Lets gets shout out from all the teachers here about which liability insurance you use and what you are paying.
Who is the best ?
Which one is most affordable?
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Lets gets shout out from all the teachers here about which liability insurance you use and what you are paying.
Who is the best ?
Which one is most affordable?
I get mine from a local insurance agent but the underwriter is TAPCO.
http://www.gotapco.com/
I filled out the online from with Markel but they were weeks getting back to me so I went local.
When they did get back to me, Markel was withing a few dollars, but higher, than the local was.
I pay just under 900 a year for 1m/2m coverage.
Thanks Oso.
Anybody have any experience with martial arts group or karateinsurance.com?
You can get insurance through the Amateur Athletic Union.
www.aausports.org
Anybody else, ross?
I've thought about this too - whether I need insurance to teach KF in Canada. Since I don't really charge all that much, the insurance alone might be more than I could afford. Most of the people I know who teach MA in my city don't have insurance. We have "waivers" to try and protect us, but I don't even know if they are legal and would protect us against a lawsuit...could Judge Pen aid us with this question?
I believe if you are having a dedicated space where equipments are stored, then it's worth it looking into insuring the place and the content. Over the years, I have been gathering stuff. I used to only a nap-sackful of stuff (just gloves and uniform) and now I have all kinds of weapons, pads, mats, protective gear, etc, not to mention collection of books, videos and electronic equipments some of which are priceless and irreplacable. I know you have quite a bit of stuff yourself. So it would make good sense to insure it anyways. As for classes, if you are declaring income on the take, then you should claim the insurance as expense to balance it out. When I was using the City's gym, I had to get insurance. The local company (recommended by the city) charges almost $3000.00 per year. Then I shopped around ended up getting a very good deal down south for $600.00 a year (not insured for equipment). Now I become private so I don't need to get that insured. Also I only teach people that I know (interveiw them first or recommanded by friends).
Warm regards
Robert
I'm not an owner but there is also Markel. They may be pricier than the others.
Thank you Mantis 108 - it's a tricky question. I'm not receiving any income for teaching - but I have to suffer a loss for insurance in case somone sue's me?!?
So, maybe I shouldn't teach? Or just charge the insurance premiums? Good grief - what a world we live in.
Is insurance enough to shield your personal assets from lawsuits?
Do you need to incorporate????
Hmm, you guys seem to pay an awful lot over there. Here Public liability insurance is compulsory, and I pay £70 per year for £5 million cover (again, the legally required level of cover), which in turn is more than enough to protect my assets. On top of this the students all have to have indivisual liability insurance, and these packages range from £7-£20 and are paid for by the student as part of their annual membership.
MK: No. Yes, you should incorporate. I have yet to do it though mostly because I've not had a spare $400 sitting around. However, I've been told that a good lawyer will go after your business and you. So, it seems that if you incorporate, you might need insurance for the business entity as well as yourself...but I'm not quite sure.
BG: Sounds like the requirement for the students to insure themselves makes it cheaper for the school owner.
Have you looked into forming an LLC? (Limited Liability Company) If I understand it correctly, it serperates you from the business. In the case of of a law suit, the company will be responsible but not you personally so you don't loose your house. Do a google search for "How to form and LLC"
Heck even the bad ones will go after you and the company. An LLC is essential as is a personal umbrella policy. Here's a neat trick to watch out for:
If your an LLC, but you also individualy teach (or supervise teaching) then you serve in the capacity as an agent to the LLC while teaching or supervising. Agents, in some circumstances, can not only make the LLC vicariously responsible for their actions, but they can be individually responsible as well. Now the school insurance policy should cover both (check with the policy, the insurance agent, and an attorney), but your individual assets may also be at risk if the judgement exceeds policy limits or if there is a coverage issue. That's why an individual umbrella policy is also wise.