What Is Life Coach Insurance?
Life coach insurance covers you from risk to health, disability and more.
When we come to terms with the fact that each one of us, our family and ourselves are all at risk of losing everything, we want to do everything in our power to secure our future.
It is hard to let go of your fears. Our rational brain just can’t come to terms with the fact that everyday we are setting ourselves up for a financial failure. But, our emotions and feelings are quite another story. Most of us won’t even entertain thoughts of investing for the future, until it’s too late.
Life coachis just one measure that can help you secure your financial future. Life changes fast and we know that. But as humans we know full well that life is also full of risks. Covering the risk of disability and other health risks can protect your family, retirement savings and even your health and well being.
About 60% of those who carry insurance claim that they used it to cover one or more of their financial risks. What they don’t realize is that they may not have been actually covered under the policy. This can get very expensive and affect the cost of other insurance coverages and personal assets. As a life coach, you should have a good idea of what your risks are and be prepared for them.
Who Needs Life Coach Insurance?
Whether you’re living with a diagnosed disease or dealing with stress, a life coach can help you gain a new perspective on life and take steps towards improving your wellbeing.
Although this type of therapy isn’t usually covered by insurance, the cost of hiring a life coach is more than reasonable when compared to the results you’ll get from their services.
Life coach insurance covers the costs associated with hiring a life coach, including some or all of the following:
- Experienced coaches with good reputations
- All of the training and support to properly implement a life coach’s counseling style
- Recording valuable professional observations and feedback about your sessions
- Expensive camera equipment and other methods of recording
- Transportation and accommodations for the coach to visit you at your home and at work
- Extra hours of meeting time when necessary
Not infrequently, the life coach insurance policy will also cover the travel expenses associated with seeing you. These expenses may include things like air fare and gasoline fuel.
Although costs for this coverage vary, they are usually affordable. Because insurance companies offer life coach coverage, their rates will be lower than for coverage obtained through a life coach’s own group.
Top Life Coach Insurance Providers
Top life coach insurance companies include:
- The Hanover Insurance Group (formerly known as the Hanover Insurance Company)
- MVP Life Insurance Company
- The Hartford
- Highland Insurance
- State Auto Insurance, Inc.
- Securian Financial Group
- Royal Indemnity Company
- Everest Group
- The Hanover International Group
- Atlantic Financial Group
- AmTrust Direct
- The Great American Group (formerly known as The Robert W. Baird Group)
- Compare Life Insurance
- Chase Suv Insurance
- ValueShopper Insurance Services
- National Life Group
- The Hanover Insurance Group (formerly known as the Hanover Insurance Company)
If you’re not familiar with the details below, life coach insurance is just what it sounds like – it serves to cover the risks associated with running a life coaching business. Just like the game of shuffleboard, it can be played by individuals (sole proprietor) or groups of people (employee-owned). These are some of the main coverage types:
Welcome to the updated article on life coach insurance premiums, costs, and providers. Working with a life coach can be a very rewarding and fulfilling experience and is very beneficial for both coach and client.
Both coach and client can benefit greatly from life coaching. There are several packages available and finally the lowest cost life coach insurance is available.
Life Coach Insurance Benefits
Coaching services are offered by a career coach, a counselor, a therapist, or a motivational speaker.
From an insurance standpoint, it is possible for a professional coach to benefit from a business insurance policy because coaching is considered to be a trade or occupation.
Life insurance is a great benefit if you have a very long life expectancy. Try to get life insurance, at least 5x coverage, to provide a safety net to your family in case of your death.
SO how does life coach insurance work, and what does the premium cost?
Benefits to Coach and Client
There are many benefits to coaching and many of the benefits relate to the coach. Here are some of the most common benefits to client’s working with a life coach:
- Improved Performance · Attaining goals, success, and happiness
- Reduction of Stress
- Reduction of Anxiety
- Enhanced Self-Confidence
- Feelings of Belong
- Enhanced Relationships
Alternative Balance Professional Group
Offers Life Insurance, Disability Insurance, and Long Term Care Insurance.
We are a LICENSED, CERTIFIED, AND LICENSING COMPANY. We are a group of licensed insurance agents who specialize in helping people save money on their long-term care insurance needs. LTC can be costly.
Individuals and families alike can benefit from having a cost effective long-term care insurance plan in place in the event that the unthinkable should happen.
CPH & Associates
Life coaching is one of the fastest growing professions in the world –- and one of the few that actually covers insurance! Life coaching is more than just a career … it’s a calling to make a difference in the world around you. To help you achieve your goals and to reach your full potential.
And it’s CPH & Associates that has inspired the life coaching community to align itself with life insurance. Life coaches, like most life insurance professionals, know that your guiding mission really does matter … and we know that you want to provide the best possible protection for your clients, your own family and yourself.
That’s why we’re offering you the same reliable coverage that other life coaches have. And it’s not just covering your clients’ lives … it’s covering all the important people in your life … at an affordable cost.
Simply Business provides a range of human resources business insurance solutions, with one-stop cover for insurance, bookkeeping, payroll and partner administration services. Simply Business provides quick, low-cost, efficient HR solutions to help small businesses run more efficiently.
When you want to a business insurance plan to protect you and your employees, whether you are self local payroll, SimplyBusiness Smart Plan is the answer. This HR Business Insurance Plan provides 27 modules, including liability, assistance benefits, workers’ compensation and employee benefits.
With our HR Business Insurance Plan, we can offer you extra security for both you and your employees, giving you the flexibility to be compliant, while keeping costs down.
