Do you run a dance studio that host classes for minors? If YES, here are 6 best insurance policies for dance studios to cover minors.
A good number of young children and minors in the United States have the dream of becoming accomplished dancers. Most of them intend to develop their skills by visiting a dance studio to acquire professional instruction. Therefore, if you own a dance studio or serve as an instructor, you play an important role in molding the future of your students.
However, owing to the nature of this job, you also encounter certain liability risks that could put your finances at risk. Therefore, liability insurance is necessary to help protect your assets when an accident or incident occurs. A good number of modern insurance carriers do not offer this type of coverage owing to the relatively high exposure it presents.
Note that your commercial space could be affected by fire, a storm, or by an act of vandalism; your students can get hurt in your studio, a parent could trip, fall, and suffer an injury while dropping off their ward at your studio, or an employee could suffer a work-related injury. If any of the above-mentioned incidents happen, you are tasked with paying the related expenses.
Have it in mind that the cost of medical bills, property damage, and legal fees especially when it involves minors, can be outrageous. And if you aren’t adequately insured, you’ll have to pay for these expenses out of your own pocket.
Therefore, purchasing the right dance studio insurance coverage can help you steer clear of serious financial issues because if something eventually goes wrong, instead of paying the needed expenses yourself, your carrier will take care of them for you.
Coupled with helping you steer clear of serious monetary losses, certain types of dance studio insurance are mandatory for dance school owners.
Best Dance Studio Insurance That Cover Minors
First, you have to understand there isn’t a single policy to cover all risks faced by these businesses, howbeit; dance instructors need multiple dance studio insurance policies. Whether you own a dance studio or are an individual dance instructor, purchasing the right coverage that protects your interests is imperative. They include;
Note that a BOP is a policy every dance instructor should have irrespective of the demographic they cater to. This policy brings together two of the most vital types of coverage: general liability and property coverage. A dance studio or dance instructor requires a general liability policy in case a non-employee sustains any injury in the studio.
The property coverage in a BOP sees to every repair or replaces damaged buildings or equipment. If a young student trips in the changing room, a BOP is expected to see to their medical bills. The policy would also pay for your legal fees if the student sued.
Accident Insurance & Medical Payments
Accident insurance and medical payments are most times kept out of dance studio insurance unless elected as an additional rider. However, for dance studios that attend to kids and minors, this coverage sees to the medical expenses of someone injured while performing a physical activity in a non negligent incident.
A good instance of a covered medical expense is when a young dancer coming down from a jump twists her ankle. Since the instructor didn’t offer incorrect advice, this event isn’t a professional liability claim, nor is it a slip-and-fall that would be catered for by general liability.
But when you do not have this medical payments coverage, the student may have to sue the studio if they can’t afford the health insurance deductible.
Workers’ Compensation Insurance
Most dance studios are known to employ a good number of instructors or support staff, such as receptionists or cleaners. In the United States, almost every state mandates business establishments that employ others to purchase workers’ compensation coverage in case employees are injured on the job.
This policy ensures medical costs and disability benefits are paid to injured workers. If any of your employees slips and falls, workers’ compensation insurance covers the resulting costs.
Professional Liability Policy
In this line of business, there is a huge probability that a dance instructor could be sued for offering unhealthy advice to clients. For instance, if an instructor asks a student to go on a diet that lands the student in the hospital, a professional liability policy will see to the associated claims.
As a dance instructor, note that fortifying yourself with a professional liability policy can help cover gaps if your student mentions you in a lawsuit and the general company policy cannot cover you. Notably, even if the coverage is broadened, your legal defense is better with your own policy.
Commercial Auto Insurance
If your business concept involves moving from one location to another to provide instruction or transport your students in company vehicles, it’s pertinent to purchase commercial auto insurance.
Have it in mind that this policy covers lawsuits if you cause an accident, and you can join coverage for damage that happens to your vehicle while driving for work. In addition, if your car has any advertisements on it for your dance studio, it is imperative to consult your insurance agent concerning any potential lawsuits that might spring up from an auto accident, even a non work-related one.
Note that people might decide to sue your business just because they see the business name and believe it has more money than an individual.
Commercial Property Insurance
If you own the property where you teach your lessons, then you definitely need commercial property insurance to cover your building and its contents, such as furnishings and equipment. When there is damage to building contents in the event of a fire, theft, or natural disaster, commercial property insurance caters to the insured value―less the deductible―to have the items replaced or repaired.
Have it in mind that a good number of people believe that their property is already insured in their general liability coverage—especially when they see “property damage liability.”
However, that is not true, as property damage liability only takes care of damage to other people’s property. Therefore, if you intend to protect your property like furnishings, furniture, and in the event of loss or damage, then purchase commercial property insurance.
Dance instructors and dance studio owners, especially those who cater to younger clients, will have to protect themselves against all possible sources of loss with comprehensive dance instructor insurance. The above-mentioned dance studio insurance policies are just a few examples of the type of coverage you should carry.