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.
Hiring An Employee
Most states require all businesses with at least one employee, even part-time, to purchase Workers Compensation Insurance. If caught operating without it, there most likely are substantial fines and penalties, depending on the state.
- Workers Compensation
- Employment Practices Liability Insurance: As companies staff up most purchase employment practices insurance, which covers costs of defending allegations alleging discrimination (based on sex, race, age, or disability), harassment, wrongful termination, or other employment-related issues such as failure to promote
*A corporate veil will not protect an owner from personal liability from employment lawsuits