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You’ve invested lots of time and money into setting up your own yoga studio. It’s a great idea to protect that investment against the many risks that could derail your yoga business. Make sure you protect yourself from property damage, public liability, and employee injury liabilities. Provide is the easiest way to protect your yoga studio. Get broad & affordable coverage today.
What does Yoga Studio Insurance cover?
Yoga studio entrepreneurs need several important types of cover:
Coverage | Explanation | Importance for yoga studios |
Protects your yoga studio from property damage. Examples: fire, explosions, certain types of water damage, etc. | Critical | |
Protects you against liability to third-parties for property damage or injuries. E.g. customers slipping & falling in your yoga studio due to you negligently leaving the floor wet. | Critical | |
Protects your yoga studio employees if they suffer work-related injuries/sickness. | Legally required for all manual workers (e.g. yoga instructors), or workers who earn <$2,600/month | |
Provides cash benefit if you can’t run your yoga studio due to covered reasons. Example: fire damages your studio. | Very good to have | |
Covers medical expenses incurred by foreign workers. | Legally required for S-Pass and Work Permit holders |
Commercial Property Insurance: You’ve likely invested a good amount of cash into renovating & renting your yoga studio. It’s therefore important that you protect it from physical damage. Commercial Property Insurance covers your yoga studio against fire, explosions, certain types of water damage, burglary, vandalism, and more.
The types of property that this policy will cover include: yoga studio premises, renovations, fixtures & fittings, furniture, yoga mats, electronic equipment, inventory (e.g. health drinks or other on-site stocks that you might sell to clients).
Public Liability Insurance: This protects you if clients in your yoga studio accidentally suffer injuries stemming from your negligence. For instance, let’s say you leave a puddle of water on the floor after cleaning the yoga studio. You forget to wipe it dry, and a customer comes in. They slip, fall, and break their hip as a result of your negligence. Public Liability Insurance can cover you if you end up being sued for personal injury.
Work Injury Compensation Insurance (WICA Insurance): WICA cover is very important for yoga studio operators. By law, MOM requires business owners to cover all manual workers, and workers who are paid below $2,600/month. Most employees of a yoga studio are likely to perform manual work. Manual workers would include yoga instructors and cleaners.
WICA Insurance coverage work-related injuries and sickness. This even includes work-related Covid-19 infections. Yoga studios can be prime vectors of Covid-19 transmission, given that participants are closely located in a room for an extended period of time.
Business Interruption Insurance: This cover pays a benefit if you can’t run your yoga studio business because of covered major risks, like a fire. This is very useful, since it helps you to pay for costs like your rent, staff wages, and other costs while you can’t generate sales.
Foreign Worker Medical Insurance: This is required by MOM for all S-Pass and Work Permit holders.
What are some claims examples for Yoga Studios?
Fire destroys your yoga studio: You accidentally leave an electrical socket on at night, and sparks fly. A fire starts, which eventually ravages your yoga studio. You lose $50,000 worth of renovations and equipment/furniture that you paid for.
Commercial Property Insurance would pay for rebuilding your studio. Your policy would first pay for removing the debris post-fire. It would also pay for architects and surveyors to ensure that your yoga studio is rebuilt correctly. The policy would then cover the cost of renovating your studio, and also for replacing damaged equipment.
Yoga client slips while walking in your studio, suffers brain injury: One morning, you came in to your yoga studio early to mop the floor. You dry most of the yoga studio with a cloth. Unfortunately, you forgot a spot, and leave it wet. A client comes in, and slips on that wet spot that you negligently left behind. They suffer a concussion. They lodge a personal injury claim against you, demanding compensation for their medical bills. Your Public Liability policy, if you had one, would pay for their medical bills.
Yoga instructor fractures arm while doing a pose: One of your yoga instructors was doing a tripod headstand, and while executing this pose they accidentally fractured their arm. The trainer goes for surgery to treat the fracture. His medical bills end up being $20,000. The trainer is also provided medical leave for 3 weeks. Under Singapore law, you must pay for the trainer’s medical bills, and lost wages while on medical leave. WICA Insurance would handily pay for the medical bills and lost wages.
How much coverage do I need?
Commercial Property Insurance: For a 1,000 sq feet yoga studio, you will likely need a minimum of $100,000 coverage. Consider adding on an additional $100,000 coverage, for every 1,000 square feet in yoga studio space.
Public Liability Insurance: Most yoga studio owners should have at least $500,000 to $1 million coverage. The majority of commercial landlords will request for you to have these coverage amounts.
WICA Insurance: MOM legally requires $45,000 medical expenses cover, per worker. This is mandated under Singapore’s WICA laws.
Business Interruption Insurance: Do some calculations on the amount of gross profit you would lose if your studio were to shut down for 3-6 months. For most owners, you should consider at least $50,000-$100,000 in coverage.
Foreign Worker Medical Insurance: You need at least $15,000 coverage per foreign worker (only applies to S-Pass and Work Permit holders).
How much does Yoga Studio Insurance cost?
As a yoga studio operator, you should consider getting a Yoga Studio Insurance Package. This package covers the major risks that yoga studios face, and is priced very competitively. A Yoga Studio Insurance Package includes:
Coverage | Coverage amount (example) | Premium |
$100,000 | From $19/month, for a comprehensive Yoga Studio Insurance Package deal | |
$500,000 | ||
$10 million common law annual limit $45,000 medical expenses cover per worker | ||
$10,000 | ||
$15,000 cover per worker | From $6/month, per worker |