Company insurance is intended to safeguard the financial assets of a business owner and is a vital investment for a mini golf facility.
This article will discuss the primary insurance coverage for mini golf facilities, general liability insurance, as well as additional policies that are appropriate for this industry.
Mini Golf Course 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 MINI GOLF COURSE
Example 1: An staffer accidently topples an above display shelf while demonstrating how to swing the putter to a group of visitors. The shelf falls off the wall and lands on a visitor’s foot, fracturing many minor bones. General liability insurance would cover the guest’s medical expenses as well as any settlement money granted in the event of a lawsuit.
Example 2: You’ve been wanting to repair a rip in the AstroTurf near one of your holes, but a busy weekend prevented you from doing so. A guest knocks over the “warning” sign you put near the tear, and a toddler stumbles and loses two teeth. The youngster need sutures, and his parents are furious. If the parents chose to suit, general liability insurance would cover the child’s medical expenditures as well as any legal fees.
Example 3: A delivery driver comes by with a cargo of golf balls and injures himself severely by sliding on a damp floor. The delivery driver seeks further damages in addition to medical expenses. Your general liability insurance would cover the cost of your legal defence as well as any settlements granted to the delivery driver.
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
Mini golf facilities in America typically pay between $400 and $1,100 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.
Mini Golf Courses Require Additional Types of Coverage
While general liability insurance is the most crucial, there are various different types of coverage to be aware of. Other forms of insurance that every mini golf facilities should have are as follows:
Insurance for Commercial Property
To keep your mini golf course running efficiently, you’ll need a lot of specialised equipment. Commercial property insurance covers your company equipment, tools, furnishings, and other supplies in the case of a fire or other calamity if you own your facility. This coverage assists in the replacement of damaged property, allowing you to reopen as quickly as possible.
Insurance for Workers’ Compensation
Workers’ compensation insurance is required in most states for both part-time and full-time employees. If one of your employees is hurt on the job or gets sick as a consequence of a work-related accident, workers’ compensation insurance will pay for their medical costs and, if necessary, disability benefits.
Coverage Options for Miniature Golf Courses
In addition to the policies listed above, your mini-golf facility may need other forms of coverage based on particular features of your business. Some of them may not apply to you, so be sure to ask your agent whether policies are appropriate for your company.
Umbrella Insurance for Businesses
While you’ve invested in comprehensive liability insurance to safeguard your company in the case of a lawsuit, some circumstances may cause the limits of your basic insurance policy to be exceeded. This might force you to pay legal expenses and damages out of your own money. Commercial umbrella insurance extends beyond the limitations of your main policy to cover your firm in certain instances.
Insurance for Data Breach
If you have a loyalty programme for regular clients, you most certainly save some of their personal information in your computer system. This sensitive data is therefore exposed to cyber assaults. Data breach insurance provides peace of mind by providing an additional layer of safety in the case of a system compromise.
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.