Three Types Of Insurance You Need When Opening A Dance School

Opening your own dance school is a great way to live your dreams while also helping others to live theirs. There is a lot to get excited about, from planning your class schedule to decorating the recital stages. However, before you get to that point, there are a few logistics you need to take care of -- one of which is buying insurance for your dance school. In most cases, there are three types of insurance policies you need in place before you open.

Liability Insurance

Liability insurance is a type of insurance that protects you should one of your students or a member of the public claim to have been injured or otherwise harmed by the services your business (the dance school) provides. For instance, if a child were to slip and fall, breaking their leg during a dance class, your liability insurance would cover their medical bills and other expenses. Without this type of insurance, you would be leaving yourself open to numerous expensive lawsuits. Make sure you have at least a million dollars worth of coverage; you may want even more if your students perform gymnastics movements and are therefore more likely to be injured.

Property Insurance

If you own the building your dance school will be housed in, then you need property insurance. If you rent the building, you need rental insurance. Property insurance will cover the costs if something goes wrong and the building is damaged. For example, if you have a fire, property insurance will reimburse you for the damage so you can repair the building or buy a new one. If you rent, rental insurance will protect any items inside the building in case of a fire, theft, or other incident. The building owner will hold a property insurance policy to protect the actual structure, but as a renter, you need a rental insurance policy to cover your things.

Workers Comp Insurance

If you will have any employees working for you, then you need to take out a workers compensation insurance policy. This policy will pay your workers' wages and medical expenses if they become injured on the job. Not only is workers comp insurance required, but it is essential in an industry where your workers are at risk for sprained ankles, torn muscles, and other injuries that may put them on the bench for a while.

Set up these three insurance policies, and your dance studio will be ready to open! Talk with an insurance agent in your area to see if they offer property casualty insurance school


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