4 Best insurance companies for yoga studios

As with any business in the fitness industry, yoga can cause injuries and be subject to liabilities. While you can take appropriate measures to minimize claims, it’s better to have an insurance company cover the costs.

For example, a yoga student may slip, fall, and break their wrist while practicing yoga. If they claim that your studio failed to maintain a safe environment for students, the liability insurance provider will cover the medical costs and legal fees associated with the claim.  

However, due to the abundance of companies, as a yoga teacher in 2023, choosing the right business insurance provider is hard. In this article, we discuss the best insurance companies for yoga studios like yours. So, without further ado, let’s get into it!

Best Insurance Companies for Yoga Studios - Quick Comparison

Best Insurance Companies for Yoga Studios - Detailed Review

National Academy of Sports Medicine

The best overall insurance company for small yoga studios

Well-known for their professional certifications and tools for yoga instructors, the National Academy of Sports Medicine (NASM) also offers insurance services for fitness businesses including yoga teachers. Partnered with Next Insurance Inc., the NASM provides professional and general liability coverage to a yoga instructor for a base charge of $11/month. 

Equipped with a wide range of liability coverage, the NASM offers to cover medical bills, property damage, legal fees, and judgments for yoga instructors and businesses. They also cover professional liability insurance in case a client sues you for negligence.

AM Best Rating: A- (Next Insurance Inc.)

Online file claims: the NASM offers online purchasing and filing of claims.  

Complaint level: Low

General liability insurance: Available. Covers all the basic requirements of yoga studios, including medical costs. 

Pros

• Liability protection. Provides coverage for liability claims arising from injuries. 
• Affordable premiums. Starting at $11 monthly, with the option to pay monthly or annually, it’s one of the lower premium options available for yoga teachers. 
• Identity theft coverage. The NASM offers identity theft coverage in the event of hacked databases. 

Cons

• Additional costs. A few additional costs like deductibles or fees may be added to the premium charges or at the time of the claim. 
• Insurance is only available to members of the organization. 
• The amount of coverage is limited in a few instances. 

Best suited for small yoga businesses with certifications from the NASM. 

American Council on Exercise

The best insurance company for multiple-location yoga studios

Also known for its certification and Continuing Professional Development (CPD) programs, the American Council on Exercise (ACE) offers insurance protection to its certified yoga instructors. The cost of the premiums can be a bit high and coverage is also higher than other competitors. Premiums start at $172 per year for one-year liability limits. 

They offer customized business property insurance coverage for applicants depending on their operational structure and experience. The best thing about the ACE is its flexibility. Whether the training takes place in a park, studio, or at a client’s home, claims are entertained and covered. 

AM Best Rating: A++

Online file claims: Available 

Complaint level: Low

General liability insurance: Available. Covers the most basic and extensive requirements.  

Pros

• Although costlier, it is still quite affordable. 
• Extensive liability protection for personal injuries and property damage. 
• Customizable insurance options to cover all types of yoga studios. 

Cons

• The ACE partners only with Gallagher. You’re forced to choose them as your provider.
• You need to have ACE certification to apply for business property insurance packages. 
• Additional costs like deductibles and other fees may be applicable for claims. 

Best suited for medium yoga studios with a lot of clients in multiple locations.

Insure Fitness Group

Best insurance provider for individual yoga studios

Offering almost all sorts of coverage, Insure Fitness Group is one of the most sought-after business insurance providers for a yoga instructor. Their general liability coverage offers limits ranging from $100,000 to $3 million and professional coverage ranges from $1 million for each occurrence and $3 million in total per year. As a yoga studio owner, you'll be glad to know that they also offer business interruption insurance coverage to help businesses cover downtimes.

Insure Fitness Group has several different yoga insurance plans in place, starting from $179 per year. They also thrive on offering a single program that covers almost every business, including yoga studios. However, they do offer custom plans for larger studios. 

AM Best Rating: A-

Online file claims: Available in 5 minutes

Complaint level: Low

General liability insurance: Available. Covers from $100,000 to $3 million

Pros

• Comprehensive coverage. Insure Fitness Group offers great coverage for different sorts of general and professional liability claims. 
• Premiums are quite affordable for small yoga studios. 
• Easy online application process. Get covered in 5 minutes. 
• No hidden charges.

Cons

• Cancellation fee. A cancellation fee is applied if yoga instructor insurance is canceled before its expiration date. 
• Independent contractors aren’t covered as extensively as larger studios. 

Best suited for yoga studios with limited clients and single physical establishments. 

Insurance Canopy

The best insurance company for a small yoga studio

The major USP of Insurance Canopy is its cyber liability insurance. With coverage of over $100,000 in cybercrime-related incidents, it has become one of the most popular yoga studio insurance providers for the fitness industry. As the health and fitness sector is more prone to cyber-attacks and data theft, it can save your yoga studio from identity theft lawsuits to a great extent. 

With monthly premiums as low as $12.50, you don’t have to worry about spending hundreds of dollars on business insurance if you’re just starting out. Plans also are customizable to cover different general and property insurance claims. 

AM Best Rating: A (Hiscox Insurance Company Inc.)

Online file claims: Yes. A streamlined online process is available. 

Complaint level: Low

General liability insurance: Available with customizable plans. 

Pros

• Unique yoga insurance plan specifically designed for yoga studios.
• Cybersecurity claims of up to $100,000 for each incident.
• Extensive coverage of general and professional liability insurance. 

Cons

• Coverage amounts aren’t suitable for medium or large yoga studios.
• Certain activities like misconduct and fraud aren’t covered.

Best suited for small yoga studios with small batches of yoga students. 

How to Choose the Right Insurance Company for Your Yoga Studio?

Depending on your location and requirements, we’ve already listed a few insurance companies that may be suitable for your business. However, it’s also critical to understand how we decided upon the “best” for your future reference. Here are the elements behind the reviews. 

Insurance coverage

When purchasing business insurance, it’s critical to understand the kind of coverage you may need now and in the future. For example, if an instructor fails to provide proper care, the liability claim may include negligence. For a yoga studio, understanding the extent of coverage and the amount is critical. 

Company reputation

The reputation of the insurance company, determined by public reviews and referrals, should be held in the highest regard when choosing your insurance provider. The company’s reputation usually correlates with the quality of customer service and the claim coverage process.

Financial strength

AM Best Rating is one of the most trusted sources of financial strength. Depending on several variables, insurance companies are given ratings ranging from A++ to D. While this is considered a trusted source, ratings are fully based on the financial situation and not on insurance claim performance. 

Yoga insurance cost

Whether you choose to pay premiums monthly or yearly, it’s not justified to spend thousands of dollars each year on premiums for a small yoga business. Consider setting your budget for insurance before choosing the best provider for yourself. Typically, $11-20 per month should be enough to cover the most common lawsuit claims. 

Customer service

From submitting the application to filing the claims, you’ll need extensive customer support from your insurance provider to flawlessly secure the coverage. As a yoga studio owner, consider choosing only insurance companies that have well-established dedicated customer service channels to help customers in distress. 

The bottom line

Insurance is critical for businesses in the fitness and wellness industry. When choosing an insurance company, consider analyzing coverage, reputation, financial strength, customer service, and yoga insurance cost. In this article, we’ve gathered 4 insurance providers that have been offering financial services for yoga teacher insurance for a long time.