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Instructors, I need advice!
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Actually you do not need an LLC to protect yourself – incorporation provides the same protection for small businesses and is not necessary (in some states it's an extra expense and/or more paperwork) than incorporation.
But you should have one or the other in order to protect yourself! This is the only way to separate your personal assets from your business!
There are all sorts of minor differences which is why it's best to consult with a professional…a business consultant, accountant or attorney, to understand the differences and how they affect you and which is best for you.
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Our community college has a business division that helps people with their business related questions. I have an appointment on Wednesday. The insurance commussioner told me they should know everything I need to do with registering my business and what type to file under.
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Insurance is ALWAYS worh it! You never know what sort of shinanigans your clients will come up with to injure themselves, and IF they DO, and IF they get 'nasty' about it, you could be liable for 100's of times more $$ than the 2-600 per years.!!
When I was a Massage Therapist, there was a national group for us and we could get a million dollars of coverage for practically nothing. Look for that sort of 'group' or National Association of ?? Belly Dancers, Dance Instructors, etc.; check out their 'benefits' and see if they offer a groupo coverage.. then .. Join it and GET it!
Best wishes on making your dreams come true!
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I want to point this out again…read the fine print on group coverage policies.
Most of them offer a general aggregate which means you share everyone's policy. If they have a claim your lifetime or annual limit is affected. If their claims make premiums go up, your premiums go up.
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I don't think I was being quoted on any group coverage. Who is "everyone?" Everyone being covered by the insurance company? Everyone in the studio?
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Everyone can mean everyone in the studio or everyone covered under the plan. You just need to clarify that with any group policy.
I am not familiar with the Dance Teachers Insurance company but it should be clarified if this is how their's or other group policies work.
Another concern would be if you read the "fine print" on the "Details" page…at the bottom under exclusions I would question coverage under pole dancing when they won't cover things like gymnastics?
Also they do not insure you if you sell or distribute athletic equipment. My policy specifically covers us if someone purchases a pole from us and attempts to sue us if they are injured using that pole.
This policy may in fact cover all aspects of pole dancing without a problem..I'm just saying make certain you cover all the right questions when you interview an insurance company.
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I just emailed them about those concerns and one other. I was told that professional liability typically covers sexual molestation, but it is listed under the exclusions, which I find odd. I also did not understand the exclusion about services provided by the member not being covered. Wth does that mean?
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Empyrean – what insurance company do you use?
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Our company is West Bend Mutual but they may be limited in the states they cover. We went through a broker who has been able to find insurance for several people we've referred him to out of state and he now knows what sort of policy and coverage to look for.
Anyone who is interested you can message me and he is also listed under resources on http://www.MidwestPoleDancing.com
Some he has been able to help find coverage and some he has not but it's definitely worth a try as everyone we've referred to him has been happy.
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Out in Cali…If people want to sue you they can, and having any type of corp; Ie.S-Corp, C-corp, or LLC doesn't always protect you I've been told by my legal professional. Getting the best insurance you can will help protect you the most.
If you go legalzoom.com they are a great resource to get some basic fees for incorporating your business. It would cost me 1500.00 to have my lawyer do the paper work for me to form a corp out here. If you do it yourself it is cheaper. I would double check the "registering" a corp, might not be the same as forming a corp. LLC's out in Cali are Limited Liability Corp. You usually have partners if you do that one. If it is only you, you might look into S-"type" Corp. I think a C-Corp would be to much of paper- work and time for a small business at first.
I'm sure you will figure it out what is right for you with all the great info you have gotten from the forum..and others of course.
Congrats! on your new business! Women in small business..Love it!
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It's the US…anyone can sue you no matter where you live
Don't misunderstand…being incorporated doesn't stop lawsuits any more than having insurance does. Being incorporated protects your personal assets so that for example, you don't lose your home trying to protect yourself in a suit.
For those seeking professional advice, a good attorney or financial counselor will offer to do the work for you or guide you on how to do it yourself and save more money.
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You can make your students sign a wavier stating that bodily harm is not your fault and they are talking their own personal safety into their own hands and you are not responsible for anything that may happen. That could cover almost all of your bases. Just an idea. Call a lawyer and check it out.
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Waivers do not prohibit lawsuits and they do not fully protect you against wrongful claims. They do however show a measure of responsiblity and that the student knew there were risks.
You can still get sued and still have to pay damages if there is a sympathetic judge/jury even if you were not at fault.
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