Martial Arts Insurance

Purchasing Martial Arts Insurance is not as simple as it might seem. The lowest cost martial arts insurance may not provide for all of your needs. It may not be enough to defend against a million dollar lawsuit. At the same time you don’t want more coverage than necessary. You have to find a balance between an insurance policy that covers your legal and accident costs, at the best price.

Before buying, you should assess your needs. Make sure that you look at your lease. Your landlord will require you to carry insurance coverage for a minimum amount, which should be stated in your lease.

It is very important that your policy contains participant liability coverage. This will cover you against lawsuit from one of your students who may have been injured while training on your floor. The majority of policies do not cover your students. Guess who sues martial arts school owners the most, Students? You need to have participant liability coverage. That means you could end up buying a liability policy that will do you no good. Not only are you wasting your money you are risking the life of your school. You are one uncovered lawsuit away from having to close your doors.

Your policy has to have some kind of medical accident coverage in order to be a policy that has participant liability coverage. The accident coverage is a nice feature. If one of your students hurts themselves while training and they do not have insurance they will have coverage under your policy.

You should consider Contents coverage for your school. This type of coverage will cover your personal property in your school. This will be personal items, equipment and inventory from fire or theft. A good Contents policy will also cover your plate glass windows.

If you have any employees you should consider workman’s compensation coverage. Many states make this coverage mandatory. You should check with your state on their requirements. Most states will consider anyone that you have helping you that you pay or give discounted or free training to as an employee. This is not a law that you want to break. There are stiff penalties.

Do your research. You cannot purchase a good Martial Arts insurance policy from just any agent. Most can sell you a liability policy but can’t offer participant liability coverage. Most likely your corner agent will not be able to help you. You can go to the internet to find a good policy. Once again you can’t get a good policy from any website. Just because someone has a good sounding web address doesn’t necessarily mean they have a good option for you.