Purchasing Martial Arts Insurance is not as simple as it may seem. The cheapest Martial Arts insurance coverage may not offer the necessary level of protection for your business. You also don't want a policy which provides too much coverage. You must find a balance between an insurance policy that provides the proper legal and financial protection, at the best cost.
You should assess your Martial Arts Insurance requirements, prior to making a purchase. Your landlord will outline the amount of coverage required, in the lease agreement.
It is absolutely critical that your policy includes Participant Liability Coverage provisions. This will protect you from lawsuits, arising from students who may have been injured, while training in your facility. The vast majority of policies do not cover your students. Without participant liability coverage, any insurance policy that you get WILL NOT guard your business in these circumstances. Not only are you wasting your money, but you are risking the future of your institution. You are only 1 nasty lawsuit away from the collapse of your business.
Your policy should have some form of healthcare and accident coverage to qualify for Participant Liability coverage. If 1 of your students suffers an injury while training and they are uninsured, they will be covered by your policy.
You should also consider including Contents coverage for your school. This type of insurance will cover your business/personal property, located in your school. Your personal items, gear and inventory, and other items will be protected from fire or theft, if you have Contents coverage. A fantastic Contents policy will also cover your plate glass windows.
If you have any employees, you should also consider Workman's Compensation Coverage. This form of coverage is mandatory in many states. Most states consider any paid assistants, as well as those who receive discounted or totally free instruction, as employees. There are stiff penalties for breaking this law.
Make sure that you obtain your policy from a trusted source. Many brokers/agents will sell you a policy without Participant Liability Coverage.