Alaska Indoor Sports Complex Insurance Policy Information
Alaska Indoor Sports Complex Insurance. Indoor sports complex allow athletes to enjoy their sports in safe, predictable, and comfortable climate-controlled conditions all year round.
Indoor sports complexes support many types of sporting and recreational activities, such as basketball, tennis, handball, racquetball, wrestling, weightlifting, swimming, cheerleading and gymnastics. Lessons may be offered to beginners.
The facility may serve concessions or provide locker rooms for members or guests. Sporting goods may be sold on premises, or repair services offered. Tournament events may be held on premises. The facility may include bleachers, stadium seating, or stands, and may hold hundreds or thousands of spectators.
These complexes may offer anything from soccer, football, tennis, gymnastics, and even swimming and ice-skating facilities. In addition, their members will have access to showers, changing rooms, and frequently a cafeteria, while spectator seating is another integral part of these athletic venues.
If you own and run an AK indoor sports complex, there is no question that you play an important role in the public health of your local community - but it is equally undeniable that your facility face a range of risks that could each result in such devastating financial consequences that they threaten the future of your business.
For this reason, it is vital to assess the quality of your insurance coverage. What kinds of Alaska indoor sports complex insurance are essential for this industry? Find out more in this brief guide.
Alaska indoor sports complex insurance protects your facility from lawsuits with rates as low as $77/mo. Get a fast quote and your certificate of insurance now.
Why Do AK Indoor Sports Complexes Need Insurance?
Getting an indoor sports complex that serves as an athletic hub for your whole community off the ground requires hard work - and growing and improving it is no less of a challenge.
In investing in top-notch insurance, you commit to protecting the future of your business from the massive costs associated with the universal and industry-specific perils that may befall your sports complex.
You may be able to handle the relatively minor costs that arise from smaller-scale mishaps like a broken piece of equipment in-house, but would your business survive if it suddenly had the massive repair bills you could expect after an act of nature like a wildfire, serious flood, hurricane, or earthquake?
If your AK sports facility fell victim to (cyber) theft or extensive vandalism, would you be prepared for the financial fallout? Have you consider what would happen if an athlete were to become injured because or negligent maintenance of your equipment, or if an employee were to get hurt on the job?
Armed with comprehensive Alaska indoor sports complex insurance coverage, these otherwise ruinous perils are reduced to challenges that can be overcome - allowing your facility to repair, rebuild, or recover so that it can thrive once again.
Although not every insurance option on the market is legally mandated, choosing to go above and beyond can make the difference between continued success and bankruptcy.
What Type Of Insurance Do Alaska Indoor Sports Complexes Need?
There is no one-size-fits-all answer to this question, as each individual indoor sports complex is unique. Your location influences your insurance needs both because it determines what kinds of coverage are obligatory and because each location has unique environmental vulnerabilities.
The size and scope of your sports complex, your number of employees, and even the materials your building was constructed from play a role, as well. A commercial insurance agent who is deeply familiar with the needs of athletic facilities is best equipped to help you assess your risk profile and get you set up with the coverage that optimally protects your business.
Having said that, types of Alaska indoor sports complex insurance needed include:
- Commercial Property - If your facility is struck by an act of nature, theft, or vandalism, this type of insurance covers the costs that arise from property damage or loss. Both your building and its contents are protected.
- Commercial General Liability - This kind of Alaska indoor sports complex insurance has your back if a third party were to file a bodily injury or property damage claim against your sports complex. It only covers perils that could happen nearly anywhere, however - such as an employee damaging a member's vehicle accidentally, or a vendor tripping over an improperly maintained floor. In these cases, it covers your legal costs and settlement expenses.
- Athletic Participation - Because sports events are excluded from general liability policies, indoor sports complexes will also need athletic participation insurance to cover cases in which athletes suffer injuries for which you could be held liable as they are engaged in sports.
- Workers'\ Compensation - This form of insurance protects you if an employee were to sustain a workplace injury, namely by paying for their medical costs as well as any wages they lose as they recover from their injury.
These important examples of Alaska indoor sports complex insurance coverage will go a long way toward protecting any facility, but you may require other types of coverage as well. Commercial auto insurance and cyber insurance, which protects your digital assets, are just two.
This is why consulting a commercial insurance agent, who can offer guidance based on your individual circumstances, is so important.
AK Indoor Sports Complex's Risks & Exposures
Premises liability exposure is high due to the large numbers of visitors on premises and the strong emotions that can arise between rival fans during sporting events. Public and life safety code compliance is very important. Good housekeeping is critical to preventing trips, slips, and falls. Floor coverings must be in good condition.
Adequate lighting, marking of exits and egress are mandatory. Steps must have handrails, be well-lit, marked, and in good maintenance and repair. Parking areas should be maintained free of snow and ice.
Security at events, in the building, corridors, and any owned parking area, needs to be carefully checked and reviewed. Disaster plans, including terrorist attacks, must be in place and practice drills conducted for employees. The sports complex may present an attractive nuisance hazard when not in use.
