Thimble. This company has a career coach insurance program, which life coaches like you can also avail. Policies included are general liability, workers compensation, and commercial property insurance.
For general liability insurance with a $1 million per occurrence limit and a $250 minimum deductible, you will be required to pay $38 per month or $456 annually. Thimble’s general liability insurance covers business equipment. You also get the option of adding a client’s property in the terms of the policy.
Thimble offers a pay-when-you-play structure which means that you only pay for your life coach insurance when in practice. This on-demand model makes their policy affordable, especially for life coaches who only practice part-time.
Best for: On-demand life coach insurance
Average cost: $38 per month
Our rating: 8/10
Tailored quotes in 7 minutes
Professional indemnity insurance ranging between $50,000 and $5 million
Online-based support available 24/7
SimplyBusiness is an insurance broker
SimplyBusiness is an online broker that's successfully worked with multiple top-rated insurance carriers. If you are in the market for comprehensive general liability and professional liability coverage, SimplyBusiness provides you the opportunity to bundle these for the price of one.
You can trust that your life coach business is in good hands, seeing as you'll be joining the over 800,000 customers already working with the carrier. Other than the general liability and professional liability, you'll also get employers' liability insurance, business and office equipment insurance, legal expenses insurance, and personal accident insurance. SimplyBusiness' website states that prices start at $50 per month, which translates to $600 annually.
Best for: Executive life coaches looking to bundle general liability insurance and professional liability insurance
Average cost: $50 per month
Our rating: 8/10
Discounted insurance premiums for ICF members
Coverage with a global reach
Free access to the digital copy of your proof of insurance
Coverage is limited to ICF members
International Coach Federation (ICF) insurance program for life coaches is the gold standard in the field. As the largest coaching body in the world, the institution offers accreditation to professional coach practitioners, making it a viable option when looking for liability insurance.
You can purchase an ICF liability insurance policy or work with recognized partners while still being assured of the highest possible policy quality. Given that each life insurance business is unique, ICF doesn't offer blanket quote information, insisting instead that you provide pertinent information for a custom quote.
Best for: Liability insurance for ICF members
Average cost: $42 per month
Our rating: 7/10
Policyholders are assured of their security as License Coach uses a secure server to process all their transactions
Flexible policy curated to meet specific business needs
Customer support is only available between 7 am and 10 pm CST
Limited information on the policy on the official website
While LicenseCoachTM is primarily known as an online insurance course training platform, it also offers specialty insurance products to life coaches.
Unfortunately, the body doesn't provide information on the policy, with prospective policyholders being advised to get in touch to discuss the insurance.
Note that the insurance offered is meant explicitly for life coaches working towards their licensing exam.
Best for: Life coaches working with the pre-licensing provider
Average cost: $45 per month
Our rating: 6/10
This place is an absolute joke of a company and should be ashamed of the way they conduct business. I was hurt on the job at the end of July and it took them just shy of 7 weeks to issue out a paycheck to me. Yes the amount was back dated but still. Not many have the luxury of not receiving a paycheck for almost 2 months. To top it all off, the original adjuster marked me down for the wrong state which caused a problem from the get go, I've had 3 different adjusters now since each one can't seem to figure out the simplicity of my claim. All my paperwork which includes, my job, house, and drs visits all are from the same state and city but yet some how I have been filed under a completely different state 1500 miles away. They do not answer your phone calls or emails no matter how many you leave. I've had to escalate my frustrations to the supervisors of each of these individuals in order to even get some kind of response. I've had more communication and information given to me about my claim from the customer service representatives then the actual adjusters.......... please tell me how that works?! A serious overhaul needs to happen here in order to serve your clients the way they deserve to be taken care of. 10/10 do not recommend this company to a single soul on earth
I have never had the displeasure of working with a more incompetent and disrespectful person in my life. I’m an injured worker and the adjuster that was assigned to my case was named Carrie Furgeson. In the past 6 weeks that I’ve been injured and out of work I have only been able to get ahold of her twice, not for lack of trying. I have left countless voicemails, countless emails, and she ignores them all. When I am finally able to get ahold of her I’m greeted with terrible customer service. She is rude, she talks over me and I’m hardly able to get a word in edgewise. She spelled my name wrong on my documents even after I spelled it for her properly countless times, this caused a whole new issue with my bank. I have bill collectors from the hospital calling me demanding payment and Carrie Furgeson won’t do a single thing to help, or to get them paid. All of my documentation is in Colorado, my job is in Colorado, my address is in Colorado, all my Dr offices and appointments have been in Colorado and Carrie still managed to hold my claim because she wasn’t sure what state she needed to file it under. It’s been 6 weeks since my Injury and my company still hasn’t received the wage paperwork to fill out so they can get me my correct wages. When she’s not ignoring me she’s answering my questions with “I don’t know” well I don’t know how she got this job, because apparently she doesn’t know anything about it. She is a disgusting morose individual inside and out and I genuinely wish her the worst in all of her future endeavors. I highly recommend you don’t use this company. Please if you are a business owner and your looking into this company please don’t use them. I’m sure they have the cheapest payment and that’s why companies use them in the first place, but you will be doing your employees a grave disservice by forcing them to venture into this absolute dumpster fire of a company. I would rate 0/5 if possible but 1 was the lowest I was allowed.
Their general liability insurance purchase process is simply the best online experience I've ever had in my life!
As long as they cover your line of business, you're literally covered! best rates, best coverage, best online experience, best professionals, can't be happier that I chose them!
It really can't get any better than this... wow
Not all those who wander are lost.
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