Why Buy Martial Arts Insurance
For most people it is evident why we need to buy martial arts insurance. A lot of people / club owners make critical mistakes when obtaining insurance for their business because they didn't take the time to research it properly.
If you are going to spend money on insurance wouldn't you like it to actually cover the risks and pay out in the unlikely event you need to make a claim. You will be suprised how many martial arts instructors don't even know what they are covered for nor when their policy runs out.
Runnng a professional business means you need to be insured not just for yourself but for everything associated with it including your clients (martial arts students).
Since I have touched on the subject lets dig deeper and highlight the critical mistakes many martial arts instructors / club owners make in relation to insurance.
What I have learnt is never assume we it comes to insurance, MAKE SURE! Have you filled out the paperwork correctly, bought the correct policy, got the right starting date and paid the right amount.
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Critical Mistake #1: Not Buying All the Policies You Need
The first level of cover is only excessible by proving neglegence by the club but a player accident / income protection can be accessed by filling in a form and preventing a bigger liability claim. Contents insurance is only part of the picture as many people underestimated the real cost of their business being interrupted and this can be covered.
Expalin to your broker exactly what your business does in case some areas are not covered under your policy.
Critical Mistake #2: Making Flimsy Excuses
Excuse #1: We’ve never had a serious injury or lawsuit in our clu as we’re extremely safety conscious.
Excuse #2: Our club is protected because we get everyone to sign waiver/release forms.
Excuse #3: Our club doesn’t need to buy a policy because each member is covered through their own insurance.
Excuse #4: The building is covered by the landlord and I think it covers me too.
You get the idea, people just don't think about the real risks. A good broker takes care of it all, explaining what you really need and what you may not need to create a more cost effective policy.
Critical Mistake #2: Forgetting To Pay
On rare occassions, some Insurer's will issue a 'Certificate of Currency' in good faith before payment has been made. Some people take advantage of these situatons and draw out the payment leaving them potentially uninsured if a claim were to arise. Forgetting to renew a policy then starting it again some months down the track leaves a gap in the cover over the years and in some cases a claim may arise from that period and there will be no cover. A claim can be made up to seven years after an incident, yes that is a long time so make sure you keep appropriate records.
Critical Mistake #4: Not Understanding how to Save Money on Insurance
You always want to get the best deal when buying martial arts insurance but, how do you know if your insurance broker is charging you too much. Martial Arts / Sports insurance is a highly specialised field so you need an expert with the buying power to negotiate the best prices. Your broker may not be one of the lucky few with access to the main players.
Critical Mistake #5: When Saving Money on a Policy
Buying a policy that doesn't cover the risk is simply a waste of money but many people do and they only find out when they need to make a claim. A classic example buying a policy that doesn't cover sparring (participation) and you spar in your club. It is more likely that someone partnering with another person for training is going to get injured rather than a person exercising on their own.
Money-saving Tip 1:
Tap into group purchasing power with other schools or associations to reduce your premum. The average club will never have the clout to negotiate a special deal it takes number and expertise. The biggest group player, Martial Arts Australia is also a licensed Authorised Representative in a large finacial services group. This means you only have to make one phone call and all the work is done, best prices / best policy wording.
Money-saving Tip 2:
You can lower the premum by raising the deductible on your policy. The deductible is the amount that you pay before insurance kicks in when you make a claim which could be either $1000 or up to $5000.
Money-savings Tip #3: Bundle your policies as many insurance companies offer built-in discounts for clubs that purchase both Accident and or Public Liability and or Property / Contents etc.
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- Martial Arts Insurance Overview
- Martial Arts Club Insurance
- Contents Insurance
- Why Buy Insurance
- What to Ask Your Insurance Broker
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Martial Arts Australia - International Martial Arts Alliance - Martial Arts Insurance
Corporate Office: Level 1 / 390 St Kilda Road Melbourne, Victoria, Australia Production Studio: Unit 6 / 12 Henderson Road Knoxfiled Victoria, Australia Postal Address: PO Box 1170 Box Hill 3128 Victoria, Australia Phone: 03 8601 1124