Tai Chi Instructor insurance – cost and coverage

Whenever you budget the expenses of your business, Tai Chi Instructor insurance must be high on the list because you can’t always know exactly what could happen in the future.

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With the protection provided by insurance against accidents and all the other types of insurance we will tell you about, you can protect your business and yourself in case something unwanted happens.

Like any business owner, for your Tai Chi Instructor enterprise, you must consider how much financial liability you are taking on.

If your Tai Chi Instructor business runs without proper insurance, you are taking a giant chance not just of losing some money but of a complete wipe-out.

This is because the laws in every state are very strict in enforcing liability on the owners of businesses for the results of their actions. 

Tai Chi Instructor Insurance

In this article, we are giving very general guidelines for growing businesses to highlight what the main kinds of insurance that you need are, and where we can, a rough guide to how much you can expect to pay.

The question is, can you afford to NOT have insurance for your Tai Chi Instructor business?

What this means, for any Tai Chi Instructor business owner, is that if some company claims that your actions caused them some physical or economic damage, a court can award damages far beyond the total size of your business.

Your Tai Chi Instructor business is not harbored by laws in the same way as states are, where laws can place a “cap” on the maximum level of liability.

In some states, like Montana, there are specific monetary levels that limit the amount a judge can award in any case against the state.

In a court case, it’s purely the privilege of the jury to award whatever amount they deem appropriate, even sometimes giving a plaintiff more than they have claimed.

When you are running your Tai Chi Instructor operations, you can’t escape responsibility for the results of your actions.

Even more importantly, unless you have spent in advance the money necessary to have your business running as a corporation, all of that liability belongs to you as an individual.

What does Tai Chi Instructor insurance protect you from?

For your Tai Chi Instructor business, the most important sorts of insurance are meant to cover the risks to your business from accidents, from unexpected events, and from mistakes.

As well there are some mandatory kinds of insurance that various states require.

In the next few paragraphs, we will describe the most important points any Tai Chi Instructor business owner should consider when negotiating the insurance needed.

The main headings of insurance for your Tai Chi Instructor businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.

Liability insurance

General liability insurance

Any Tai Chi Instructor business is dealing directly with other people, and that means you always have the danger that some accident can happen to them personally or else something of theirs can be damaged.

In such a case, they can require compensation.

General liability insurance policy for your Tai Chi Instructor business protects you against claims coming from injury to customers or damage to their property.

It protects your Tai Chi Instructor business from the claims themselves and also to any resulting court costs and legal fees of the lawsuits.

In many cases, it will even help you to qualify for extra business from city and state organizations, where contracts insist on proper liability insurance.

The usual level of general liability insurance for your Tai Chi Instructor business would be with a boundary of $1 million for a single claim and a total of $2 million for the whole year.

See the table in the costing section below for average prices of general liability insurance for your Tai Chi Instructor insurance operations.

Professional liability insurance for your Tai Chi Instructor business

In the event where a buyer alleges some negligence, errors, or omissions in how you conducted your Tai Chi Instructor business for them, you can quickly be involved in a monetary claim.

Even if the lawsuit against you is ruled in your favor, the cost of defense can be high, and the impact on your reputation can be damaging.

Most small Tai Chi Instructor business should have enough professional liability insurance to cover a single claim of $25,000, with annual cover of $50,000.

See the table in the cost of Tai Chi Instructor insurance section below for average prices of professional liability insurance for your Tai Chi Instructor operations.

Product liability insurance

Whatever goods you sell or advice you give about the goods, you are running a risk that customers may claim that what they received didn’t meet your description of function, or that your advice was basically incorrect.

You need to understand the particular laws of product liability in your own state.

For example, in California, all businesses in the supply chain can be held liable for damages caused by products claimed to be defective.

To cover yourself against any likely lawsuit, you need Product liability insurance for Tai Chi Instructor

Only you can estimate exactly how much insurance you need.

Best advice is to contact experienced insurance agents, brokers or company representatives for support.

Commercial insurance

Commercial vehicle insurance for your Tai Chi Instructor business

Be careful! – practically all policies for private vehicle insurance do not cover any occurrence like theft or accidental damage when the vehicle is being used for business purposes.

The right way to make sure that your vehicle is insured for both its own value, and the valuable contents, is by taking out a proper commercial vehicle insurance package.

Commercial car policies cover the value of any vehicle in case of accident, malicious damage, fire, or theft.

As well, in case of any accident, the van itself, the content and any legal bills, medical expenses, and property damage is insured if your truck is involved in a crash.

Most states, other than Virginia and New Hampshire, require this type of insurance.

The required value of the insurance is worked-out for the depreciated value of the vehicle, and your intended level of cover of contents. 

Tools and Equipment insurance

Since your Tai Chi Instructor business needs specific and expensive equipment, you will realize how much it can cost to replace it in case of any damage, loss, or theft.

The tools may be subject to malicious damage, deliberate fire, theft, other such unpredicted acts.

As well, acts of nature like lightning strikes, hurricanes, earthquakes, and other highly damaging natural events can wipe-out your whole business in one stroke.

Unless you can afford to immediately replace such specific gear quickly out of your own pocket, you must have full-level equipment insurance so that you can immediately buy everything needed to keep your Tai Chi Instructor business running.

It is difficult to advise how much equipment insurance you need – it’s essentially dependent on how much you have invested in your Tai Chi Instructor business’ equipment.

