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Public Liability Insurance

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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

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.

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.

Coverage Layers
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.

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

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