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Insurance Considerations for Axe Throwing Venues
Some types of insurance are required by law or by contract, while many others are important simply because they protect a company from financial distress. Insurance reduces potential liabilities and increases enterprise value, which allows a company to continue to grow and thrive. Below is a common scenario your company will face and the insurance that may be important to buy at that time.
Leasing A Space
A Business Package Policy covers the basic liability (bodily injury and property damage to others) and property damage (your own property) an axe throwing venue may incur. Most landlords will require proof of coverage to rent space. Some landlords may require higher coverage than other and as such, it is extremely important to know what you are required to buy before you sign a lease. You may want higher general liability limits than a standard policy for peace of mind and you may not want to pay for it. It is important to have the cost information up front before you sign a lease that will financially hurt you to get out of.
- General Liability
- Property Insurance
- Building Coverage (if you own the building)
- Betterments and Improvements (construction that you add to lease space)
- Business Interruption: protections a company during a covered property loss that causes the business to shut down for a period of time. The insurance covers lost profits, fixed costs, and expenses to move to a temporary space.
- Umbrella (higher limits of insurance)