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Thread: School insurance

  1. #1
    Join Date
    Dec 1969
    Location
    Lakeland Fl USA
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    4,147

    School insurance

    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?

  2. #2
    Join Date
    Dec 1969
    Location
    South FL. Which is not to be confused with any part of the USA
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    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.
    "George never did wake up. And, even all that talking didn't make death any easier...at least not for us. Maybe, in the end, all you can really hope for is that your last thought is a nice one...even if it's just about the taste of a nice cold beer."

    "If you find the right balance between desperation and fear you can make people believe anything"

    "Is enlightenment even possible? Or, did I drive by it like a missed exit?"

    It's simpler than you think.

    I could be completely wrong"

  3. #3
    Join Date
    Dec 1969
    Location
    Lakeland Fl USA
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    4,147
    Thanks Oso.

    Anybody have any experience with martial arts group or karateinsurance.com?

  4. #4
    You can get insurance through the Amateur Athletic Union.

    www.aausports.org

  5. #5
    Join Date
    Dec 1969
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    Lakeland Fl USA
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    4,147
    Anybody else, ross?

  6. #6
    Join Date
    Dec 1969
    Location
    Winnipeg, Manitoba
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    179
    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?

  7. #7
    Join Date
    Dec 1969
    Location
    Vancouver, B.C. Canada
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    2,138

    Smile Hi Ao Qin,

    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
    Contraria Sunt Complementa

    對敵交手歌訣

    凡立勢不可站定。凡交手須是要走。千着萬着﹐走為上着﹐進為高着﹐閃賺騰挪為
    妙着。


    CCK TCPM in Yellowknife

    TJPM Forum

  8. #8
    I'm not an owner but there is also Markel. They may be pricier than the others.
    I quit after getting my first black belt because the school I was a part of was in the process of lowering their standards A painfully honest KC Elbows

    The crap that many schools do is not the crap I was taught or train in or teach.

    Dam nit... it made sense when it was running through my head.

    DM


    People love Iron Crotch. They can't get enough Iron Crotch. We all ride the Iron Crotch for the exposure. Gene

    Find the safety flaw in the training. Rory Miller.

  9. #9
    Join Date
    Dec 1969
    Location
    Winnipeg, Manitoba
    Posts
    179
    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.

  10. #10
    Join Date
    Apr 2003
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    36th Chamber
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    Is insurance enough to shield your personal assets from lawsuits?

    Do you need to incorporate????

  11. #11
    Join Date
    Dec 1969
    Location
    Swindon, England
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    2,106
    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.
    "The man who stands for nothing is likely to fall for anything"
    www.swindonkungfu.co.uk

  12. #12
    Join Date
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    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.
    "George never did wake up. And, even all that talking didn't make death any easier...at least not for us. Maybe, in the end, all you can really hope for is that your last thought is a nice one...even if it's just about the taste of a nice cold beer."

    "If you find the right balance between desperation and fear you can make people believe anything"

    "Is enlightenment even possible? Or, did I drive by it like a missed exit?"

    It's simpler than you think.

    I could be completely wrong"

  13. #13
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    Looking for the Iron Monkey
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    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"
    Check out my wooden dummy website: http://www.woodendummyco.com/

  14. #14
    Join Date
    Apr 2003
    Location
    Knoxville Tennessee
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    5,520
    Quote Originally Posted by Oso View Post
    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.
    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.
    Quote Originally Posted by Oso View Post
    AND, yea, a good bit of it is about whether you can fight with what you know...kinda all of it is about that.

  15. #15
    Join Date
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    Quote Originally Posted by Judge Pen View Post
    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.
    that's basically what I said, right? just making sure I was reading between all the SAT words.
    "George never did wake up. And, even all that talking didn't make death any easier...at least not for us. Maybe, in the end, all you can really hope for is that your last thought is a nice one...even if it's just about the taste of a nice cold beer."

    "If you find the right balance between desperation and fear you can make people believe anything"

    "Is enlightenment even possible? Or, did I drive by it like a missed exit?"

    It's simpler than you think.

    I could be completely wrong"

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