J- Thanks for the post! I've been in contact with our insurance broker about this question and, although he cannot post on our site at this time, here is his response:
"It is always best to select an insurance agent prior to starting a business. I would contact the agent no later than one month prior to opening your business and the sooner the better. An insurance agent is as important as an attorney, CPA, Financial Advisor or Real Estate Broker. You want someone you can trust to insure you properly. An independent insurance agent can find you the appropriate policy at a good price since they can access quotes from multiple insurance companies. Have them tell you the pros and cons of each policy and let the agent make the recommendation. Something to note is that is that unfortunately there are insurance agents out there who have not had their licenses very long and do not possess the insurance knowledge to help you make the best choice for your policy. It is always best to go with your gut and use someone you feel confident about. This could be someone who a friend or business contact referred- even then, however, do your homework and learn about the person you are putting your trust in and that they have been in the industry a while.
Insuring a business [such as a yoga studio] is a little different than insuring your home or vehicles where you can obtain instant quotes with some companies. Chances are it will take a good agent 5-7 business days to come up with options and make a recommendation for a business policy as the agent has to negotiate with insurance companies on your behalf and make sure they communicate your needs to the insurance company. There are many types of policies you can consider insuring a business which include: General Liability, Property, Business Income, Commercial Auto, Errors and Omissions, Worker's Compensation, Directors and Officers, Crime, and, if necessary, Surety Bonds. Make sure your agent understands your business and recommends policies that suit your needs. Once you have your policy or policies, make sure to communicate any changes going on with your business so the agent can make sure you are covered for those changes, and if necessary, can find a solution to seeing that you are properly protected. Best of luck!"
I hope this gets you started in the right direction. Let us know if you have any other questions.