Thursday, September 9, 2010
How to Choose the Best Low Cost Marital Arts Insurance
As you look at the options that you have in low cost martial arts insurance, many things will stand out. However, before you buy any policy, you need to know that the product offered is the best for you. That is why the following three aspects are critical to take into consideration before purchasing any insurance product.
#1: The Cost. For many martial arts studios, cost is a big factor in the affordability of any plan. Some businesses are just starting while others are struggling to stay ahead in a down economy. The cost is a factor. Find out what the insurance company charges for the policies they offer for your particular type of business. At the same time, ensure that the company's prices are in line with your budget needs.
#2: The Liability Coverage. Once you have an idea of what the cost is, the next step is to focus in on what is being provided. How much coverage does the company offer. What is the minimum required payment (for insurance companies that base this on per student sizing)? What types of martial arts have coverage by the plan? Not all programs provide protection from all types of martial arts. Learn as much as you can about how much coverage and the type of covered provided to you.
#3: The Ease of Use. One thing that many people do not take into consideration enough is the ease of using the company's policy. How do you make a claim? When do you make a claim? Who is covered and what circumstances are required for you to file such a claim? All of these factors play a role in if you should choose the company's insurance product.
It is true that cost is a factor. Finding low cost martial arts insurance is always an important part of keeping your business financially sound. However, it is just as important to know the company. Ensure the company has a strong reputation and has the financial backing it needs to provide you with the type of support necessary.
The more you know about the insurance company, the better of a decision you will make. Low cost martial arts insurance can provide you with the comprehensive care and financial protection you need. Realize the value of simply choosing the best product out there, which also offers a low cost to your martial arts studio.
Do You Need Martial Arts Insurance?
Most martial arts instructors and studios need insurance. This type of insurance provides protection from liability. In other words, should a student receive injury while under your instruction, you need an insurance plan to pay for his or her medical costs? Further, it becomes important to protect against any type of liability claim against you, such as a family filing a lawsuit. There is no reason to be without this type of liability protection and, therefore, it becomes very important for a school or martial arts studio to find the right policy for its needs.
Understanding Your Coverage
Once you purchase low cost martial arts insurance, you can rest assured that you are protected. This type of insurance provides protection in a number of ways:
• All youth have protection under the plan when they are participating in sponsored activities.
• All adult students have coverage while they are participating in sponsored activities.
• You staff members have protection as well, if they are the staff members of the policyholder, when they are participating in sponsored activities.
• Members also receive protection when the member is traveling, directly and without interruption to and from the activity that is sponsored by the policyholder.
• This type of coverage extends to the policyholder, when he or she is driving to the member's home, as well, but only in situations where the route it directly to or from the school or sponsored event.
When considering these factors, it is important to note that the policyholder’s instructors or employees are not covered. In situations like this, the employees have coverage by workers compensation insurance, which every martial arts studio also should have in place according to state laws in your area.
When each of these factors is taken into consideration, you may believe the cost of such insurance will be too high for you. This is not necessarily the case. There are well-respected and financially strong companies that offer low cost martial arts insurance. These products are likely just what you need to protect your business and to ensure that your students remain protected as well.
Simply, there is no reason not to have full protection for your martial arts studio when it comes to insurance protection. Low cost martial arts insurance is available from trusted companies such as Martial Arts Liability Insurance that can help you to get the coverage you need for your business while also helping you to secure the low cost you need to keep it within budget.
The different martial arts have always had a philosophical side to it as practitioners use their minds as well as their bodies. This creates a connection between teacher and student. This special bond is different from most business relationships and some teachers may make the mistake of forgoing certain standard business practices such as getting liability insurance. Unfortunately it only takes one injured student to put a school or teacher out of business, and lawsuits involving martial arts are on the rise. Today most schools and teachers understand they need coverage but they also want an affordable martial arts insurance plan that is right for them and their students.
The first step in finding an affordable martial arts insurance plan is taking an accurate risk assessment of your school or curriculum. There is a great range of physical activity in the various martial arts. Some disciplines, such as Tai Chi, are individual practices often used to increase flexibility while also reducing stress. Other disciplines like judo or karate are more physical and may be used for self defense or combat. The more physical demanding disciplines have a greater potential for injury and so will require more insurance coverage. However, it is possible to find affordable martial arts insurance for even the most challenging and strenuous disciplines.
Another important aspect of the risk assessment is if the school or students participate in competitive events or demonstrations. If so, the school will need liability insurance that covers the teachers, staff, and students whenever they participate in a school sponsored event. This coverage will also including any traveling time to and from events. While this type of plan sounds like it could get expensive it is possible to find an affordable martial arts insurance plan that provides a good level of coverage.
A martial arts school or teaching practice is a special type of business, even though it shares many of the responsibilities and goals of other businesses that are unique aspects. This is why it is important to work with an insurer who has experience in providing liability insurance to martial arts schools and teachers. These insurers will understand the different levels of risk and can ensure that the policy provides good coverage. They can also work with you to put together an affordable martial arts insurance policy that is right for everyone.
The ancient practice of martial arts continues to grow in popularity. People are enrolling in professional martial arts schools all over the world. Aspiring students have a variety of disciplines to choose from, including Judo, Aikido, and Kung-Fu. People interested in stress reduction and agility may study Tai Chi while those seeking an intense workout might select Cardio Kickboxing or Mixed Martial Arts. Training in the martial arts is also a great way for a person to acquire self defense skills.
The demand for excellent martial arts training has led to the opening of schools and studios. One question many owners and teachers of martial arts ask is why much martial arts insurance is needed to open a school.
Acquiring martial arts insurance for a school or studio is similar in many ways to obtaining insurance for any type of business. You need the right amount of coverage, and the proper they of coverage, to protect your business, your staff, and your students. Some insurance decisions are made based on the type of martial arts school you intend to open.
One choice is to open and operate a school in its own location, such as in a shopping center, strip mall, or stand alone building. In this case you will need to insure your facility and equipment from events such as fire, flooding and theft as well as any natural hazards for your climate like hurricanes, earthquakes, or tornados. This coverage is important whether you own or rent your location and is in addition to martial arts insurance, which provides coverage for liability.
Some martial arts teachers choose to meet with students in their home or at the student’s residence, or to hold classes in other places such as community centers or gyms. In these situations you will need martial arts insurance that covers you in all the locations that you will work.
The most important type of martial arts insurance that you will need for your school is insurance that covers your liability in the case of accident or injury. All martial arts disciplines are physical activities and there is always the possibility of someone getting hurt. Today lawsuits are commonplace and many people who are injured, will sue for damages, even if they were at fault. One lawsuit could wipe out a school without adequate martial arts insurance.
While most insurers can write a good policy to cover your building or equipment, they may not have the expertise to put together a policy that will cover all the needs of a martial arts school. When acquiring martial arts insurance you should work with an agent or company that has experience in covering martial arts schools and businesses. Many schools participate in off-site competitions and other events and it is important that your martial arts insurance covers all school sponsored activities.
An experienced insurer will conduct a risk assessment of your school and help you find the level of martial arts insurance that will protect your students and your business.