Business Insurance for Silent Retreat Centers

Business insurance is designed to protect a business owner's financial assets and is an essential investment for a silent retreat center.

The Truic Flame Logo

Already know what you’re looking for? Find out how much the right coverage will cost you right now.

Get a Free Quote

About General Liability Insurance

All businesses, regardless of industry, face risks that should be covered by insurance. The most common and comprehensive type of policy business owners invest in is general liability insurance (or CGL).

Some of the risks CGL insurance covers are:

  • Bodily injury
  • Property damage
  • Medical payments
  • Legal defense and judgment
  • Personal and advertising injury

While businesses aren't legally required to carry general liability insurance, operating without it is extremely risky. If your business is sued, you could end up facing fees totaling hundreds of thousands of dollars (or more). Having a sufficient CGL policy in place to help compensate for these damages is the only way to prevent this type of event from devastating your business.

Learn more about the risks covered by general liability insurance.


Example 1: Your employee is bringing in supplies from a delivery vehicle when he knocks a visitor to the ground. She breaks her wrist and sues your business. The general liability insurance policy you have will pay your legal defense costs, including the cost of hiring an attorney.

Example 2: Another retreat center has sued your business for libel. You do not believe the accusations are valid, but you know you need an attorney regardless. Your general liability insurance policy will pay for your legal fees if someone sues you for libel.

Example 3: A visitor to your center slips and falls on wet flooring in the restroom. He breaks his arm and asks that your business pay for his injuries. Your general liability insurance policy will likely cover the cost of his treatment if you file a claim.

Of course, this is not an exhaustive list of perils a general liability insurance policy will cover, and some conditions may result in a particular peril not being covered. It's always best to talk to your agent in-depth about the specifics of your policy to avoid blind spots in coverage.

Cost Of General Liability Insurance

On average, silent retreat centers in America spend between $500 - $1,100 per year for $1 million in general liability coverage.

Check out the chart below for a snapshot of average CGL expenditure across a variety of industries:

Graph showing average price of general liability insurance prices per industry

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.

The Truic Flame Logo

How much will the right insurance cost you?

See offers from our recommended professional liability insurance provider

Get a Free Quote

Other Types Of Coverage Silent Retreat Centers 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 other types of insurance all silent retreat centers should obtain:

Commercial Property Insurance

Your retreat center has invested a lot of money in the furnishings, equipment, supplies, real estate, and other items you need to operate. Commercial property insurance ensures that you can replace that property if it gets damaged in a covered event like a fire. You can file a claim and get the money you need for replacements.

Workers’ Compensation Insurance

The employees at your silent retreat center need the coverage provided by workers’ comp insurance. If they get injured performing their job duties, the policy will pay for them to get medical treatment. If they lose wages while they are healing, the policy will help to make up for those lost wages.

Types Of Coverage Some Silent Retreat Centers May Need

In addition to the policies outlined above, there are a few other types of coverage your silent retreat center may require depending on certain aspects of your operations. Some of these might not apply to you, so be sure to ask your agent which policies are right for your business.

Business Interruption Insurance

If something happens that causes your business to close for a time, such as a fire or tornado, business interruption insurance can help make up for some of the lost revenue. It is coverage offered in many business owners policies.

Commercial Umbrella Insurance

The general liability insurance policy you have will cover most general liability situations. However, it is possible for you to exceed your general liability insurance policy limits—such as if you were to lose a big lawsuit. If you exceed your limits, an umbrella policy will help to pay the remaining damages.

Additional Steps To Protect Your Business

Although it’s easy (and essential) to invest in business insurance, it should not be your frontline defense. Yes, insurance will compensate for your business’ financial losses after an incident occurs, but it’s much better to avoid losses altogether.

With this in mind, here are three things you can do to better protect your business:

  • Use legally robust contracts and other business documents. (We offer free templates for some of the most common legal forms.)
  • Set up a limited liability company (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.
  • Streamline your business’ internal processes. This will remove unnecessary variables from common tasks and create a safe, consistent environment for conducting business.

Steps After Getting Business Insurance

Depending on where you are in your business building process, here are some other actions you may need to take before getting started:

Frequently Asked Questions

What is included in a business owner’s policy?

A typical business owner's policy includes general liability, business interruption, and 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.

What is the difference between business insurance and general liability insurance?

"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.

Do I need insurance before I start a business?

You should invest in coverage for your business before your first interaction with a customer. Although the cost of insurance may seem high for a brand new business, it's best to be proactive when it comes to protecting your assets. After all, you can't buy insurance to cover a loss that has already occurred.

Will insurance protect my business from everything?

Not necessarily. Certain exceptions may be written directly into your policy, and some perils may be entirely uninsurable. Be sure to discuss the scope of your policy in-depth with your agent to avoid being blindsided by holes in your coverage.

Related Articles