Owner’s Guide to Martial Arts Insurance
Martial arts insurance
The owner’s guide
What is Martial Arts Insurance?
Martial arts insurance coverage refers to any insurance policy that you would obtain related to practicing martial arts. This covers several different areas, including bodily injury, property damage, and liability protection. Insurance for martial arts schools should be one of the first things at the top of your list when it comes to opening up your own martial arts studio.
The Importance of Martial Arts Insurance
Martial arts insurance may be one of the biggest overlooked things for any aspiring martial arts business owner, especially when it comes to calculating business expenses .
Due to the highly physical practice of martial arts, insurance is a key part of any successful martial arts studio business plan. While there are many risk factors that can really hinder the success of your school, making a thoughtful, well-informed choice for your insurance needs can help protect you in the future.
There are many different factors to consider that are unique to the martial arts industry. To help, we’re breaking down some points of consideration, to help keep your martial arts insurance plan working for you and your martial arts school.
What Type of Insurance Do You Need?
Different businesses have distinctive insurance needs and martial arts businesses are no exception. A Tai-Chi school won’t have the same martial arts insurance needs as an Olympic-style Taekwondo school and a school in one part of the country may need a different plan than one in another. Your starting point should be looking at the various claims your martial arts school can be held liable for. Because of the differences from state to state, please check with your local insurance companies, to see the options available to you.
What Coverage Do I Need?
Listed below are the types of coverage you should invest in.
Personal, Injury Liability Claims and Coverage
This category of martial arts liability insurance coverage is one of the most important ones, due to the physicality of martial arts schools. Some of the coverage you’ll want to consider should include personal injury coverage, professional liability coverage, advertising injury coverage, and workers compensation insurance.
Personal injury coverage can be helpful for if there is a serious injury that occurs on-site at your martial arts school.
Professional liability insurance for martial arts schools can protect owners and instructors from claims related to the instruction they do or do not provide. Advertising injury coverage is surprisingly necessary these days, as it protects the school from claims related to your use of personal information and/or trademarks in your marketing and social media content.
Most states have mandatory laws on workers compensation coverage, protecting workers if they get injured on the job. Finally, general liability insurance coverage also protects you from a number of claims, including lawsuits, and is highly recommended.
Property and Equipment Type Claims and Coverage
These coverage types protect you from claims ranging from premise liability, products and completed operations coverage, hired and non-owned auto coverage, property insurance, and coverage for loss of income.
Premise liability can be an issue if someone—including a non-student—gets hurt on your property, such as a slip and fall in your parking lot. Products and completed operations covers any claims related to anything you sell in your pro-shop. Coverage for loss of income is an important one, as it will help pay the bills in the event that you cannot hold classes.
Finally, property insurance coverage is one every business needs. You never know what can happen and things can quickly become too expensive for a small martial arts school to pay for out of pocket.
Getting the Right Insurance For Your Martial Arts Business
Finally, reading the fine print with insurance brokers is a must. You don’t want to think you’re covered, only to find out that a loophole is preventing you from receiving money from a claim.
Having a lawyer look over contracts before signing them can be very helpful, avoiding headaches down the road. With that said, not every gym may be able to afford a lawyer and, in this case, taking your time to read each clause and doing your due diligence is necessary.
What Considerations Are Necessary When Insuring My Martial Arts Business?
Many of these coverage types are for the peace of mind of the owner. While the owner may know how to best avoid some of these situations, it’s hard to predict what your staff members will do. With Xplor Recreation, you can centralize and organize your martial arts school's documents from anywhere. Take advantage of Xplor Recreation's easy-to-use cloud-based software to create, save, print, upload, and manage documents for your organization securely in the cloud.