First Aid Training Business Insurance
Getting insurance for your first aid training company is essential.
To safeguard themselves against the potential hazards inherent in their business operations, first aid training companies typically require protection.
For example, a competitor may claim that your training manual infringes their copyrighted materials and sues. If such is the case, you’ll be happy to know that there is insurance to cover you.
We’ll help you find the most personalized and affordable coverage for your unique business.
Best Insurance for a First Aid Training Business
General liability insurance is — generally speaking — one of the most important insurance policies for first aid training companies.
Some of the risks general liability insurance covers are:
- Bodily injury
- Property damage
- Medical payments
- Legal defense and judgment
- Personal and advertising injury
While general liability insurance can cover a broad range of risks, it may not provide coverage for all the potential risks faced by your business. In such cases, you may need to consider obtaining specialized policies that offer coverage for specific types of risks, such as:
- Commercial property coverage: Coverage of this sort protects the company's physical assets, such as buildings, equipment, and inventory, from damage or loss due to theft, fire, or other covered events.
- Professional liability insurance: This coverage protects a company against claims of negligence, errors, or omissions in the services provided. It can cover legal fees and damages if a client sues the company for mistakes or failure to meet professional standards.
- Directors and officers (D&O) insurance: This coverage protects the company's directors and officers from lawsuits related to their actions or decisions made while acting in their official capacity.
When acquiring your business coverage, you will generally be able to choose between the following two types of insurers:
- Traditional brick and mortar insurers: Traditional insurers, like Progressive, use a lot of manual processes when it comes to underwriting policies. And policies may be priced according to risk classes that reflect average risk.
- Online insurers: However, insurtechs like Corvus and Next, use artificial intelligence and machine learning algorithms to underwrite policies that are priced more in line with the risks they cover. Reduced overhead is created by operating in a digital environment and those savings are passed on to business owners.
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.
Compare the average cost of general liability insurance for a first aid training business to other professional industries using the graph below.
Several factors will determine the price of your policy. These include your:
- 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.
Common Situations That General Liability Insurance May Cover for a First Aid Training Business
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.
Other Types of Coverage First Aid Training 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:
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.
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 helps protect your training equipment and commercial building from unforeseen covered events and damage.
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 shouldn’t be your only defense.
Here are several things you can do to better protect your first aid training 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.
First Aid Training 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.
Yes, you will need business insurance from the very start. Starting a business involves entering into contracts and performing activities that can go wrong. For example, leasing the business premises involves taking on contractual obligations, which if you fail to perform, can land you in court.
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.