Philadelphia Insurance Companies (PHLY) is the marketing name for all subsidiary insurance businesses owned by the Philadelphia Consolidate Holding Corporation. PHLY is a member of Tokio Marine Holdings, Inc., a multinational insurance holding company based in Tokyo, Japan.
The company was founded in 1962 by James J. Maguire, Sr. and was originally known as the Maguire Insurance Agency. In its beginnings, the Maguire Insurance Agency specialized in automobile insurance products. In 1969, the agency initiated its first national program with Chevrolet dealers. It expanded from one to 15 offices shortly thereafter. After changing its name to PHLY in 1987, the company began offering liability insurance to social service agencies, as well as health and fitness organizations. In 2008, Founder Maguire began the process of merging PHLY with the Tokio Marine Group.
Today, PHLY offers personal, commercial property/ casualty, and professional lines of insurance to various niche markets, including the health, fitness and wellness industry. Although headquartered in Bala Cynwyd, PA, the corporation currently maintains 46 offices around the United States. Fitness and Wellness Insurance Program PHLY's health and wellness division includes programs like Fitness and Wellness Insurance (FWI), Yoga Journal Insurance and IDEA Health & Fitness Association.
While Yoga Journal offers insurance exclusively to yoga instructors, FWI offers professional liability insurance to personal and group fitness trainers, Pilates instructors, dance teachers, martial arts teachers, and other fitness professionals. FWI's Pilates insurance program includes professional and general liability insurance, $1,000,000 per occurrence and $3,000,000 aggregate; sexual abuse liability, $100,000 per occurrence and $300,000 aggregate; product liability insurance, $1,000,000 aggregate; $2,500 medical payment coverage; and $100,000 damage to premises coverage. Higher limits are available upon request.
In order to purchase FWI insurance, individuals are required to become members of the IDEA Health & Fitness Association. Because of this, the program costs $294 per year. For one low flat fee, fitness and wellness professionals may purchase an Insurance Plus policy and receive the same comprehensive coverage at a lower cost. These individuals will also receive access to all of our Plus benefits, including a complimentary business website, exclusive member discounts, stolen equipment coverage, and more!
NACAMS Insurance Plus
The National Association of Complementary and Alternative Medicines (NACAMS) is a national association that serves health, wellness, and beauty professionals by offering comprehensive liability insurance and practice support. NACAMS does not claim to certify or register yoga teachers or schools. Instead, we offer the industry preferred and more affordable yoga teacher insurance as well as other health and wellness disciplines at no additional cost.
Occurrence Form Policy
Stolen Equipment Coverage: $1,000 (*$250 deductible)
Identity Protection Coverage: $25,000
Instant Coverage: As soon as you apply, you're covered!
Free Website: To promote your classes
Student Coverage: $25 for the first year
ONE FLAT RATE
Yoga Full-Time Professional Policy
$179/per year
$279.95/Two years (Save $30)
Philadelphia (PHLY)
Occurrence Form Policy
Stolen Equipment Coverage: None
Identity Protection Coverage: None
Instant Coverage: Policy takes 24 hours to go into effect
Free Website: No website available
Student Coverage: No student policy available
EXTRA FEES
Yoga Full-Time Professional Policy
Risk Purchasing Fee: $50
Policy Premium: $135
$185/per year
NOTE: The information in this comparison has been gathered from the websites of each organization and other third-party sources. No guarantee or assurance is made by NACAMS as to the accuracy or completeness of this information. This information was confirmed on 2/14/18.
Our dedication to the industry stems from our long-standing view that these professionals are true leaders in health and wellness. We developed a fully comprehensive liability insurance program, tailored specifically to their needs, in order to serve the larger wellness industry and its vital role in human health.
NACAMS is also a proud supporter of the Massage Therapy Foundation–a non-profit organization dedicated to fostering the advancement of professional massage therapists and the massage industry; the Yoga Health Foundation–founders of National Yoga Month September and proponents of yoga for health and wellness worldwide; and Trees for the Future–a non-profit supporting sustainable, eco-friendly practices in communities around the globe.
While providing the best value to the practicing health, wellness, and beauty professional, NACAMS’ affordable liability insurance package is also the most comprehensive in the industry.
This is why NACAMS includes product coverage, rental damage insurance, and stolen equipment insurance with our general and professional liability coverage. These cover any claims made against products you recommend to your students, damage to rental equipment, and theft of your business equipment.
Comprehensive yoga liability insurance covers you in all the ways a yoga teacher (or teacher trainee) could possibly need to be covered.
NACAMS vs. Philadelphia Insurance
Unlike Philadelphia Insurance, NACAMS offers yoga instructors all-inclusive liability insurance as low as $179 a year. In addition, Philadelphia Insurance does not offer their policy holders with benefits such as stolen equipment coverage, identity protection, and a free professional website - NACAMS on the other hand offers each one of those benefits.
Having stolen equipment coverage is something that every yoga instructor should consider, especially if you invest a lot of money in yoga mats and blocks for your clients. If something that you use for your business is stolen from you, beYogi will reimburse you for those lost or stolen items. When you become insured through NACAMS, you will have up to $1,000 in stolen equipment coverage, giving you the peace of mind you need.
Along with the stolen equipment coverage that NACAMS offers, you will also receive identity protection coverage and a free professional website. When you purchase a policy through Philadelphia Insurance, you will not receive either of those benefits, which could potentially put your identity and brand at risk.