There is an element of risk in every enterprise, no matter how carefully we plan. After we obtain premises, hire staff, advertise, and find martial art customers we can start to trade and make a profit. However, things can still go wrong at any stage. A robber could break into our premises and steal equipment or an employee could have a work accident on duty. A client could also get hurt during martial arts training. Medical and legal costs can ‘break the bank’. Martial art insurance is not a nice-to-have. It’s a necessity.
Why Every Studio Needs Martial Art Insurance
The martial arts are contact sports. Remember, they originated as training for Minoan, Chinese, and Indian soldiers at least 5,000 years ago. Although the movements are more formal, accidents do still happen. Every studio teaching karate, judo, kickboxing, wrestling and other forms of unarmed self-defense needs martial art insurance because the sport is inherently dangerous.
Trainee students and other newbies are particularly at risk of delivering badly timed blows or being unable to defend adequately if someone slips. Typical insurable events in martial art insurance claims include emergency hospital admissions, physical examinations, x-rays, medical treatments, broken bones, surgery, and orthodontic care. These risks make martial arts training cover unavoidable. As a studio owner, you could be liable for these costs.
What a Comprehensive Martial Art Insurance Policy Should Include
Many employees and martial arts enthusiasts are unable to afford private medical benefits. Hence, business martial art insurance for clients must cover injury and death on the premises. $100,000 per incident with a $500,000 annual aggregate would be the minimum for loss of life, faculties, and limbs. This should also be sufficient for medical treatment, and temporary or permanent disablement. Staff members (not the owner) could be included at no extra charge.
A number of optional, billable extensions should work out cheaper when packaged with the main martial art insurance policy. Some possibilities to consider include contractors and spectators on the premises during seminars and tournaments, loss/damage of training equipment, abuse/molestation allegations, general and accident liability, and of course, aggregating the quantum of martial art insurance for exceptional events.
How to Choose the Right Insurance Policy for Martial Arts Cover
It is best to always shop around or visit comparison sites before deciding among insurance options. Inevitably, we are flooded with choices but the price should not be the only discriminator.
– Do your market research first. Understand the industry, and decide the range of cover you require.
– Always read the small print to the end. Yup, it’s boring but you never know what’s there until you look.
– Find out what the value of the cover is per incident, and the annual allowable total payout.
– What activities are included in the martial art insurance proposal, and how much are the excesses.
– Under what circumstances would claims be refused: What must you do to avoid this happening.
– Finally, who is included, and who is excluded from the benefits you would enjoy if you bought the policy.
Advantages, Services, and Advice of a Reputable Provider
If you buy your martial art insurance from a comparison site or direct, who do you think is going to help you lodge a successful claim. Consider using the services of a specialist provider who knows the ropes and how to claim. You are in business to teach martial arts, but you may never come even close to becoming an expert in martial art insurance.