Insurance For Dance Studios
Dance studios can be active, fun places to own. Your studio may cater to young students who are dreaming of becoming professional dancers, or it may service adult clients who never learned how to dance as a child. Regardless of who you focus on for your dance studio’s clients, their satisfaction with your company is critical to its success. Part of keeping them satisfied is ensuring their safety. The best way to keep your customers safe, and your business profitable, is to carry the right business insurance.
General liability insurance protects your dance studio from a wide variety of risks. Unlike other types of insurance, you do not have to specify each individual potential risk that will be covered according to your policy. General liability lists those things that are specifically excluded on your policy, which means it covers almost anything else.
General Liability Insurance Includes:
- Premises Liability - Premises liability coverage is the part of your insurance policy that protects you from suffering financially when your customers get hurt, or their property is damaged. This also protects your customers, because they are not left holding the medical or repair bills without recourse. If an accident happens on your dance studios premises, your premises liability coverage will pay for fixing the problems.
- Products Liability - The products that you sell through your dance studio may have problems arise in the future. If the problems such as defective construction or the use of hazardous materials for example, your customers may suffer injuries or harm. Products liability protects you from lawsuits that arise due to these issues, and it pays for the customer’s injuries or damages.
- Completed Operations - After you have finished providing services to your customers, they may be unhappy after the fact. If they feel that the services you provided brought them harm in some way, they may sue your dance studio for damages. Completed operations coverage can pay for your legal defense costs as well as pay for judgments, awards and settlements.
Business Owners Policy
General liability is included in another type of business insurance known as a business owners policy, or BOP. A business owners policy provides your dance studio with physical and intangible asset protection. It can be customized so that you’re only paying for just the types of coverage you need. Examples of options include:
- Buildings and Contents
- Business Income and Extra Expense
- Electronic Data
- Newly Acquired or Constructed Buildings
- Employee Dishonesty Coverage
A business auto insurance policy pays the bills when there are auto accidents related to your business. This coverage can pay the medical bills when people are injured in the accident, and it pays for repairs of property. Additional options can protect your company from losses caused by uninsured motorists, fire and other potential hazards.
Your dance studio must carry workers comp insurance for its employees. This coverage pays for the employee’s medical bills if they are ever hurt while performing their job duties.
Commercial umbrella coverage is extra business insurance for your dance studio, that can increase the maximum levels of protection of your other insurance policies.