Tarot Reading Business Insurance
Getting insurance for your tarot reading business is essential.
This is because tarot reading businesses need to protect themselves against a variety of different risks, such as defamation and negligence-related claims.
Business insurance can also be pivotal when it comes to protecting your tarot business’s equipment from potential theft or damage.
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 a Tarot Reading Business
General liability insurance is — generally speaking — one of the most important insurance policies for tarot reading businesses.
Some of the risks general liability insurance covers are:
- Bodily injury
- Property damage
- Medical payments
- Legal defense and judgment
- Personal and advertising injury
Having said that, your tarot reading business may benefit from purchasing additional coverage policies as well. This is because a general liability policy will not protect you from all potential risks, which could be covered by the following:
- Negligent acts: Professional liability insurance
- Damage or theft of your business’s property: Commercial property insurance
- Loss of income: Business interruption insurance
You will also need to decide what type of business coverage provider you will use in order to acquire your coverage.
There are two options available as of 2024:
- Traditional brick-and-mortar insurers: Great options include CNA, The Hartford, and Hiscox.
- Online insurers: Great options include Next Insurance and Tivly.
All in all, we recommend going with an online insurer if you are a small business or are just starting out. You will want to stay as price-efficient as possible, and online insurers — generally speaking — offer significantly more affordable rates due to having lower operating costs.
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Cost of General Liability Insurance
The average tarot reader in America spends between $300-$600 per year for $1 million in general liability coverage.
Compare the average cost of general liability insurance for a tarot reading 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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Discover the best coverage at the lowest rate in our low-cost business insurance review.
Common Situations That General Liability Insurance May Cover for a Tarot Reading Business
Example 1: A client trips on your steps, breaking her cheekbone, and then files a lawsuit to cover the cost of her surgery. General liability insurance would pay for your legal fees and any damages awarded in a settlement.
Example 2: A local competitor claims you slandered her business and decides to sue. General liability insurance would cover your legal fees and any damages awarded in a settlement.
Example 3: As you tour a client’s home before reading, you accidentally trip over her dog and fall into her 70-inch television. General liability insurance would cover the cost of damages to your customer’s property.
Other Types of Coverage Tarot Reading 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
If a client decides the reading you gave caused them injury and files a lawsuit, professional liability insurance would cover your legal fees as well as any damages awarded in a settlement.
Home-Based Business Insurance
If you conduct most readings in your home, check with your homeowners insurance provider to ensure your policy protects you against liability from business-related accidents. If not, consider adding home-based business coverage to your business owner policy (BOP) or your existing home insurance policy.
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.
Commercial Auto Insurance
Any vehicle you use primarily for business requires commercial auto coverage. Your policy will protect your vehicle, the driver and others on the road in the event of an accident by covering any related vehicle repair costs as well as medical treatments for anyone injured.
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 tarot reading 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.
Tarot Reading 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, getting business insurance before you form your business is generally recommended.
This is because liability could technically arise as soon as you begin interacting with clients, and you will want to avoid a situation where a client files a lawsuit against you or gets injured and you are not insured.
Not necessarily. Certain exceptions may be written directly into your tarot reading 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.