Deciding on the best insurance for your dance studio can seem overwhelming. However, with a little research and information gathering, you can confidently choose the insurance package that is right for your dance school. Here are three tips to make the process easier:

Understand the general types of dance school insurance.

Depending on several factors, including how experienced your staff is and whether or not your building’s lease or recital venue has any insurance requirements (if you are renting property or space), you will need dance studio insurance that covers several things. Accordingly, you should understand the following key insurance types:

• Workers’ Compensation Insurance – covers dance studio employees in case they are injured at your studio; it provides wage replacement and medical benefits. It is required by law in all states. Check with a local agent in your area who specializes in workers comp to find out what is required for your state and what you need as a dance studio.
• Accident Liability Insurance – protects you from third-party lawsuits, including arising from bodily injury and property damage to third parties.  E.g., if a student is injured at your school, you will need accident insurance that pays for the medical (and dental) expenses that result from the accident. Types of accident liability insurance include: Commercial General Liability; Legal Liability to Participants; Property Damage Liability;and Professional Liability.
• Sexual Abuse and Molestation Liability Insurance – provides coverage in case of sexual abuse and molestation allegations. If you teach children at your dance school or gymnastics facility, then you should consider this insurance. You should also have this insurance if an organization that you are affiliated with requires it. Coverage should provide for judgments and for expenses incurred investigating and defending an allegation of abuse.
• Inland Marine Coverage – protects the physical equipment and contents (mirrors, dance floors, costumes, laptops, etc.) of your dance studio from a wide range of risks, including some types of natural disaster, fire, and theft, and covers movable dance studio property, such as equipment you take to another (off-site) location where you are conducting a class or holding an event.

For additional information on the different types of insurance requirements and coverage options available to you, you can check with your state’s small business administration (www.sba.gov) and the insurance company you are working with or considering. For an example of two different insurance coverage packages for a dance studio or school, see the options available from Dance Studio Insurance.

Compare rates and plans.

Compare coverages and rates from different insurance companies, and check with your prospective insurance carrier to see if they offer policy packages with options that are better suited to your center’s needs. Find out which of our dance insurance packages will be cheaper and best suited to your school’s needs.

Consider how your dance studio might change and grow.

Try to anticipate your future insurance needs by asking yourself how you think your dance studio will change over the next twelve months. If you are confident that your studio will soon be offering new classes, events, and services, such as competitive cheer activities, Lyra, Zumba, pole dancing, aerial workout classes, or hosting birthday parties or clinics, then you should consider purchasing insurance for those options now. Doing so will help you transition to these studio changes safely and smoothly—and should reduce your insurance costs by bundling your coverage options up front.

Following these three tips will help you select the best insurance coverage for your dance studio or dance school. Look for additional tips on running a dance studio business here at DanceStudioInsurance.com/blog.