If you want to learn more about SimplyBusiness HR Business Insurance, contact us today.
What Business Insurance Do Life Coaches Need?
Life coaches care for a huge variety of clients, from single adolescents looking to cope with the challenges of their first teenage years, to couples seeking to eke out more time to explore and nurture the relationship they have built over years. Naturally, life coaches need a variety of insurance cover to protect themselves and their clients in a wide range of situations arising from their work.
The key business-related insurance you need will be health insurance (see below for information on personal insurance), building and contents insurance for your house or office and professional indemnity insurance to protect you personally against claims made by clients for their negligence, through your firm.
If you are a freelancer and working closely with a client, it may be advisable to get insurance for the duration of any one engagement rather than insurance in place for each client.
Some life coaches choose to self-insure by taking out business interruption insurance, which can protect you from having to pay your creditors if you’re unable to go to work for a period or lose income due to sickness, injury or other factors.
Along similar lines, to ensure continuity of income, it’s always a good idea to keep enough money in hand to cover expenses until new clients can be found. This can be done by maintaining a separate savings account, especially if you can deposit into it on your own terms.
Most Common Types of Life Coach Insurance
Life coach insurance, also called “coach” or “facilitator” insurance, is coverage for a professional life coach or other life coach training organization that provides education, certification, and the opportunity to build a better life for clients.
When planning for a life coach’s coverage, you’ll need to know the most important types of coverage that your life coach may need. The three types are:
This covers the cost of the coach (or other marketer) fielding calls from prospects, verifying their needs and determining if you offer a good match.
This covers the coach for various scenarios in which they may be involved, such as lawsuits and other disciplinary situations.
This provides coverage for various scenarios, such as lawsuits and client complaints filed against you by former clients.
Professional Liability Insurance
General Liability Insurance
Commercial Property Insurance
Consider how your business serves your clients. Be proud and show off your business with business liability insurance. This type of insurance provides you coverage for property damage, employee compensation issues, general liability claims and business income protection. Your business should have business liability insurance to protect you from business-related claims and lawsuits. If your business has a physical location, you’ll also need commercial building insurance. This type of insurance provides coverage for damage to a structure and even covers business interruption. For example, you might need business interruption insurance if your business is located in an office high rise and the building gets damaged during a fire. Commercial property insurance can also cover equipment and other equipment that is not readily movable, such as treadmills. Finally, business property insurance can also cover business liability for life coaches. The services provided by a life coach include counseling, emotional support and assistance in coping with challenges that come with the life coaching enterprise.
Cyber Liability Insurance
Commercial Auto Insurance
The value that a human life has to businesses is plentiful. When an employee is injured on the job, it affects the employee, their family, and the company. When a human life is lost, should the employer be liable? That is the question when it comes to life insurance.
Life insurance has many other uses. As of 2013, life insurance is valued at over 5 trillion. In addition, life insurance is a necessity when customers are shopping online. Customers that have the opportunity through a discount code want to be sure they will purchase enough insurance to cover the entire value of their online purchase. If they don’t, they could end up waiting a long time for reimbursement of their money. If they choose not to add insurance to their purchase, it will just lower the percentage they would have received back.
Another benefit is the need to purchase a policy for someone who is under age 18. These general regulations have made life insurance more customizable and profitable for the next generation.
How Much Does Life Coach Insurance Cost?
Life coach insurance from like all types of insurance is available from a variety of providers. The average cost of life coach insurance will depend on the services you want and the degree to which you will be protected. Life coach policies from many providers will cover ill-health, accidental death and dismemberment, and disability.
Life coach insurance is available from a number of providers, and the cost of the cover depends on the level of cover you require and the level of financial protection you wish to have. Policies of this nature will typically provide cover for accidental death and dismemberment and disability, but there are some that only provide cover for illness. Some will also cover life coach students, but the associated fees will often be incurred through their student policies.
Life insurance is designed to provide financial protection in the event of the death of the life insured. Life insurance premiums are often subject to a number of age-related factors. They will vary according to the age of the life insurer. Australia is one of the few nations that don’t offer life cover within superannuation.
Life coach insurance is not usually purchased from the super fund of the life coach, but should be provided as a personal insurance policy in Australia. Life coach insurance is sometimes known as "personal insurance," and it can be purchased for a variety of situations with the aim of providing protection for the life of the life coach, or for protection of their dependents.
Typical Life Coach Insurance Costs
Insurance for life coaches will vary according to a number of factors. The most important of these will be their experience and their clients’ needs. However, general figures on levels of insurance coverage and cost can tell us a lot about what you can expect to pay.
The most common method of life coach insurance coverage is via an umbrella policy. The purpose of an umbrella policy is to provide further protection by extending the policy policies and the coverages. This may include winter sports coverage, loss of income coverage, business income coverage, and the like.
In addition, a life coach may need insurance for the fiduciary liability issues arising from participating in the sale of a business or in estate planning situations.
This type of coverage can be provided by the umbrella policy, but in terms of dealing with these issues, you might need a separate endorsement….
Most well-known life insurance companies will sell policies to life coaches. However, you may wish to seek out a less well-known company in order to get more competitive rates.
Malcolm Wells Profile Malcolm Wells has been a life coach since 2004. He’s the founder of Life Coach Insurance and helped over 10,000 people find the life insurance coverage that worked for them. He’s interviewed 160 life insurance coverage providers and industry organizations and has been quoted in over 600 articles by publications including Forbes, The Huffington Post, Business Week, US News, Entrepreneur, US News, Real Simple, Smart Money, MSN, CNN Money, and many more.