Playground Business Insurance
Playgrounds are fun places for kids. They love to run around and play and parents love to see their kids have fun and burn off that extra energy. While playgrounds have become safer over the years, there are still many hazards and the possibility exists that a child can be injured. For this reason, having commercial business insurance is a must for any owner of a playground. Whether the playground is in a subdivision, an indoor park, or a public park, insurance is important for covering the costs of injuries and accidents.
General Liability Insurance
All small business insurance policies begin with general liability coverage. This type of coverage pays for costs incurred by a wide variety of incidents. There are many, many ways in which a child or parent could become injured while enjoying a playground and most instances are covered under general liability. It will also help to cover costs that result from any law suits. The three main types of protection that come with general liability are:
- Premises Liability – The premises liability portion of your small business insurance covers you for costs of incidents that occur within your studio or anywhere else you do business. If you have additional offices, those are also considered your premises. A major concern for you as a martial arts studio owner is the safety of your customers. If they are injured in your studio, this insurance can help pay for their medical needs.
- Products Liability – The products liability part of commercial business insurance is designed to protect a business from injuries or damages caused by a faulty product. If a playground owner sells anything, such as toys, ice cream, or other refreshments, this coverage is necessary. It will help to pay for costs incurred by a product that makes a customer sick or injures someone.
- Completed Operations – Completed operations coverage within a small business insurance policy is designed to protect against complaints that occur after a contract has been completed. For example, if a playground contractor finishes a structure and a fault is found with it after the fact, the contractor will be covered for that complaint.
Business Owners Insurance Policy
A business owner can package all their needed coverage into one commercial insurance policy by purchasing a business owners policy, or BOP. A BOP includes general liability coverage, to which other types of coverage can be added. These could include employee dishonesty, additional building coverage, vehicle coverage, coverage for contents of a building, electronic data coverage, and many others.
Workers Comp Insurance For Playgrounds
Workers compensation is a required part of business insurance if even one person is employed. This protects the business in the case that an employee is injured, for instance while building a playground structure, or becomes ill from working. Workers compensation covers costs of emergency care, continued care, and missed income if the employee cannot return to work immediately.
Sometimes events occur that are catastrophic in nature. The costs incurred by such an event may outstretch a business’s general liability limits. In this case, a business owner may hope to have commercial umbrella. This can be added to a small business insurance policy to cover costs that extend beyond the general policy’s limits.