Business Interruption Insurance protects your small business if impacted by a covered risk. It'll cover the costs in replacing lost income and paying for additional expenditures. Also known as Business Interruption Coverage, this policy is usually part of your BOP (Business Owners Policy).
Commercial Property Insurance will provide coverage for your properties in case damage renders them impossible to rent or lease.
General Liability Insurance protects your small business against claims of third-party bodily injury and property damage, reputational harm and advertising injury. It covers medical bills, repair costs & legal fees.
Workers Compensation covers your employees' medical costs and lost wages while recovering from a work-related injury or illness. The employee gives up the right to sue your company in return for receiving cash and benefits from Workers Compensation. In some states it’s mandatory for businesses!
Why do Dance Studios need insurance?
Dance studios can attract many patrons wanting to acquire a new skill or get in shape. However, the nature of the work done in dance studios, from practicing choreography to teaching fitness classes, so it can be very risky.
When teaching choreography or rehearsing for a performance, an accident can happen. A dancer may slip and break a leg, a costly medical expense. Dance studio equipment, such as speakers and mirrors, also face the risk of being damaged. Also, if you teach a Zumba class and a participant bumps into and breaks the sound equipment, you will end up having to pay for all damages including injuries, equipment, and your studio. With such risks in mind, insurance for dance studios can be incredibly valuable.
How much does Dance Studio Insurance cost?
Insurance for dance studios can differ in cost depending on the types of coverage you need. In addition, factors such as the type of building used for the studio, the number of employees and the number of participants can influence the price of your selected insurance. It just takes you a few minutes to get a free quote and determine the actual insurance costs.
What risks could Dance Studios face?
Dance studios come with many risks, here are some of those: