Astrology Business Insurance
Getting insurance for your astrology business is essential.
Astrology businesses need to be protected against claims arising from things such as fraudulent misrepresentation, negligence, or breach of contract.
For example, a client may claim that they suffered financial losses due to one of your astrologer’s advice, or a data breach may leak your clients’ personal information.
We’ll help you find the most personalized and affordable coverage for your unique business.
Recommended: Next Insurance is dedicated to matching small businesses with the right policy at the best price.
Best Insurance for an Astrology Business
General liability insurance is — generally speaking — one of the most important insurance policies for astrology businesses.
Some of the risks general liability insurance covers are:
- Bodily injury
- Property damage
- Medical payments
- Legal defense and judgment
- Personal and advertising injury
On top of general liability, there are several additional policies that many astrology businesses find to be useful, including:
- Commercial property insurance
- Home-based business insurance
- Commercial umbrella insurance
- Professional liability insurance
There are typically two options available to you when selecting which type of provider you want to buy your business insurance from:
- Traditional brick-and-mortar insurers: These providers, who have a long-standing history in the industry, are typified by the use of an insurance agent and a physical storefront to offer insurance quotes. Due to the higher overheads this entails, they may have higher prices.
- Online insurers: By contrast, these providers opt to purely base themselves online and even take advantage of AI to offer insurance without the help of a physical agent. As such, they are able to offer similarly personalized and reliable policies more affordably.
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Cost of General Liability Insurance
On average, astrology businesses in America spend between $400 - $700 per year for $1 million in general liability coverage.
Compare the average cost of general liability insurance for an astrology business to other professional industries using the graph below.
Several factors will determine the price of your policy. These include your:
- Location
- Deductible
- Number of employees
- Per-occurrence limit
- General aggregate limit
You may be able to acquire general liability insurance at a discounted rate by purchasing it as part of a business owner’s policy (BOP) rather than as a standalone policy.
A BOP is a more comprehensive solution that includes multiple forms of coverage, such as business interruption and property insurance.
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Common Situations That General Liability Insurance May Cover for an Astrology Business
Example 1: While visiting your business, a client slips on a staircase leading into your office, breaks his knee, and asks you to pay for his medical care. General liability insurance would cover the client’s treatment costs.
Example 2: A competitor claims your last advertisement libeled her business. While you’re unsure what she views as libel, you want to talk with a lawyer as soon as possible. If the competitor files a lawsuit, your general liability insurance would cover your legal defense costs.
Example 3: After a client slips and falls in your restroom, she accuses you of not warning against the risk of injury and sues for damages. General liability insurance would cover your legal fees and any required settlement.
Other Types of Coverage Astrology Businesses Need
While general liability is the most important type of insurance to have, there are several other forms of coverage you should be aware of. Below are some of the most common types of coverage:
Professional Liability Insurance
This insurance covers your business in the event a client accuses you of negligence due to a mistake or failure to perform. If a client claims your guidance caused them harm and sues your company, professional liability insurance would cover your legal fees and any required settlement.
Commercial Property Insurance
If you own the building in which you operate, commercial property insurance would cover the cost of repairing or replacing your business-related property in the event of a fire, theft, or natural disaster. This includes structural damage to your building as well as any equipment and supplies you store there.
Home-Based Business Insurance
If you run any part of your business from home, you may need this insurance to safeguard your equipment, supplies, and the space in your home devoted to your business. A typical homeowners insurance policy may not cover business-related materials — or injuries sustained by clients in your home — if you don’t disclose you use your home for business purposes.
Commercial Umbrella Insurance
While your general liability insurance policy covers most claims, some accidents or lawsuits may be so catastrophic that they threaten to exhaust the limits of your primary coverage. Commercial umbrella insurance protects you from paying out-of-pocket for any legal fees and awarded damages that exceed your primary policy.
Additional Steps To Protect Your Business
Although it’s easy (and essential) to invest in business insurance, it shouldn’t be your only defense.
Here are several things you can do to better protect your astrology business:
- Use legally robust contracts and other business documents. (We offer free templates for some of the most common legal forms.)
- Set up an LLC or corporation to protect your personal assets. (Visit our step-by-step guides to learn how to form an LLC or corporation in your state.)
- Stay up to date with business licensing.
- Maintain your corporate veil.
Astrology Business Insurance FAQ
Yes, absolutely. You will need to first get a quote from an online business insurance provider like Next Insurance. Next allows you to then purchase a policy immediately and your coverage will be active within 48 hours.
A typical business owner’s policy includes general liability, business interruption, and commercial property insurance. However, BOPs are often customizable, so your agent may recommend adding professional liability, commercial auto, or other types of coverage to your package depending on your company’s needs.
"Business insurance" is a generic term used to describe many different types of coverage a business may need. General liability insurance, on the other hand, is a specific type of coverage that business owners need to protect their assets.
Yes, it is typically advised to obtain appropriate business insurance for your astrology business before its operations commence in order to protect against potential risks.
Furthermore, in some circumstances, certain insurance policies (such as workers’ compensation) may be a requirement for your business to operate in accordance with the law.
Not necessarily. Certain exceptions may be written directly into your astrology business insurance policy, and some perils may be entirely uninsurable.
Yes, an LLC is meant to create a legal barrier between your business and your personal assets and credit. If you haven’t formed an LLC yet, use our Form an LLC guide to get started.
An LLC doesn’t protect your business assets from lawsuits and liability– that’s where business insurance comes in. Business insurance helps protect your business from liability and risk.