If you are operating a martial arts program or school, you provide essential skills to students — they need them to defend themselves. However, martial arts is a very physical program with high chances of injury or damage. This means that things could easily go wrong for you. For that reason, you need martial arts insurance that protects you from possible claims.
This guide discusses everything you need to know about martial arts business insurance, giving you reasons you should get it. It also discusses what it covers and some of the best insurance companies offering it.
Martial Arts Liability Insurance
Whether kung fu, karate, or jiu-jitsu, martial arts program is vital in teaching self-defense to both children and adults. It is also an excellent way to stay fit and boost self-confidence. However, the risk associated with this practice is high, and you need to get martial arts liability insurance.
Generally, martial arts is a fast-paced sport that even the slightest of errors could cause serious injury. Furthermore, there are many risks outside the martial arts classroom. For instance, your equipment could be damaged or stolen, causing serious financial losses. For that reason, you need martial arts insurance that protects you against such cases. A comprehensive insurance cover protects both participants and instructors against possible damage.
Public Liability Insurance for Martial Arts Business
Whether you just started practicing martial arts or are an experienced martial arts instructor, there is so much at risk. You could accidentally injure a person or cause damage to their property. This is why you need martial arts insurance cover. With this insurance, you can focus on your practice without worrying about possible claims.
What It Covers
Public liability insurance for martial arts businesses covers a wide range of claims. Here are some of the areas it covers;
Injuries
When instructing your martial arts class, you accidentally kick a student who sustains injuries. The student might file a claim against you, especially if the injuries are severe. Public liability insurance for martial arts will protect you against such claims. Similarly, when you leave your kit bag on the classroom floor, someone trips on it and breaks their ankle, you face a lawsuit that could lead to losses.
Equipment Repairs and Replacements
Generally, equipment used in martial arts is very expensive. Your martial arts business could suffer a serious blow if the valuable equipment were stolen or damaged. Without insurance cover, you will have to use money out of your pocket to repair the damage. Thankfully, with martial arts insurance, your equipment is covered for and will be replaced or repaired in case of damage. This will help you get back on your feet in no time. Whether it is clothing or training aids, this insurance policy covers it. This policy is so important that some landlords ask for it before letting you rent their commercial building. You should purchase martial arts insurance that also protects against damages to the rental building. This will go a long way in preventing financial losses.
Martial Arts Insurance Cost
The average cost of martial arts insurance is $400 per month. However, some martial arts schools spend up to $5500 per year. This means that the cost of martial arts insurance varies from one martial arts business to another. Several factors determine the cost of this insurance policy. For instance, the size of your martial arts business determines how much you will spend on the policy.
Established martial arts programs and schools can spend up to $1000 per month. Furthermore, your business’s geographic location will affect the amount you pay monthly in insurance. Other factors like the claims history and risks your martial arts business faces could also affect the total cost.
Best Martial Arts Insurance Companies
Having known the importance of martial arts insurance, you decide to purchase it. However, you are not sure which insurance company you should choose and the factors you should consider. To help you, this section discusses the best martial arts insurance companies and what they offer.
1. Coverwallet Martial Arts Insurance
Coverwallet Insurance Company has been in operations for many years. The company offers comprehensive insurance cover to a wide range of businesses, including martial arts. With this insurance company, you will enjoy tailored insurance cover that protects your business against many claims.
Coverwallet Policy Details
Coverwallet offers both general and professional liability insurance for martial arts. The policy protects against a wide range of claims, including injuries and property damage. It also covers when martial arts equipment sustains damage and needs repair.
Pros
- Fast claim responsiveness
- Affordable
- Easily accessible claims line
Cons
- Not available in some countries
Average cost: $450
Best for: Online martial arts insurance quotes comparison
2. Thimble Martial Arts Insurance
Thimble Insurance Company is known for its comprehensive insurance cover. Thimble Insurance has high membership thanks to its steadfastness and integrity, with operations spread to several countries.
Thimble Policy Details
Thimble offers different types of insurance cover for the martial arts business. Apart from general liability insurance, this company offers tailored professional liability insurance for martial arts businesses. This protects you against a wide range of claims and possible lawsuits.
Pros
- Affordable
- Flexible monthly payment options
- Comprehensive insurance cover
Cons
- Claim responsiveness could be slow
Average cost: $435
Best for: Cheap on-demand martial arts insurance.
Karate Insurance
Regardless of age or gender, self-defense is the main reason many people do karate. Having the ability to defend yourself is empowering, and karate is the best self-defense tool at hand. If you are a karate instructor, you know the risks associated with this sport. Things can easily get out of hand, putting your karate business at risk. This is why you need karate liability insurance that protects you from possible claims.
Karate instructor insurance covers you against several lawsuits. For instance, when you accidentally injure your trainee during a karate session, they might file a claim against you. This could result in financial losses if you don’t have karate school insurance. Therefore, you should purchase this insurance policy for better protection.
