Insurance and Your Coaching Practice
By Joanna Kiro, Kiro Management – a member broker of the PSC Connect Group
Insurance is one of those things you may not think important – until something happens.
While you are an understanding, considerate person, you probably also understand that not everyone is. Unlike some other countries, having insurance for your coaching business in New Zealand is not compulsory; as a wise Coach it is certainly something you should be considering sooner, rather than later.
To help you understand the difference in the two insurances recommended and covered by this collective agreement I briefly explain them both below.”
As a professional you owe a duty of care to your clients. Professional Indemnity Insurance can offer you protection against the costs of legal action and claims that your client may allege arose based on a professional error or omission by you or your staff.
We have negotiated on behalf of ANZCAL a professional indemnity insurance policy that can cover you for your professional advice, service or expertise. This could be any advice, design, consultancy, opinion and analysis. It protects you against your civil liability including professional negligence, breach of contract, misrepresentations, possible breaches of the Fair Trading Act, defamation, unintentional breach of intellectual property rights.
Exposures can come from several areas when you provide professional advice to clients/customers including:
- creation of training regimes/programmes
- instructions to clients/customers
- advice surrounding execution or implementation of a program
- health or nutritional advice
Generally, for people operating in the coaching industry they may experience professional indemnity issues relating to the following types of complaints:
- Your customer complains about a lack of results from your service
- Possible abuse, sexual harassment/conduct claims especially with hands on coaching/therapies
- Non-compliance or breach of consumer protection laws
- Breach of confidentiality – unintentionally, you could find yourself breaching a client’s confidentially and privacy, most commonly online
Public liability insurance is one of the most common insurance policies taken out by individuals and businesses of all shapes and sizes across New Zealand. This type of insurance is intended to provide you with protection against the costs of injury or property damage to other people and their property. It can cover you against the costs of compensating third parties if they suffer a personal injury or damage to their property for which you are legally liable. It can also extend to provide protection for defence costs and cover the cost of hiring experts and lawyers.
Exposures can come from several areas including:
- as a property owner – Customers coming to your premises
- processes & procedures or lack thereof
- your contractual liability arising from any agreements
For individuals in the coaching industry you could most likely expect to face the following types of complaints:
- the most common cause of public liability insurance claims is causing physical damage to your customers/clients/public property
- you damage any third party’s property that is in your physical care custody or control – your hired equipment or client’s property
- If you make products, these could cause damage to other people’s property. As an example, this could be including sending a document or something to a client that contains a virus that affects your client’s computer records, or a natural remedy/essential oil mix that if spilt, damages their property
- Tenants liability if you are renting out business premises
Many people insurance their homes and its content, their vehicles, even their health. They may never have to make a claim; it is the peace of mind with knowing that cover is in place. Doing the same for your business should certainly be considered.
Joanna has worked in insurance for more than 15 years. She is passionate about securing the right cover for clients and a mighty presence to have at your back when it comes to claim time. She says, “I don’t like to hear no, so I’m tenacious on claims… the reality is that for commercial insurance you need a good broker to structure an insurance programme that fits what you actually do”.
Joanna is committed to providing the right kind of cover for all your needs, business and personal. Her experience and insight gives clients a real advantage. When she’s not in the office, she’ll be enjoying quality time with her immediate and extended family.
Ways You can contact Joanna:
021 117 1224