Running a Martial Arts Academy takes great responsibilities as you have under your care other people’s body. Misdescribe a movement or pay no attention to one of the many students you have at the wrong moment and things can spiral out of control. That’s unless you have insurance coverage to act as your guard during those dire moments.
Having a Martial Arts Academy Insurance means that all of your assets, including your studio and every equipment there is but most importantly your income, can and will be covered in case of a lawsuit. Martial Arts Academy Insurance is a bundle that includes Business Property Coverage to protect your owned studio and General Liability Insurance to protect you from any claim made by an angry parent.
There are many other coverages included in Martial Arts Insurance. Here are the ones that can help you the most:
General Liability Insurance
It’s your turtle stance, the first and most crucial defensive pose. It covers you of any potential lawsuit thrown at you due to any injury or property damage suffered by someone else while in your Martial Arts Academy. Let’s say a kid suffers an injury while practicing and their parents sue you. Your insurance company will provide an attorney to defend you. Some other forms of Liability included are:
Legal Liability to Participants it’s also added to protect you from any claim made by a student while in a tournament or even an exhibition.
Professional Liability in case a customer claims you didn’t teach a punch or kick or grapple hold adequately thus prompting the injury.
Personal and Advertising Injury is another nitch policy to have as it covers you for any advertising injury such as slander or copyright infringement, so if you named your Martial Arts Academy after your favorite karate movie and the company that owns that movie’s rights get word of it and decides to sue you for it, you have a cover.
Medical Payment Insurance
Another significant policy, after all almost everyone who practices a sport gets injured at some point in their career. Even more so when it comes to a Martial Art Academy, it covers medical bills of injuries suffered at your academy or dojo. The best part of it is that it applies no matter who is legally responsible for the accident. So it benefits both students and instructors and will surely be something that parents will be grateful.
Commercial Property Insurance
You probably have some equipment that you need to cover. From mats to punching bags, everything is valuable and should be insured. Commercial Property Insurance covers your equipment in case of:
If you are the owner of the building, it would be wise also to purchase a Commercial Building Insurance to protect your structure against any damage like the ones mentioned before.
Sexual Abuse or Molestation
Although this one is not required, it’s never bad to have it, especially if you have other instructors working for you.
It’s a law that every employee must have Workers Compensation insurance, and your instructors are not the exception. You never know the physical toll that an instructor may have endured before going to work to your academy, and it may just be that during one of his teachings he pops a bone or rips a muscle. Alternatively, maybe breaks a thumb or his hand — good thing he has Workers Compensation thanks to you.
Commercial Auto Insurance
Let’s say that you use your car to drive students to tournaments or to transport any equipment that you bring to your Martial Arts Academy. In case of an accident, while driving for business purposes, this policy will cover your vehicle, more so any equipment in it.
Business Income Coverage
It’s incredible how many insurance companies left this coverage out when making an insurance policy. In case you have to close your Martial Arts Academy temporarily due to some allegations made against you or because you have to remodel or rebuild some of it, this coverage will keep your payroll checked, your rent and any other reasonable expenses. It covers your income or profit loss during these covered events.
As you can see, there’s plenty of things you can cover with a Martial Arts Academy Insurance. Some may not apply to you, while you may have something else not listed here that you want to be covered. That’s what Small Business Liability loves the most, the customization of insurance coverage, so it fits perfectly with the needs of our clients.
You can get a quote with one of our professionals right now, and you can ask about any add-on policies for extra coverage depending on your needs, for example, if you hold tournaments or social activities in your Martial Arts Academy.
We love helping small business owners, and we know insurance can seem as challenging to understand, but trust us, insurance it’s bound. So if you have any question don’t hesitate to give us a call, and we will happily explain anything you need us to free of charge.