Survival School Business Insurance
Getting business insurance for your survival school is essential.
This is because survival schools need to protect themselves against a variety of different risks, such as those that relate to bodily injuries, employee negligence, and property damage.
For example, a customer gets injured while on your survival school’s premises, you could be subjected to a compensation lawsuit.
We’ll help you find the most personalized and affordable coverage for your unique business.
Recommended: Next Insurance is dedicated to matching small businesses with the right policy at the best price.
Best Insurance for a Survival School
General liability insurance is — generally speaking — one of the most important insurance policies for survival schools.
Some of the risks general liability insurance covers are:
- Bodily injury
- Property damage
- Medical payments
- Legal defense and judgment
- Personal and advertising injury
Even so, it is important to remember that not all risks will be covered with a simple general liability policy. This means that it may be a good idea to consider purchasing the following coverage types as well:
- Errors and omissions coverage — Offers protection against negligent acts or omissions committed by yourself or by one of your business’s employees.
- Commercial property coverage — Offers coverage when it comes to repairing or replacing damaged or stolen company equipment.
- Workers’ compensation insurance — Offers coverage against employment law-related disputes, such as those that relate to wrongful termination accusations.
When you are ready to purchase your coverage, you will need to spend some time in order to find the right business insurer for your survival school business.
Even though there are quite a few good options available, we found that most of them fall within one of two broad categories:
- Brick-and-mortar insurers (e.g., The Hartford, CNA, etc.).
- Online insurers (e.g., Tivly, Next Insurance, etc.).
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Cost of General Liability Insurance
On average, survivial schools in America spend between $350 - $650 per year for $1 million in general liability coverage.
Compare the average cost of general liability insurance for a survival school to other professional industries using the graph below.
Several factors will determine the price of your policy. These include your:
- Location
- Deductible
- Number of employees
- Per-occurrence limit
- General aggregate limit
You may be able to acquire general liability insurance at a discounted rate by purchasing it as part of a business owner’s policy (BOP) rather than as a standalone policy.
A BOP is a more comprehensive solution that includes multiple forms of coverage, such as business interruption and property insurance.
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Common Situations That General Liability Insurance May Cover for a Survival School
Example 1: During one of the indoor classes, a student trips and falls. If the injured third-party decides to sue your business for their medical expenses, the general liability policy can help cover those costs and provide legal representation.
Example 2: While rearranging the furniture in your rented commercial space, you put deep grooves across the floor and damage several sections of the walls. The landlord is suing you for $20,000 for repairs. General liability insurance would help cover your legal fees and court-awarded damages.
Example 3: The survival school in a neighboring town has named your business in a lawsuit. They are claiming your new advertising campaign implies they are not a reputable company, causing business to drop significantly. A general liability policy would cover your attorney’s fees and any damages awarded by the court.
Other Types of Coverage Survival Schools Need
While general liability is the most important type of insurance to have, there are several other forms of coverage you should be aware of. Below are some of the most common types of coverage:
Commercial Property Insurance
Commercial property insurance covers the cost to repair or replace business assets after an unexpected loss due to a covered event such as a natural disaster, fire, or theft. The policy can be tailored to meet the organization’s needs, including coverage for owned real estate and business-owned property kept onsite.
Inland Marine Insurance
Teaching survival skills requires getting out of the classroom and into the outdoors. Business-owned tools and equipment taken off-site have limited coverage under a commercial property insurance policy, leaving many owners grossly underinsured. Your insurance agent can assist you in determining if an inland marine policy is necessary to fill any coverage gaps.
Commercial Auto Insurance
Vehicles used for business purposes are specifically excluded on personal auto policies. If you use your vehicle for business purposes, you must obtain commercial auto insurance to fill any gaps in coverage. This policy covers the cost to repair or replace third-party property, the company’s damaged vehicle, and any equipment damaged in an accident. Purchasing the state-mandated minimum coverage leaves many entrepreneurs underinsured. Therefore, we encourage you to discuss policy coverages at length with your insurance professional
Workers’ Compensation Insurance
State law mandates that all full-time and part-time employees be covered under a workers’ compensation policy. This policy pays medical bills stemming from an on-the-job injury or illness and a percentage of the employee’s lost wages while the injured party is unable to work. For accidents that result in lawsuits, it also ensures the business owner is properly defended in court and pays awarded damages.
Professional Liability Insurance
Your students hire you to educate, guide, and support them as they learn new survival skills. If a customer feels they have been harmed or wronged because you failed to deliver what was promised, they have the right to sue you for damages. Professional liability insurance, also known as Errors and Omissions (E & O) insurance, covers associated legal costs and third-party damages.
Additional Steps To Protect Your Business
Although it’s easy (and essential) to invest in business insurance, it shouldn’t be your only defense.
Here are several things you can do to better protect your survival school:
- Use legally robust contracts and other business documents. (We offer free templates for some of the most common legal forms.)
- Set up an LLC or corporation to protect your personal assets. (Visit our step-by-step guides to learn how to form an LLC or corporation in your state.)
- Stay up to date with business licensing.
- Maintain your corporate veil.
Survival School Business Insurance FAQ
Yes, absolutely. You will need to first get a quote from an online business insurance provider like Next Insurance. Next allows you to then purchase a policy immediately and your coverage will be active within 48 hours.
A typical business owner’s policy includes general liability, business interruption, and commercial property insurance. However, BOPs are often customizable, so your agent may recommend adding professional liability, commercial auto, or other types of coverage to your package depending on your company’s needs.
"Business insurance" is a generic term used to describe many different types of coverage a business may need. General liability insurance, on the other hand, is a specific type of coverage that business owners need to protect their assets.
Generally speaking, yes. This is because getting business insurance before you begin interacting with clients and/or acquiring equipment is the “safest” way to go about avoiding liability for legal disputes — especially for a survival school, which could entail high-risk activities.
You could also be legally required to purchase workers’ compensation coverage depending on your state and employee structure.
Not necessarily. Certain exceptions may be written directly into your survival school insurance policy, and some perils may be entirely uninsurable.
Yes, an LLC is meant to create a legal barrier between your business and your personal assets and credit. If you haven’t formed an LLC yet, use our Form an LLC guide to get started.
An LLC doesn’t protect your business assets from lawsuits and liability– that’s where business insurance comes in. Business insurance helps protect your business from liability and risk.