Martial arts is a broad term that covers any type of combat technique, including Judo, Tae Kwan Do, Kung Fu, Akido, Karate, and more. If you own and operate a martial arts studio, you most likely offer these classes or others to your students. Martial arts studios teach children, teens and adults various types of martial arts and while this may be a passion of yours, it also comes with risks. Due to the physical nature of martial arts, your students and teachers are at a high risk of physical injury. Other risks your studio should be aware of include property damage, unforeseen events like theft, vandalism, and dishonest employee practices, and certain liabilities. Martial arts studio insurance can provide you protection for these risks and more which will help give you peace of mind that you’re properly covered.
Types of Martial Arts Studio Insurance
Martial arts studios have access to a variety of insurance policies that will offer coverage and protection from unforeseen events. When choosing which types of insurance will be right for you, consider all of your proposed risks, not just the ones you feel are more likely to occur.
General liability insurance is essential in order to protect your martial arts studio from legal claims, property damage, and bodily injury. It is the most basic insurance policy, and one of the most recommended for martial arts studios. With general liability, you will have coverage in the event of bodily injury caused to your students or instructors, property damage liability for the studio itself, and liability coverage in the case of a legal claim such as negligence that may have led to the injury of a student.
Martial Arts Studio Errors and Omissions Insurance
As you may already know, errors and omissions insurance is professional liability insurance that will offer your martial arts studio protection against claims from your clients in regards to you being responsible for a financial loss. For example, if you have been teaching a client’s child the art of Karate and they become injured during class, you may need errors and omissions to protect you against legal claims. While the general liability policy offers some protection against bodily injury claims, the client can also state that the repercussions of their child’s injury led to financial struggle on their part and can sue you for damages.
Martial Arts Studio Business Property Insurance
Having business property insurance is important for any type of business, including martial arts studios. Keep in mind, you are conducting your business from a dwelling that is at risk for a number of unforeseen events like fire, flood, extreme weather conditions, and natural disasters. These types of events can cause irreparable damage that may cost thousands of dollars to repair, and while they are being repaired you are losing business income. Say for example, you are running a successful martial arts studio with full classes each week; if there is an earthquake that causes damage to your studio, you will then have to cover repairs and stop all of your busy classes for weeks or longer. Business property insurance will offer coverage to the damage being done to your building, so you are not paying out-of-pocket for these repairs.
Every day martial arts studios are at risk for dozens of things ranging from property damage to legal claims and bodily injury. Protect your studio from these occurrences by obtaining the right kind of business insurance. Martial arts studio insurance ensures that you’re fully protected against the many events that could potentially cause your business to suffer.