You do. In fact, you really can't run your school without it. Simply put, you need insurance because it protects you from financial loss. What happens if you have a property loss, such as a broken water pipe that floods your dojo, or a liability loss, such as a student who is injured and sues you for negligence? If you don't have insurance, you have to pay for losses out of your own pocket.
Markel offers comprehensive liability and property coverage for martial arts schools that teach the following disciplines, depending on curriculum:
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When you think about it, insurance is quite a bargain. Let's say your premium is $850 for the year. In April, a student is injured during class, and his parents sue you for $1 million. The case goes to court, and the jury awards the child $750,000. If you didn't have insurance, you'd have to pay the $750,000. Which would you rather pay: $850 in premium or $750,000 in damages?
Here is what you get with Markel:
