Why You Need Dance Studio Insurance
Many small business owners become so focused on running their business that they forget to properly protect it by having the “right” insurance program in place. Dance Studios pose a special concern as many have young children participating at their facilities; they have expensive audio equipment, special flooring, mirrors, sets, costumes, etc. Let’s use flooring as an example: Flooring is very costly (price can range from $5000 to $25,000) and water damage can quickly ruin it beyond repair. Types of flooring include but are not limited to vinyl, linoleum, sprung flooring with hardwood, timber floor or Mezza floor, etc.
At The Shepherd Group, we do a lot of work with dance studio owners and dance teachers. While many do not think to obtain insurance for dancing studios it’s important to obtain the coverage needed to protect your business. Over time, we have become well acquainted with the unique needs of this group and in this post, we will examine and share our knowledge about the dance community’s insurance needs.
Health & Disability Insurance for Dancers
Dance teachers are often under the impression that they have no options for health coverage. Many teachers are independent contractors and think they don’t qualify because they are not part of a group or association. And yet, there’s always a solution: dancers and teachers can get individual health benefits and individual disability insurance, or DI.
Disability coverage helps replace a dance teacher’s income while they recover from certain injuries. DI is especially important for studio owners who also teach. Most owners are also teachers and operators in their studios. There are a few larger studios where the owners don’t teach anymore so if they became ill or injured, the studio would continue operations. But the smaller outfits would benefit greatly from DI.
While life insurance involves a one-time event and a single payout, disability covers the ongoing expenses that still need to be paid in spite of ones inability to work as a result of injury. If you own a dance studio, or you are a dancer or teacher yourself, contact us today to protect your health.
Business Insurance for Dance Studios
As a business owner, protecting your assets should be your priority. Injury risk slips and falls can occur to anyone entering the premises: the mailman slipping outside the front door or a parent tripping over bags in the hallway. Another injury-related risk is that students may injure themselves following the teacher’s directions. The teacher could be held liable for any of these instances.
What is so great about insurance is that you’re able to obtain the coverage you need to protect your students, visitors, and business. Participants liability can help guard against this risk. Equipment in the studio must be in good working order including the status of the building itself such as the flooring, the mirrors, the bars and so on. A robust commercial liability policy must ensure the studio has access to the tools and resources that will allow it to continue operating. The building itself requires care, maintenance and protection: boilers must remain safe and operable, and the building envelope must remain intact.
Liability and Lawsuits
Commercial insurance also has provisions for protecting against lawsuits and covering legal expenses. There are several buckets for protecting studios: Errors and Omissions (E&O), commercial general liability (CGL), participants liability and Directors and Officers (D&O) coverage. D&O applies to larger studios that have a board of directors.
Thinking and planning for the long term success of your business is the right decision that leads to protecting your investments. The premiums are very affordable and it allows you to sleep soundly at night. Bottom-line? You need the education needed to make a decision. The TSG Dance Program was designed to provide coverage for Individual Dance Instructors, Small Dance Studios and Large Dance Schools. As a business, isn’t that what matters most?
We know that enrolment is happening consistently and it’s time for all of those studios out there to review their current coverage and make sure that they have everything ready for when their students start heading back. We are all geared up and ready to quote so give us a call and one of our Advisors will be happy to chat with you about the program and give you a quote on the spot.
If you own a dance studio, contact us today to protect your business.