West Virginia Executive Career Life Coaching Insurance Policy Information
West Virginia Executive Career Life Coaching Insurance. As a life, career or executive coach, you understand the power of peace of mind. Business insurance is essential to protecting your livelihood so you can focus on helping others improve their life and careers.
With West Virginia executive career life coaching insurance coverage, you can rest easy knowing you're protected from a grievance or a lawsuit related to your professional services..
West Virginia executive career life coaching insurance protects your business from lawsuits with rates as low as $27/mo. Get a fast quote and your certificate of insurance now.
Differentiating Between Career, Executive & Life Coaches
Knowing the differences between these types of coaching can help in selecting the right policy:
- In life coaching the emphasis is more strongly directed toward the well-being of the individual.
- A career coach is someone who helps people develop certain skills that are vital for their career including setting goals and career planning.
- Executive coaching caters for business executives to help them meet organizational objectives. These have a responsibility to the shareholders, the people working under them and to the organization itself. Executive coaching is more focused on specific measurable outcomes that impact the business as a whole.
Types Of Executive Career Life Coaching Insurance Policies
Following are some of the most common West Virginia executive career life coaching insurance policies:
Professional Liability Insurance - This is a form of liability insurance, also know as errors and omissions (E and O), helps protect WV life, career and executive coaches when providing professional coaching advice and services. The insurance covers the cost of defending a negligence claim made against you and any damages awarded in such a civil lawsuit.
The coverage is provided for alleged failure to provide services either by error or omission resulting in a client suffering a financial loss. For instance, if a client came to a realization in a session with you that he didn't like his job, told his boss and was fired, your professional liability policy would cover you if he came back and sued you for losing his job. Some organizations may require you to have this West Virginia executive career life coaching insurance coverage before you can coach their executives.
Professional Liability Insurance fills these likely gaps that are leaving your career exposed:
- It covers suits filed after you have terminated your employment.
- Its limits are high enough to protect you and all your co-workers.
- This coverage includes lost wage reimbursement or licensing board hearing reimbursement.
- This coverage extends outside of the workplace, such as when you engage in volunteer, moonlighting or self-employed activities.
Commercial Property Insurance - What would your coaching practice be without your owned or leased building and your personal property? For most businesses, not much. Whether it's your office, your office equipment or your inventory, your practice has property that needs to be protected. It would be a serious hardship to start over if something like a fire or a major theft happened to your office. That's why having business property insurance you can count on is so important.
Cyber Liability Insurance - This protects your practice from the costs associated with a cyber-attack. A cyber-attack is when hackers break into your network to steal information or money from your practice. Hackers may be looking for personal information like SSNs that will allow them to steal the identities of employees, customers, and other people your practice has in its records.
Loss Of Reputation Insurance - This WV executive career life coaching insurance applies when you innocently suffer a loss to your practice and good name after a lawsuit, complaint or other action by any third party. You may require the services of public relations professionals to help repair the damage caused by such situations. This cover will pay for their services.
Umbrella insurance - As a life, career or executive coach, sometimes you need umbrella liability insurance to extend the limits of your general and other liability policies. One of the perks of adding an umbrella policy to your underlying policies is that you only have to pay a single premium for the extra business protection - even if you use it to extend the limits of more than one West Virginia executive career life coaching insurance policy.
Information Privacy Insurance - People today are very conscious of their privacy. Most are aware of the protection they receive under various laws. This coverage reimburses you for costs to notify clients of a breach of confidential personal information in compliance with privacy protection laws. It also covers fines and penalties that you become legally obligated to pay as a result of a covered proceeding.
Claims Made vs. Occurrence Coverage - When you purchase your West Virginia executive career life coaching insurance policy, you need to decide between two types of coverage. One is called a claims-made policy and the other is known as an occurrence policy:
- A claims-made policy only covers claims if the claims-made policy is active
- An occurrence policy covers events that happened when the original policy was in force, even if the occurrence policy is no longer active.
Occurrence policies are move favorable because this policy will respond to claims that come in - even after the policy has been canceled - as long as the incident occurred during the period in which coverage was in force.
WV Executive Career Life Coaching Insurance
As a coach, a vital component of your success is protecting your most valuable professional assets: your reputation and your financial security. A single claim, justified or not, can take significant time away from your practice and cost thousands of dollars in court and legal fees. Whether you work in an agency or in private practice being adequately insured will give you the financial security you need to protect yourself against a claim.
West Virginia Economic Data, Regulations And Limits On Commercial Insurance
Are you thinking about starting your first business? Do you already own a successful business and you're looking to expand to a new location? Whatever the case may be, when it comes to running a business, there are several factors that need to be taken into consideration to ensure your success.
