Insurance can be complicated and you may be left wondering if your have the proper insurance coverage in place to protect your business. Not all brokers and insurance companies have the expertise to fully understand your unique insurance needs. Most policies are due for renewal when you are busy getting your park organized to open. Due to your time being limited – steps and considerations may be missed leaving you with gaps in your insurance coverage or not getting the best value. Take the time and if possible, shop for your insurance when your grounds are closed then you can focus on the task at hand and not be rushed.
When considering insurance, you should ask the following questions:
- What is the broker’s experience with campgrounds? Ask for referrals from current campgrounds customers.
- Does the broker or an insurance inspector come visit your campground to ensure it matches their coverage and assess you have enough coverage on your buildings and park?
- Adequate liability coverage is essential when it comes to protecting your business. Talk to your insurance expert about whether a higher limit of liability coverage is right for you.
Other types of Liability Insurance available are: Pollution Liability, Employers Liability, Directors Liability, Abuse Liability
- Does your insurance company offer the coverage you need for your activities? Call your insurance broker prior to investing your time and money in adding activities. You may discover the insurance company you are currently working with may not insure these items or the additional cost may be more than you are willing to pay.
- Do you have gas or oil tanks on your property? Do you dispense gasoline? Are your tanks protected by barriers, dyked, double walled and have leak detection? Talk to your broker Limited Pollution Liability and how it would this coverage will protect you in the event of a claim.
- What happens at renewal? Does the broker call to review your coverage and ask if there are any changes? Or does the broker just mail out the invoice without checking how your business operations have changed over the past year?
- Does the broker ask questions regarding the age, size, location and construction of your buildings? How about updates on your buildings?
- Does your loss on income coverage adequately reflect your annual revenue?
- Is your property vacant during the winter months? How does this affect your policy? Insurance policies have a clause in them that the property cannot be vacant for more than 30 days. How can you protect yourself?
Some policies are a little confusing to read as they have coverages in one area and then exclusions in another. If you haven’t had your insurance reviewed recently by an experienced broker then a detailed review is advisable – an alternative broker may ask different questions than your current broker.
By taking a proactive approach and conducting a thorough review is the best way to protect yourself and your business. Always be sure you are getting the best insurance for your business so you can spend more time doing what you do best – running your campground.
Karen Keeling, CRM, CAIB, RIBO
Commercial Insurance Consultant
Specializing in Campground Insurance with Brokerlink
519-841-0472
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Note: A Direct Writer represents one insurance company. A broker represents several companies and can shop for the best insurance fit for your campground.