Business Insurance for First Aid Training Companies

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Business insurance is designed to protect a business owner's financial assets and is an essential investment for a first aid training company.

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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.

COMMON SITUATIONS THAT GENERAL LIABILITY INSURANCE WOULD COVER FOR A FIRST AID TRAINING COMPANY

Example 1: During a first aid training sessions at your training facility, a patron trips and falls over something on the floor, subsequently suing you for damages to cover the cost of having the injury treated and lost income from time off of work. Your GLI insurance policy may help cover any costs associated with the lawsuit.

Example 2: A training attendee leaves their belongings on a chair or a table while participating in your first aid training class. While they are away from the table, someone walks up and takes their belongings. Your GLI insurance may cover the costs associated with the patron’s loss of personal property.

Example 3: While walking into your building on an icy day, a client steps on the ice patch and falls, which requires immediate medical attention. Your GLI policy may help cover the costs associated with the client’s injury on your property.

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, first aid training companies in America spend between $350 - $750 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.

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Other Types of Coverage First Aid Training Companies 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 first aid training companies should obtain:

Workers’ Compensation Insurance

Workers’ compensation insurance helps pay for the costs associated with employees’ on-the-job injuries. Any company that has part-time or full-time employees is legally required to carry this coverage in most states.

Commercial Liability Umbrella Insurance

Commercial liability umbrella insurance helps cover the costs of any claims or lawsuits that exceed your general liability insurance limits. This type of insurance is particularly helpful if you think you may experience a lawsuit related to an injury at your work location.

Malpractice Insurance

For individuals in the healthcare industry, even first aid training, it’s a good idea to get malpractice insurance. This protects you against unforeseen events related to your training operations. For example, if someone you trained injures another person while performing first aid, you could be held responsible for that injury.

Property Insurance

Property insurance helps protect your training equipment and commercial building from unforeseen covered events and damage.

Types of Coverage Some First Aid Training Companies May Need

In addition to the policies outlined above, there are a few other types of coverage your first aid training company 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.

Commercial Auto Insurance

If you own or rent vehicles for work purposes, you may need a commercial auto insurance policy, which helps pay for any accident-related expenses.

Cyber Liability Insurance

If your first aid training business accepts customer information and payment methods online, you may want to consider cyber liability insurance, which protects you against lawsuits that arise from data breaches.

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) to protect your personal assets. (Refer to our guide for step-by-step instructions on how to form an LLC in your state.)
  • Streamline your business' internal processes. This will remove unnecessary variables from common tasks and create a safe, consistent environment for conducting business.

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.