If you run a dance studio or school in Ontario or Alberta, you are providing many benefits to the public. For example, your students will be learning an important skill that can greatly improve their social lives and personal fitness levels. However, even dance studios must take loss prevention seriously if they wish to stay in business for a long time, and it’s important to choose the best insurance provider for your studio. Here is an example of why you need experienced insurance professionals that understand your needs.
For many years, Paul and Jennifer R dreamed of running their own dance studio. They planned to hold classes for children as well as adults, and provide a wide range of dance lessons, but they were short on funds. One day Jennifer received a sizable inheritance, so she and her husband Paul decided it was time to live their dream and open their own studio.
It took a while to find the right building and interview potential instructors. In addition, Paul had training in business risk management so he talked to an insurance specialist about this niche market. Paul’s insurance broker presented him with a special dance studio insurance package that would take care of his needs. They also talked about insurance for independent contractors, and Paul decided it was in their best interest to make sure that their independent instructors have the same coverage as employees. In addition, they discussed matters like recitals, special parties, and events.
The dance studio grand opening was a huge success and they signed up many students. Before long, they added more classes and hired additional instructors. Jennifer planned to hold an outdoor party as a promotion and wanted to rent a party tent. Paul decided to call his insurance broker to see if they were covered. This turned out to be a smart decision as Paul found out they needed special event coverage, so he took care of the matter.
The party was a huge success, but afterward a scuffle broke out between two of the party guests. In fact, several people ended up being injured and there were a lot of medical and damage claims filed. However, because the couple insured their event, they did not have to deal with any settlements.
What is Dance School Insurance?
Dance school or studio insurance is designed to cover the many risk factors that dancing facilities face. This includes normal business insurance and insurance specifically designed for these studios.
Who Needs Dance Insurance?
Dance schools and studios require special insurance. However, this can also apply to other instructional studios like yoga schools, fitness classes, and instruction for:
- Spin classes
- Martial arts classes
- Boxing training
What Standard Dance Studio Insurance Will I Need?
You should consider these options:
- Commercial property insurance – This will protect your building and contents from many kinds of hazards including storm damage, fire, theft, and vandalism.
- Renter’s insurance – when you rent your studio, you need to protect its contents. This can also include special equipment and buidling improvements made for your business.
- Liability – this is perhaps the most important risk factor to cover. For example, it is not hard for someone to injure themselves on your premises and you could be held liable. Liability dance school insurance will protect you from injury related lawsuits and also pay legal fees.
- Participants Liability – Essential liability coverage to protect your school from damages resulting from bodily injury of a participant in your program.
It’s important to talk to your insurance professional to help determine which coverage options you should consider. Here are some of the available options:
- Loss of income – how would you pay your business bills if the studio was out of commission for several weeks or months (due to an insured loss)? Your loss of income coverage makes it possible to stay in business until you are back in operation.
- Independent contractor insurance – unless you require your independent instructors to carry their own liability insurance, this should be part of your dance insurance. This also includes instructors that are volunteering their time, as they still face the same liability issues as your other instructors.
- Commercial vehicle insurance – some businesses may need business auto insurance, for company owned vehicles and especially if they provide transportation for their students.
Where Can You Get Your Dance Studio Insurance Coverage?
When you need insurance for your dance school, it’s best to turn to a company like Bunnell Hitchon Insurance Brokers Inc. They offer specialty insurance packages just for dance studios. You will receive everything you need to cover the hazards that your business may face. Plus, if you need additional coverage, you can depend on your insurance professional from Bunnell Hitchon Insurance Brokers Inc. to be there for you.
We are an independent insurance brokerage with more than a century of insurance experience, and we represent Canada’s top insurance companies. We work hard for you, to make sure that all your insurance needs are met. And since we have access to a long list of insurers, you can be assured of getting affordable premiums with just the right coverage.
Don’t guess when it comes to insuring your dance business. Talk to a trained insurance professional from Bunnell Hitchon Insurance Brokers Inc. today about your loss prevention needs. You can reach us at 416-480-9888 in Toronto, Ontario. We are also available toll free at 888-318-2424, and our number in Brantford is 519-756-2200.