Insurance and studio leases

What should I look for when leasing a premises to run my dance school?

It is important to thoroughly check the premises before you sign any contracts. Any defects or wear and tear can find a claim

being declined. For example, if water has seeped through the roof causing damage to your timber dance floor and the cause is the roof is in disrepair, the claim can be declined, leaving you thousands of dollars out of pocket.

The following are some factors that you should bear in mind, as they can impact on the cost of your insurance premium:

Concrete or brick buildings are preferred over timber and iron.

Security: look for properties with any of the following factors: fences; gates; CCTV; external lighting; alarms or swipe card access.

Check the internal floors, ceiling and walls have no water damage.

Is the building’s roof in a good state? When was it last repaired or replaced?

Are the gutters in a good state and free of debris?

Do the premises meet the Building Fire Safety Regulations?

Are all appliances regularly checked? i.e. smoke detectors; fire hydrant hoses; etc.

When were the premises built (anything more than 30 yrs old should be rewired)

Just because the rent is cheap, doesn’t mean it’s a good deal. The rent may be cheap due to the age of the building, the location, or the general condition. What you save in rent, you may end up paying in insurance premiums, as it may be rated a higher risk. 

This article was provided by Dancesurance, the insurance company run by dancers, for dancers.