most martial arts instructors understand the need for insurance. Very few businesses will encounter the same kind of intentional physical contact that occurs in the dojo. Most instructors also realize that we live in a litigious society, which is why they have new students sign a waiver. Unfortunately, waivers are rarely enough to protect school owners from financial ruin.
If you are a martial arts instructor and you found your way to this blog post, it probably means you realize the inherent risks of operating a dojo. What’s less clear cut is how to proper insurance without spending way too much (or getting too little coverage).
Let’s take a look now at the variables to consider, and how much your insurance might cost.
Variables When Considering Coverage
No two schools are exactly alike, but there are brackets that schools may fit in which will help determine the cost of their coverage. Two of the major factors for determining cost are as follows:
- Number of students
- Location of school
Some owners fail to realize that the size of a school is more than just square footage. When the number of students goes up, so does the liability potential.
The location of the school can also be a factor as different states have different methods of handling insurance policies.
How Much Will Insurance Cost?
If you are looking to estimate how much cost you will incur, a good estimation to start with is about $8.95 per person per year. Karateinsurance.com provides coverage for instructors at no extra cost, but that is not a standard policy.
The minimum premium a school can purchase is $450 a year. That means the cost if you have one student is essentially the same as if you had 10 students. Once you get into the 50+ range you start to see an increase in costs.
Cost can also fluctuate based on the exact kind of coverage you want. To learn more about that, continue reading here.