Commercial Property insurance

Any Tai Chi Instructor business that owns or rents space in a building needs a commercial property insurance policy.

If you own the property, you may already have a substantial capital investment, in addition to a big liability if there’s a mortgage.

Your physical building location must carry insurance coverage for the value of the premises and contents against accidental occurrences like fire and storms, and against deliberate damages like theft and vandalism.

If your Tai Chi Instructor business deals in areas of high risk, like California or South Carolina, extra coverage may be needed for earthquakes and hurricanes or tornadoes.

In other states like Washington, where unlimited cold snaps can cause damage to outer coverings of Tai Chi Instructor business premises, there is a need for more additional cover than in warmer climes.

Although the level of cover depends mainly on the value of the property, it’s not possible to say what cover your need, but we have been able in the table in the cost of Tai Chi Instructor insurance section below to give some indication of the average prices per million dollars of property insurance for your Tai Chi Instructor business.

Temporary insurance by month, week or day for your Tai Chi Instructor business

Is your Tai Chi Instructor business working part-time or casually, or is the level of business seasonal?

Using short-term insurance makes good sense. Business insurance by the month, day, or week – temporary insurance for Tai Chi Instructor – are special policies where you can cover a designated period when you want to be covered.

By only paying for that period of cover, you will save by having less premiums but still having the same risk cover.

The key feature of short-term insurance is that you buy the cover for a defined period – a nominated date, or a week or month starting on a specific date, for example for 30 days beginning on the specified date.

When you are expecting periods of higher business activity, get the existing cover raised.

Talk to your insurance agent, broker or the company’s representatives to see what options you have.

Business Owners Policy BOP for your Tai Chi Instructor business

You have the chance to combine a few of the important kinds of small business insurance in one policy that is known as the business owner’s policy – BOP.

A BOP merges commercial property and public liability insurance by amalgamating these coverages into one insurance policy, which can save you money.

BOP insurance will cover you if any claims of injury or property damage are made.

It is frequently the right choice for small and medium-sized Tai Chi Instructor businesses, such as yours.

There are two limits that will rule whether BOP is suitable for your own business.

BOPs do not cover your professional liability or commercial vehicle policies.

Also, the size of your business will determine whether you are eligible to take out BOP cover.

The typical business that is eligible for a BOP policy must have less than one hundred employees, and under five million dollars in annual revenue.

In addition, you must separately take out the required worker’s compensation, health and disability insurance as determined for your state.

Workers Compensation insurance for your Tai Chi Instructor business employees

In most states, it is mandatory to have workers compensation insurance when your Tai Chi Instructor business has one or more employees.

Workers compensation insurance covers the business against any costs that arise if any hired hand experiences an injury or becomes sick as a result of work.

The benefits include medical expenses, death benefits, lost wages, and vocational rehabilitation.

Failure to meet a state’s regulations in this regard can leave you as the employer having to pay penalties levied by the states.

Some states, such as North Dakota, Ohio, Washington, West Virginia, and Wyoming only permit coverage from the government-run monopoly state funds.

In these states, you can’t get your workers compensation obligations from private insurance corporations.

Workers compensation rates are computed based on the employee’s pay, and usually come out at around $1.00 per $100 per month.

However, you must see the relevant authorities in your state.

Average costs of these types of insurance

Although every Tai Chi Instructor insurance need is unique, there are enough examples of usual quotes from insurance companies for us to give approximate guidelines, including what are the cheapest rates offered.

Of course, you should always check with an agent what’s relevant for your business.

The list below is of annual premiums we have researched for the main types of insurance your Tai Chi Instructor businesses needs.

Types of insurance Price range
General liability insurance $730 – $1039
Equipment insurance $380 – $1131
Commercial insurance $1037 – $2489
Product liability insurance $236 – $764
Commercial vehicle insurance $1613 – $2658
Public liability insurance $335 – $539

Cost of insurance for your Tai Chi Instructor operations depends on many different factors.

We have reckoned these figures for small freelance Tai Chi Instructor businesses.

In larger states like New York, premiums are generally about 20%-30% higher than national averages, whereas in smaller states like New Mexico, they will be about 20%-30% less.

The location and size and type of your Tai Chi Instructor business can have a big effect on the cost of different policies.

You should consult with professional insurance agents and brokers, or insurance company representatives.

As well you can let the internet do the work for you by searching for insurance companies near where your business is located.

Another reliable source of information is the local Better Business Bureau in your town.

FAQ

What is small business insurance for Tai Chi Instructor operations?

This is an umbrella term used to describe common insurance policies designed to protect Tai Chi Instructor business owners from risks like bodily injury, property damage, claims of negligence.

Does my Tai Chi Instructor business have to have insurance?

Some of the kinds of insurance are not mandatory for you to run your business, but they can protect you from risks in your business operations.

Some other forms are required by state law, such as workers compensation and vehicle insurance.

What does a small Tai Chi Instructor business insurance policy cover?

Liability insurance provides protection against lawsuits or claims filed by a customer for bodily injury, property damage, or negligence.

The precise cover will vary based on your own operations.

See the table in the costing section above for average prices of the most common policies for Tai Chi Instructor insurance.

How much will Tai Chi Instructor business insurance cost?

On top of the size of the business, several other factors, such as location and claims history, are used to determine your policy’s cost.

You should discuss with professional insurance agents and brokers, or insurance company representatives.

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