Of these factors, the location of your establishment is one of the most important. In order to achieve as much success as possible, the location must offer a favorable climate and a market that can benefit from the products or services you intend on providing.
The unemployment rate of a state is a good indicator of the overall economy. The lower the rate, the more jobs are available, which indicates that there are more successful businesses in the state. Also, it's important to know which industries are seeing the most growth in the state, as well as what type of insurance you'll need to carry to properly protect yourself and ensure you are complaint with laws.
If you are a business owner who has your sights set on West Virginia, read on for an overview of the economic trends and business insurance requirements in the Mountain State.
Economic Trends For Business Owners In West Virginia
In December, 2019, the unemployment rate in West Virginia was 5.0%, which was 1.5% higher than the national average of 3.5% at the same time. Additionally, the rate increased slightly over the course of the year, as it was 4.7% in July of the same year, 4.6% in August, and 4.9% in November.
The rate has been relatively steady over the four years; however, there has been a marked decrease, as in December of 2015, the unemployment rate was 6.4%.
As with most states, the prime areas for business development in West Virginia include urban regions and the surrounding suburbs. These locations offer a large target market, a larger workforce, and are with closer proximity to surrounding regions, hence why they're more promising for businesses. As such, Charleston, Huntington, Charlestown, Wheeling, and Beckley are the best areas to open a business in the Mountain State.
There are several industries that are thriving in the state of West Virginia. These industries include:
- Aerospace engineering
- Automotive engineering
- Chemical manufacturing
- Hospitality and tourism
If you are considering opening a business in any of the above-mentioned areas, your chances of success in West Virginia are favorable.
Commercial Insurance Requirements In West Virginia
The West Virginia Offices of the Insurance Commissioner regulates insurance in WV. West Virginia mandates very few forms of insurance coverage by law. They enforce worker's compensation.
West Virginia requires you to have worker's compensation insurance if you hire even one employee on a regular basis. This includes part-time employees, family members, minors, and immigrant employees. It is not required for independent contractors or domestic employees, though you should check to make sure any contractors you have are true contractors, and not employees.
West Virginia also requires all business-owned vehicles to be covered by commercial auto insurance. Other types of business insurance that business owners should carry depend on the specific industry.
Additional Resources For Professional Services Insurance
Get informed about small business professional services insurance, including Professional liability, aka errors and omissions (E&O insurance), that protects your business against claims that a professional service you provided caused your client financial loss.
- Answering Service
- Armored Car
- Attorney Lawyer
- Business Consulting
- Commodity Broker
- Corporate Wellness
- Court Reporter
- Debt Collection Agency
- Detective Agency
- Electrical Engineering
- Environmental Consultant
- Executive, Career & Life Coaching
- Executive Search Firm
- Expert Witness
- Financial Services
- Financial Planner
- HR Consultant
- Insurance Agents & Brokers Insurance
- Mediator - Arbitrator
- Medical Billing
- Music, Drama & Dance Therapy
- Office Machine Repair & Maintenance
- Piano Tuners
- Project Management
- Temporary Staffing
- Tax Preparer
Let's face reality. People today are claims conscious, resulting in a significant share of malpractice lawsuits against professionals.
Liability resulting from the rendering of or the failure to render professional services is excluded in most liability coverage forms. This means that a policy covering a account's or lawyers' office will cover liability arising out of the maintenance or use of the premises, but specifically exclude liability arising out of the rendering of a professional service or the omission of such a service.
In addition to the professions in which actual physical or mental injury may be caused to clients, certain other professions are exposed to claims for malpractice.
Claims may be brought against lawyers, accountants, architects, and similar professional persons for errors or omissions in their professional capacity. Errors & Omissions insurance pays damages that might be awarded to a plaintiff alleging professional negligence.
Professional liability policies are made available to such risks, and these policies provide essentially the same protection as is afforded under the physicians, surgeons or dentists professional liability policy.
Minimum recommended small business insurance coverage: Business Personal Property, Employee Dishonesty, Accounts Receivable, Computers, Valuable Papers and Records, General Liability, Employee Benefits Liability, Professional Liability, Umbrella Liability, Hired and Non-owned Auto Liability & Workers Compensation.
Other commercial insurance policies to consider: Building, Business Income with Extra Expense, Earthquake, Equipment Breakdown, Flood, Computer Fraud, Forgery, Money and Securities, Special Floater, Cyber Liability, Employment-related Practices Liability, Business Auto Liability and Physical Damage and Stop Gap Liability.
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Also find West Virginia insurance agents & brokers and learn about West Virginia small business insurance requirements for general liability, business property, commercial auto & workers compensation including WV business insurance costs. Call us (304) 908-4800.