It’s that time in the year where we’re looking forward to warm temperatures and many are planning for time on the links. Golf courses in our area are getting ready for the upcoming season by getting their course ready, stocking and preparing their clubhouse and facilities, and staffing for the upcoming season.
Golf courses can vary in the number of members, amount of maintenance equipment, types of facilities and services that they offer. Like any other business, an insurance package can and should be customized specifically to each course. In addition, it is imperative to have an annual insurance review to make sure that coverage is up to date.
Below are some of the key coverages for Golf Course Insurance:
Property: There may be one building or multiple buildings. What are they used for and are the structures in good condition? It’s important to make sure that your buildings are insured to value so that you don’t risk being underinsured and lack adequate coverage in the event of a claim. Not only is it important to consider any structures, but also what is inside those structures. The Business Personal Property limit should be set based on the contents of each building. Plus, you may need Scheduled Equipment coverage for any items that are high value or move around or off the property.
Liability: Your policy should be set up primarily based on sales. This can be audited so it’s important that you keep solid records. Usually, your liability exposure will be divided to golf course sales, restaurant sales, and liquor receipts but, depending on the business, there may be added exposures such as banquet halls or other sports activities that will also be factored in. A golf course would commonly need both General Liability and Liquor Liability coverage as well as Pollution Liability and Pesticide Applicators Liability Coverage.
Business Income Coverage: If you couldn’t operate due to a fire, tornado, or other covered loss, what would you lose in revenue? This is an important conversation to have with your independent agent. Not only should you be concerned with rebuilding, but there is a time/revenue loss that can be a valuable piece of your coverage.
Cyber: Most businesses have at least some cyber exposure. It seems that we are increasingly aware of businesses that have been hacked. Cyber specialists say that it’s not a matter of "IF" but "WHEN" you will get hacked. It is important to be prepared and vigilant with your security system and to consider cyber insurance to protect you and your business from a cyber attack.
Workers Compensation: You may have mostly seasonal employees only, but you will need an annual workers compensation policy. This policy will be audited annually and required by the state. The rate is set and updated by the state every year.
Umbrella: For additional liability protection it is a good idea to consider a Commercial Umbrella policy. This will blanket an extra liability coverage amount over your underlying policies.
There are many additional coverages to consider. Most carriers will offer packages that automatically include some coverages so it is important to work with a risk advisor that will get to know your course and customize a plan to provide the coverage that you need.
At Paroubek Insurance, we understand that each course has different insurance risks and needs. Our goal is to get to know your business, secure the best option for your coverage, and follow a strategic and scheduled service plan to ensure that your coverage stays up to date. Our advisors have great Risk Management Tools and Resources to assist in keeping your business safe and profitable.
As you are prepping your course for the upcoming season, don’t forget to contact Paroubek Insurance for a thorough insurance review. Let our advisors help to make sure your insurance policy is up to par.