If you are considering becoming a private music teacher, you should probably spend some time looking at private music teacher insurance. You may be wondering if your music teaching business even needs insurance, and the answer is yes. That said, even at the best of times, insurance can be a little hard to understand. That’s why your friends at Insurance Canopy are here to answer your questions. Let’s get started.
What is Private Music Teacher Insurance?
Private music teacher insurance is a liability insurance plan specifically designed to financially protect music teachers from the risks associated with their business. Common risks include accidents that result in equipment damages, bodily injury and property damages, and even lawsuits involving your business operation.
Liability insurance can protect your business by reducing—and in some cases even eliminating—the out-of-pocket costs created by these accidents. As such, covering your business with high-quality liability insurance is not only a good idea, it’s a modern day business necessity.
Why Do Private Music Teachers Need Insurance?
As a private music teacher, your business has risk.
In the insurance world, “risk” means that something harmful or unexpected could happen to you, your business, or other people as a result of your business operation. When one of these accidents happens, your business could be found legally liable to pay for it.
For example, let’s say a student trips and falls on an instrument while at a lesson. Because the student tripped on your equipment while at your lesson, you could be held legally responsible to cover the medical bill if the student was seriously injured.
These kinds of accidents occur more frequently than you would think and can be expensive to resolve—often costing thousands of dollars or more. Even in cases where you did nothing wrong, the cost of legal defense can often cripple or financially devastate your business.
With the right insurance coverage, you can protect your business from costs caused by accidents involving your business, including bodily injuries, property damage, and lawsuits.
What Policies Do I Need to Protect My Business?
As mentioned before, private music teacher insurance is a liability insurance plan, or group of policies, used to protect your business. As such, when looking at different insurance providers, it’s important to look at the policies included and how much coverage each policy provides. Doing so can help you get the biggest bang for your buck.
So what policies do private music teachers need? And how much coverage should they provide? These are good questions. Let’s take a look.
General liability policies can protect your business from third-party bodily injury and property damage claims where someone is injured or something is damaged as a result of your business operation. Most liability insurance plans include general liability with total annual coverages up to $2 million.
Damage to Premises Rented
Damage to premises rented policies can protect your business from the cost of claims that arise from damages done to rented spaces, like a music studio or recital hall. The amount of coverage varies by plan. At Insurance Canopy, we provide a total annual coverage of $300,000 for this policy.
Also known as errors and omissions, professional liability policies can protect your business from the cost of professional negligence claims that arise from your business operation. Common causes for professional liability lawsuits include claims of breach of contract and failure to provide sufficient instruction.
In today’s litigious world, it is not uncommon for disgruntled customers to sue music teachers on grounds of professional negligence. As such, professional liability insurance is a necessity for private music teacher insurance plans. Insurance Canopy’s music teacher insurance plan includes professional liability with annual coverage up to $250,000.
Cyber liability policies can protect your business from the cost of first- and third-party claims that arise as a result of a cyber security breach in your business. For example, if your business fell victim to a phishing scheme, you could receive coverage for your losses.
It is especially important to include a cyber liability policy in your insurance plan if you collect or store important business data—like customer payment information—online, on a computer, or on a mobile or tablet device. Insurance Canopy’s private music teacher insurance plan can include cyber liability with annual coverage up to $100,000.
How Much Does Private Music Teacher Insurance Cost?
The cost of your insurance plan will depend on the provider, the included policies, and the coverage they provide.
At Insurance Canopy, a private music teacher insurance plan costs just $99 a year. Our plan includes.
- General liability: $2M total coverage / up to $1M coverage per claim
- Damage to premises rented: $300K total coverage / up to$300K coverage per claim
- Professional liability: $250 total coverage / up to $250 coverage per claim
For an additional $99 a year, you can choose to include $100K in total coverage for cyber liability. If you have any questions about the cost of insurance for your business, feel free to contact us to speak with a certified insurance representative.
Protect Your Business Today With Insurance Canopy
Hopefully this article has answered some of your questions about protecting your business with liability insurance. Remember: liability insurance can sometimes be confusing, but with Insurance Canopy it doesn’t have to be. As you continue your search for high-quality, low-cost insurance, we hope you find a solution that fits your business needs.
If you haven’t yet, we encourage you to take a look at our private music teacher insurance plan. For just $229 a year, you can protect your business from the cost of claims with high-quality, low-cost coverage. Plus, getting started is easy, taking ten minutes or less to checkout. So what are you waiting for? Protect your business with Insurance Canopy today!