If you’re paddling out to the biggest waves, you want the right board. And if you’re hiking a rugged trail, you want the right shoes. Protecting your outdoor industry business with the right insurance is as important as selecting the right gear for mountain climbing, surfing, hiking, or snowboarding.
When you operate an adventure sports business, ordinary insurance just won’t do.
Consider the differences between your shop and the business next door; be it a coffee shop, deli, or t-shirt shop.
The guy selling t-shirts next door never has to worry about a customer being injured during a lesson or skills camp, or whether rental equipment will get damaged or lost along the way. He doesn’t repair or service mountain bikes or skis, either.
The risks you face as you operate your business are far different. So why would your insurance policies be the same?
If you’ve been settling for average-Joe insurance for your adventure sports business, here are five ways you could be exposed to unnecessary risk -- and five ways adventure sports insurance could better protect your business.
Adventure Sports Insurance Protects Your Equipment
You’ve invested in equipment for lessons, camps, and rentals. And you take your equipment to showcase at tradeshows and other exhibitions, too. But every time a kayak, surfboard, snowboard, or bike goes out the door, your investment is at risk. If your adventure sports equipment goes missing or gets damaged while off-premises, it may not be covered by the average commercial property or BOP (business owner policy).
Adventure Sports Insurance includes coverage for your inventory and equipment, even when it’s not sitting on a shelf in your shop.
Protect Your Customers
Your customers and clients range from beginners taking their first lesson, to seasoned adventure sports enthusiasts looking for the next big thrill, which means your business faces a range of risks as varied as your customers’ skill levels.
If you’ve got a run-of-the-mill insurance policy, general liability insurance may cover your customers injuries if they get hurt at your shop. But does it cover your customers if they are outside of your store taking a lesson or using your rental equipment?
When you have adventure sport insurance, you don’t have to wonder if your customer’s safety and wellbeing are covered by your policy because it’s written with customer safety during lessons, rentals, and special events in mind.
Protect Your Data from Cyber Crime
Your business may be centered around the great outdoors, but that doesn’t mean it’s operating out of the dark ages. Technology is completely changing the way businesses operate, from digital marketing to mobile technology. Whether you’re accepting payments on a tablet, using an automation system for inventory, or booking customer lessons online -- there’s a large amount of sensitive information at risk.
If you’ve got bare-bones coverage, your business data could be at risk for breaches and theft. What’s worse, any of your customer’s personal and financial information you store could be left utterly exposed, as well. One stolen laptop or tablet, or one hack into your system, and your customer’s names, addresses, and even credit card numbers could be up for grabs.
When you have the right insurance for your adventure sports business, you have added protection against data theft and cyber crimes. Our program includes coverage against credit fraud, as well as data breach coverage and response. That means you can offer your clients credit monitoring services in the event a breach does occur.
Access to Specialized Attorneys and Release Forms
Does your outdoor or adventure sports business have an experienced legal team on retainer to advise you in the event of a claim, and to help you create rock-solid liability waivers for lessons, rentals, and classes?
An average business insurance policy or business owners policy may offer you some bare-bones liability protection, but it likely doesn’t include these types of legal protection and perks.
If you have adventure sports insurance, however, you’re running your business with the full protection of a hand-selected ASDA (Association of Ski Defense Attorneys) team to help you handle situations before they become claims. And you’ve got access to professionally prepared release forms to use for your rental, repair, and lesson services, as well.
Your industry is unique, and so are the risks you face as a business owner. Settling for just any old business insurance policy is like grabbing any old piece of equipment for your favorite outdoor sport. The gear you use, and the insurance you select, matters. Protect your business with insurance that’s designed for your specific shop.