CONTENTS
Property Insurance Coverage (Business Pack)
A word from our Martial Arts Insurance Broker If you have just leased a building for the next chapter in your martial arts journey, you can cover the contents for theft, water, fire damage of your facility for example.
This type of cover is related to as a Business Pack Insurance covering such elements as Property, Contents, Burglary, Glass Breakage, Burglary, Money on site / in transit, Machinery Breakdown, Business Interruption etc. When you put together one of these packages your broker will explain how each element works and you can decide whether they need to be included or not.
Lost income if a storm or fire closes you, including temporary premises and wages.
Replacement of accidentally broken glass, inside and out.
Loss of insured stock or equipment from your premises.
Mats, machines, computers and screens damaged by storms or stolen.
Cash stolen on or off site, in transit or held at a private residence.
The building itself. Tenants usually don't need it as the owner holds it.
A Hard Market
The insurance sector has been hit with multiple claims over the past few years from natural disasters and with the ever changing and unpredictability of unforseen events. This has forced some insurers out of the sector altogether, with many making the choice to change to wordings, limits and excesses to minimise their exposures and costs. The result is what they call in the insurance industry, as a 'hard market' making premiums go up and the insurers are selective of what business they will write. With less insurers in a certain sector premiums, tend to go up because of less competition.
Reducing Your Premium
To reduce premiums, Martial Arts Instructors can just cover the mats, some equipment, security system and a computer, but can also take out full cover that includes contents, property, glass breakage and business interruption if that solution fits their needs.
To keep premiums down.
- Mats
- Some equipment
- Security system
- A computer
If that solution fits your needs.
- Contents
- Property
- Glass breakage
- Business interruption
Business Interruption
If you have a fire or you get water damage from a storm, your Business Stops. You are then challenged with how to clean up the mess and get operating again. The longer you are not operating the bigger the cost and slower the recovery. This interruption to your martial arts business, means students will not pay if they can't train and you of course don't get paid.
There is insurance to cover the whole process including clean up costs, renting a temporary venue etc which comes under 'Business Interruption' and you can discuss your needs personally with a broker.
Water damage or fire stops your business overnight.
If they can't train, you don't get paid, and every day closed costs more.
Cover for clean-up costs, a temporary venue and more. Discuss it with a broker.
Why Contents Prices Vary
Price gap between insurers
For the same limits and inclusions.
Same cover, different price
Example spread across insurers.
Research period
Research by MAAIS.
How to Get the Best Price
A broker who searches for the best rate at every renewal.
Ask your broker for a multi-policy discount.
Extra security and fire protection can lower the premium.
A building survey can support a premium discount.
Choose the elements most likely to hurt you. Skip "Money" if you mostly use direct debit.
Ask your broker how to cut operational risk.
If Storm Damage Hits Your Facility
Inform your broker first
Photograph the damage
Make the facility safe, but don't clean up until the insurer says so
Keep unauthorised people out
List damaged equipment with purchase invoices
Get quotes to replace equipment and repair the gym
Gather wages and turnover figures if you hold business interruption
Tell members you are closed, with a sign
FAQ
Quick Answers
Can I just get glass cover?
Yes, but only one or two insurers offer it. If you take any contents cover, add at least fire, water and storm.
Is business interruption part of a business pack?
Yes, as an optional element. It is often underestimated, especially after storm damage when the gym has to shut and no member fees come in.
Is water damage the same as flood?
No. A river or stream overflowing its banks is flood, and flood cover is very limited. Water through the roof or from broken pipes is water damage.
Are theft and burglary the same?
No. Theft is someone given access who then steals. Burglary involves forced entry. You need to specify it as an option in your business pack.