The outdoor recreation industry is thriving with profitable business models including manufacturing and sales of gear, apparel, and accessories, rentals and lessons, guided tours, and equipment repair, to name a few. The variety of business models in the outdoor recreation industry means there’s many ways to turn a profit, but there’s one thing that most businesses have in common -- the right outdoor sports insurance.
Here’s what you need to know about outdoor sports insurance and how it can benefit your specific industry niche.
What is Outdoor Sports Insurance?
Any commercial business operation can benefit from commercial insurance protection. Outdoor sports insurance is a broad term for a variety of commercial insurance policies that have been specifically designed to protect businesses in the outdoor recreation business.
Who Needs Outdoor Sports Insurance?
You may own a small, local retail and rental shop in the Sierra Nevadas. In the summer months you service a customer base of dedicated mountain bike enthusiasts. In the winter months, a steady stream of ski and snowboarders keep you and your staff busy. As the owner of a ski and bike shop you face a very specific set of business risks, like liability from equipment rentals, ski lessons, and mountain bike skill camps.
Outdoor sports insurance can benefit retailers, equipment renters, and anyone who offers lessons or classes.
But the protection of outdoor sports insurance doesn’t just benefit retailers. This coverage is also ideal for:
- Guides and outfitters
- Group or individual lessons
- Resort and retreat owners
- Sports and outdoor camps
- Outdoor events and festivals
Now that you know who could use this coverage, keep reading to find out how it works (and what makes it different than the cookie-cutter coverage other industries might choose).
How does Outdoor Sports Insurance Work?
Imagine if a customer was injured on the slopes after renting skis from your shop. Or if a group kayak lesson went awry. Or consider this -- you’re shuttling a van full of tourists and rental equipment to a nearby cove for scuba lessons when you’re involved in a car accident. In any of these situations, you could be facing some major claims for medical bills and third-party incidents.
Now imagine you’re transporting a significant amount of inventory to a trade show or exhibition. But once you’re at the tradeshow a fire on a loading dock destroys your inventory investment -- before you’ve even had the chance to make a single sale.
Outdoor sports insurance helps protect your financial investment - in your business, your inventory, your employees, and more.
Like many other commercial insurance options, outdoor sports insurance will kick in to cover your covered losses, after your deductible and up to the limits of your policies. Unlike other commercial coverages, outdoor sports insurance has been specially designed to cover the losses you’re most likely to face in the outdoor recreation industry.
What Does Outdoor Sports Insurance Cover?
Outdoor sports insurance covers the claims that outdoor sports businesses face with coverage that can include:
- Rental and repair equipment liability coverage for skis, snowboards, and more
- Rental and demo coverage for canoes and kayaks
- Liability coverage for guided tours, lessons, and instructions
- Credit Card Fraud Coverage
- Cyber Liability Coverage and Data Breach Response
- Exhibition Floater for Off-site Sales
- Transit Coverage
- Coverage for Customer Property
Outdoor sports insurance isn’t just a blanket business policy. It’s been designed specifically with the outdoor industry in mind. Which is why it offers so much more than cookie-cutter commercial coverage.
Outdoor industry insurance can also provide your business with:
- Access to outdoor industry-specific attorneys
- Ready-to-use release forms for rentals, lessons and more
- Protection for your offsite inventory and equipment
- Cyber liability defense against modern day business risks
Does your business need outdoor sports insurance? If you’re in the outdoor recreation industry, the answer is yes.