As is the case with most insurance policies, the premiums charged for tutor insurance policies are based on several factors and often vary. In most cases, however, these policies tend to be highly affordable and cost less than tutors generally realize. If you need a policy that offers insurance for tutors, here are some strategies you can use to keep the premiums manageable.
Start by realizing that tutor insurance premiums are generally highly affordable. If you’re concerned about extraordinary high payments, your fears will likely be assuaged as soon as you see a quote for this type of policy. Broadly speaking, they’re among the more affordable types of commercial insurance.
Insurance companies are able to keep premiums relatively low because the overall risk exposure that tutors represent is minimal. Tutors certainly do face some risks and sometimes file insurance claims, but they normally don’t have lots of employees, handle harmful or dangerous items, or serve thousands of customers (all of which can lead to higher risk exposure).
As far as your particular tutor policy goes, carefully selecting only the coverages you need will keep premiums as affordable as possible. Considering which protections you need, as well as what limits and deductibles you’d like, you can make sure you’re paying only for important protections.
When selecting coverages, seek out the assistance of an insurance agent who specializes in insurance for tutors. A specialized agent will have helped other tutors, and they’ll be able to make informed recommendations based on your unique situation. In many cases, an agent will think of potential issues that a tutor doesn’t realize they’re exposed to.
If you only tutor during certain times of the year, you might be able to reduce your annual insurance costs by adjusting coverage based on when you’re tutoring. Policies are often written to be year-long, so this strategy may requiring canceling coverage when you’re done tutoring for the season and purchasing a new policy when work begins again. With an agent’s help, however, canceling and purchasing policies is easy.
For example, you might be able to cancel coverage during the summer months if you only tutor during the school year. At the end of the year after tutoring is over, you could potentially cancel coverage and not have to pay premiums for a little while. Then, you could re-purchase coverage just before the next school year starts. Just make sure you cancel after your last tutoring session of the year and purchase right before the first session of the new year so that you’re always covered when providing services.
In this example, actively managing your coverage might result in a two-month savings on your insurance premiums. That’d essentially be like getting a 16.67 percent discount on your insurance.
Finally, insurance premiums that are used for business purposes -- such as tutoring -- are typically tax deductible. While you should consult a tax professional prior to making any changes to your return, you can probably write off the cost of insurance against your tutoring profits. This won’t reduce how much is spent on insurance for tutors, but it will likely reduce your overall tax burden.
To find tutor insurance that’ll protect you and fit within your budget, contact the independent insurance agents at World Insurance Associates. Our agents have the expertise necessary to help you determine what coverages make sense for your situation, and they can show you policies that provide those coverages from several insurers so you can select the most affordable one.