Company insurance is intended to safeguard the financial assets of a business owner and is a vital investment for a golf teacher.
This article will discuss the primary insurance coverage for golf teachers, general liability insurance, as well as additional products that are appropriate for this industry.
Golf Instructors Need General Liability Insurance
Every firm, regardless of sector, has risks that should be insured. General liability insurance is the most frequent and comprehensive form of coverage that company owners purchase.
General liability insurance covers the following risks:
Physical harm
Damage to property
Medical expenses
Legal defence and decision
Personal and commercial harm
While general liability insurance is not legally needed for companies, operating without it is exceedingly dangerous. If your company is sued, you might face costs in the hundreds of thousands of dollars (or more). The only way to avoid this sort of catastrophe from destroying your organisation is to have an adequate general liability insurance coverage in place to assist pay for these losses.
GENERAL LIABILITY INSURANCE MAY COVER COMMON SITUATIONS FOR A GOLF INSTRUCTOR
Example 1: While visiting your office, a possible investor slips on a wet area on the floor, falls and fractures her tailbone, and then demands that your firm pay for her medical care since there was no “wet floor” sign. Her medical expenditures would be covered by general liability insurance.
Example 2: A rival sues your firm, alleging that your recent marketing effort defamed her company. You want to engage an attorney as quickly as possible, even if you disagree with the allegation. Your legal defence and any needed settlement would be covered by general liability insurance.
Example 3: While testing a new set of golf clubs after hours, one of your staff unexpectedly loses control of a handcart and sends it crashing into a customer’s luxury automobile. The consumer chooses to sue your company because of the substantial damage to her automobile. General liability insurance would cover the price of the customer’s car repairs as well as your legal fees.
Of course, this is not an entire list of risks covered by a general liability insurance policy, and certain situations may result in a specific peril not being covered. To minimise coverage gaps, it’s always better to speak with your agent about the terms of your policy.
General Liability Insurance Cost
Golf instructors in the United States pay an average of $350 – $650 per year for $1 million in general liability insurance.
The cost of your coverage will be determined by a number of variables. Among them are your:
Location
Deductible
Employees’ number
Per-occurrence restriction
The overall aggregate limit
You may be able to get general liability insurance at a lower cost if you buy it as part of a business owner’s policy (BOP) rather than as a separate policy. A business interruption policy (BOP) is a more complete option that covers numerous types of coverage, such as business interruption and property insurance.
Other Types of Coverage Required by Golf Instructors
While general liability insurance is the most crucial, there are various different types of coverage to be aware of. Other forms of insurance that all golf instructors should have are as follows:
Insurance for Commercial Property
You made a significant investment to start your golf teaching company. Commercial property insurance would cover the expense of repairing or replacing your business-related property in the case of a fire, theft, or natural catastrophe. This covers structural damage to your structure as well as the equipment, tools, and other supplies kept within.
Insurance for Workers’ Compensation
Workers’ compensation insurance is required in most states for both part-time and full-time employees. This coverage covers your workers if they are hurt at work or get sick as a result of a workplace accident. It covers not only an employee’s medical expenditures and lost pay if they need time off to recuperate, but also any disability or death benefits resulting from a workplace accident.
Coverage Options for Some Golf Instructors
In addition to the insurance described above, your golf teacher may want other forms of coverage based on particular parts of your activities. Some of them may not apply to you, so be sure to ask your agent whether policies are appropriate for your company.
Insurance for Commercial Vehicles
In the case of an accident, any car you use mainly for work needs commercial auto insurance to cover the vehicle, driver, and others on the road. Choose a policy that not only covers accident-related vehicle repair expenses and medical care for anybody harmed, but also provides enough coverage for any business documents you transport in your vehicle.
Umbrella Insurance for Businesses
While most claims are covered by your general liability insurance policy, certain incidents or lawsuits may be so severe that they threaten to deplete the limits of your main coverage. Commercial umbrella insurance protects you from having to pay for legal expenses and awarded damages that exceed the limits of your main policy out of pocket.
Additional Security Measures for Your Company
Although investing in company insurance is simple (and necessary), it should not be your first line of defence. Yes, insurance will reimburse your company for cash losses incurred as a result of an occurrence, but it is much preferable to avoid losses altogether.
With this in mind, here are a few steps you can take to better secure your company:
Make use of legally binding contracts and other business agreements. (We provide free templates for several of the most often used legal forms.)
To safeguard your personal assets, form a limited liability company (LLC) or a corporation. (To discover how to incorporate an LLC or company in your state, see our step-by-step tutorials.)
Keep your company licences up to date.
Streamline the internal procedures of your company. This will eliminate unneeded variables from routine activities and establish a secure, consistent environment in which to do business.
If your company is an LLC, you should check into LLC insurance.