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Martial Arts Insurance Buying Tips

Rely on proven insurance carriers to handle your insurance needs

With the advent of the internet, there has been an explosion of companies trying to build business using fraudulent means. They are familiar with the mechanics of the web, take your money and that's the last you see or hear from them. If you attempt to file a claim, no one is there to help you. If you find an insurance company that has been in business, serving the Martial Arts community for more than 15 years, it’s a pretty safe bet that they are doing something right and can be trusted.

If you value the solid reputation of the Better Business Bureau, you can overcome any doubt about who you are doing business with. They are your watchdog and monitor complaints regarding any business entity that you should avoid when purchasing Martial Arts Insurance. Their certification simply means that their members are who they say they are, which helps you make the best decision.

Make sure your Martial Arts Insurance policy has participant liability coverage

Martial Arts school owners (particularly new school owners), often attempt to satisfy their landlord/property owner’s lease or rental agreement, using a general liability or their homeowners policy. It may seem to be the way to go because sometimes it is less expensive. It should actually be far less expensive because it’s like having no insurance at all! Rarely, if ever, does a general liability policy offer participant liability coverage. They typically address issues like “slip and fall” or similar types of occurrences. Participant liability simply means that you have coverage if any of your students are injured and/or decide to sue you because they were participating in training under your direction. These types of lawsuits are by far the most common form, martial arts school owners must face. General or homeowner’s liability policies rarely protect you in these situations (if at all). You need the particular coverage, enumerated by a Martial Arts Liability policy, designed specifically for Martial Arts studio owners.

Get only the insurance you really need

Nearly all landlords or property owners require Martial Arts School owners to have a liability insurance policy that has limits of $1,000,000.00 per occurrence and a $2,000,000.00 aggregate. Why would you want to pay more for more coverage, if its unnecessary? As long as your landlord is satisfied with your insurance policy (98% of them are) it’s foolish to carry more insurance. The additional cost translates into absolutely no benefit for you. There are many insurers that offer more coverage, but at a much higher cost! You should disregard them in your decision because they are trying to sell you something that you don’t need and rarely will they reduce coverage and costs to just simply satisfy your needs.

Try to negotiate liability insurance limits before you sign your lease

Martial Arts Liability Insurance costs are often overlooked by school owners opening their first schools. It’s tough enough having enough capital to buy all the equipment (mirrors, mats, heavy bags etc.) without having to face another expense (beside rent) before you can open your doors. Then, when the landlord (property owner) wants you to have a Liability Insurance policy with higher limits than normal, the additional cost really hurts. I have seen school owners sign a lease only to discover later that there is a provision in the lease that requires a substantial cost relating to insurance coverage mandates.

Always ask first!

Once informed of the cost of carrying excess limit coverage (an additional $1,000,000.00 for example), they will usually waive that burden. This won’t happen if you don’t ask them or investigate prior to signing the lease.

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