GET A QUOTE: 03 8601 – 1124 for Insurance Products for Martial Arts School Owners, Associations, Promoters (Tournaments / Fight Shows / Exhibitions).
If you are in martial arts we have you covered with a package that will suit your business and budget. Protecting your business and yourself personally takes into account a number of factors and insurance is a vital component. If you are new to running a martial arts school or unfamiliar with how you are actually covered under an insurance policy, you need more information, please click here. If you know what you want and just want a policy at the best price click on the Request a Quote banner and get a price!
What is Public Liability and why is it so important for martial arts school owners There are three main types of liability insurance a business needs to consider when you are looking for cover. General, Products and Management. Public liability insurance protects you and your business against a third party finding you liable for a death or injury and loss or damage of property resulting from your negligence. If you operate in a public space, public liability insurance protects you against claims of damage or injury. Defending a personal injury or property damage claim can be expensive and stressful – even if you’re not at fault.
You will be covered in the following areas:
◾Property damage including any loss of use
◾Legal Defence costs
◾Legal liability to compensation for personal injury and property damage
◾Broad definitions of personal injury, your products and products liability
Professional indemnity insurance Indemnity protects you and your sporting business or organisation (Martial Arts School) by providing cover for protection against claims for property damage, financial loss, or bodily/personal injury arising from an act, error or omission in the performance of your professional services. With NO WIN – NO PAY Lawyers working in the industry legal action is more common and exercised to compensate people who feel entitled to make a claim when they feel they have been given the wrong advice that has resulted in an injury. Insurance indemnifies you if your client suffers a loss – either material, financial or physical or as a result of goods / products causing injury or damage.
Products Liability may relate to items you sell, supply or deliver goods, or use in training so you may need cover against claims of goods causing injury or damage. Product liability insurance covers you against damage or injury caused to another person by the failure of your product.
Management Liability is particularly valuable for associations to cover their committee members / officials at general meetings and other activities.Without adequate protection committee members could risk losing, not only their business, but also their personal assets. This insurance protects all members personally and covers their legal costs to defend allegations of wrongful acts.
These are the areas protected:
•Representation costs where a Director or Officers is legally required to attend an inquiry or investigation relating to the affairs of the association
•Legal costs & expenses in the defence and investigation of a Directors & Officers claim
Player Accident / Personal Accident often comes with Income Protection that allows students who are injured to receive a benefit otherwise not covered under their standard Medicare or Private medical insurance.
Personal Accident Insurance covers you or your members in case of accidental injury, disability and/or death. This insurance may also provide lump sum benefits due to death or permanent disability from accidental injury and weekly benefits for temporary disablement due to accident, injury or sickness.
How it covers you:
◾Personal accident, lump sum payment for accidental death or permanent disability
◾Broken bones payment for accidental injury
◾Weekly benefits payment for temporary total disablement
◾Scope of Cover includes 24 hour worldwide cover
◾Weekly benefits are payable for up to 104 weeks after the accident or sickness
◾Employee or self employed are both eligible
Business Insurance comes in the form of Glass Breakage, Property, Contents and Business Interruption. These products are essential when instructors operate full-time facilities and lease / own their building / venue. These can be purchased individually but mainly come in packages to give operators a more flexible management of risk to cover their assets and on going liabilities.
Income Protection – Life – Total Permanent Disability – is also available through our specialist preferred provider. It is something to consider if for some reason you get injured or get sick and can’t run your business you need all your outgoings covered.
Public Liability Insurance is what most venue hire facilities request you have to operate out of. The professional indemnity is equally important to cover the advice instructors give the public / students.
The industry standards for martial arts operators is as follows:
10mil Public Liability 10mil Products Liability and 5mil Professional Indemnity although 20mil PL is being requested more by venue hire facilities to teach and shopping centres to perform demonstrations.
All liability insurances are subject to limits on the amount payable and many have an excess also known as a deductible, which is deducted from the amount paid to the insured. It is common for there to be an excess of $1000 - $5000 depending on the policy but you can have the option of a nil excess which increases the premium. There is also a limit to the sum insured (10mil PL for example) and a claim limit.
INSURANCE INDUSTRY HISTORY – Over the years there has been many concerns with Public Liability Insurance becoming unavailable to many businesses. This has happen on a few occasions in the martial arts industry due to some players pulling out after suffering high claims and not being able to manage the risk appropriately.
When several insurers withdrew from the market some years back leaving just one player there was a significant increase in premiums. The was also a major overhaul of the industry risk with Brazilian jiu jitsu, muay thai and kickboxing being casualties as they were perceived as a much higher risk of an incident compared to other styles.
As other insurance players crept back and included these perceived high risk styles school owners could then obtain insurance. This was only stop gap because the insurers were secured overseas and not registered in Australia. Martial Arts Australia played a big part in negotiating group deals with a number of insurers and helped assure underwriters that the industry risks could be minimised. As a result of Martial Arts Australia screening and educating school owners on the appropriate risk management measures better pricing and cover was extended to all styles by the Insurers.
Getting the right insurance package is one thing and updating your skill sets / qualifications is another essential ingredient to maintaining a professional business – Consider the Australian Martial Arts Coaching System.a>
Martial Arts Australia ACN 104 329 482- Graham Slater
Australian Financial Services Authorised Representative – No: 419921
Working under licence of PSC Insurance Brokers – No: 342385