There must be adequate security to prevent unauthorized entry to children, vandals, or would-be terrorists. Personal injury losses may occur due to alleged wrongful removal, invasion of privacy, or discrimination. Contracts with suppliers, vendors, event planners and performers must be clear as to all responsibilities.
Liquor liability exposure can be quite extensive at a sporting event if employees are not properly trained to recognize the effects of excessive alcohol consumption. Procedures must be in place for checking IDs and refusing to serve underage or intoxicated individuals. There should be a "cut-off" time well before the end of the game or activity to prevent visitors from excessive alcohol consumption prior to driving home.
Products liability exposures can be high if the complex operates the restaurants or snack bars. Employees should be trained in the proper handling of consumables to prevent foreign objects in food, food poisoning, or the spread of other transmissible diseases. Other product liability exposures can arise from retail shops. If these are contracted out, the complex should verify that the operators have adequate liability coverage.
Workers compensation exposure can be very high. Employees who set up, build, or transport stage settings, equipment, lighting, and scenery may be injured by cuts, puncture wounds, electrical shocks and burns, slips and falls, or back injuries, hernias, strains, or sprains from lifting or working from awkward positions.
Stage and lighting setup may involve aboveground exposures that need additional protection and precautions to avoid falling from heights or being hit by falling objects. Hawkers, peddlers, and vendors employed by the facility to sell wares in the stands have high potential to slip and fall due to limited visibility as they ascend and descend steps carrying items to sell.
Ongoing exposure to noise levels can result in hearing impairment. Food preparation operations can result in cuts, scrapes, and burns. Cleaning and maintenance operations can result in lung, eye or skin irritations and reactions.
Adequate security and training must be provided to employees handling money in ticket booths, gift shops, and concession stands to reduce the possibility of injury due to holdups. Security personnel should be trained to deal with both holdups and unruly patrons.
Property exposure is high due to the extensive wiring for lighting, sound systems, and other electronic equipment. Event sponsors and performers will often bring their own equipment that must be fitted into the electrical system provided by the sports complex. Wiring must be in good repair, adequate for the equipment used, and meet all current building standards.
Circuit breakers and/or fuses must not be able to be overridden. Stage preparations such as building, painting, or gluing scenery or displays that use wood, plastic, or flammables will contribute to the fire load. These operations must be properly controlled, with all flammables stored in approved containers and cabinets.
If food preparation is done on premises, such as in concession stands, all cooking equipment must be properly controlled. Smoking should be prohibited throughout the facility.
Sports complexes may be a target for vandalism. Business income loss potential may be high following a direct damage loss due to the unavailability of backup facilities.
Equipment breakdown exposure may be high due to the heating and air conditioning systems, cooking equipment, hot water systems, electrical control panels, and lighting and sound equipment used for special events. Breakdown and loss of use could result in significant loss, both direct and under time element, if replacements parts are unavailable or repair time is lengthy.
Crime exposure is from employee dishonesty and money and securities. Employee dishonesty coverage should be extended to include volunteers. Background checks should be conducted on all employees and volunteers handling money. Employees who oversee ordering must not be the same who handle disbursements and billings. Frequent inventories and audits must be conducted for adequate monitoring.
If tickets are sold at the complex, a significant amount of cash may accumulate. Cashiers' drawers should be kept stripped with regular deposits made throughout the day. There should be a centrally located, locked cash room with a guard on hand to protect the employees and money.
All monies should be double counted and balanced with cashier balance sheets. All cashiers must be held accountable for shortages.
Inland marine exposures include accounts receivable if customers are billed for services, audio-visual equipment, computers, contractors' equipment used for maintenance, and valuable papers and records for contracts with suppliers and vendors.
Values can be high with the wide variety of equipment for sports, sound, lighting, and diverse types of scenery and displays. Owned equipment taken off premises may be stolen or damaged during transit.
If the complex assumes responsibility for the musical instruments, computers, equipment or other property of entertainers or other occupants while on the premises, bailees customers coverage should also be considered. Duplicates of records should be made and stored off-site for easy restoration.
Commercial auto exposure is normally limited to hired non-owned for employees running errands. If there is transportation of athletes, guests, performers, officials, or visitors, the exposure increases. If there are owned vehicles, they must be maintained on a regular basis with all service documented. All drivers must be properly licensed and have acceptable MVRs.
Alaska Indoor Sports Complex Insurance - The Bottom Line
To get more information about the types of Alaska indoor sports complex insurance policies you'll need, and how much coverage will cost - speak with a reputable agent that is experienced in commercial insurance.
Alaska Economic Data, Regulations And Limits On Commercial Insurance
If you're an entrepreneur who is thinking about starting a business in Alaska, it's important to have a basic understanding of the state's overall economy before you set up shop. Regardless of how high-quality the products and services you are planning on offering may be, if the location where you open your organization doesn't offer a target market that your products and services will appeal to, chances of success are slim. Furthermore, if a workforce isn't available to support your business, you'll have a hard time staying afloat.
With that said, it's important for business-minded individuals who are thinking about starting a company in Alaska to familiarize themselves with the state's economy; it's also a good idea to have an understanding of the commercial insurance requirements.
Following is an overview of economic trends and commercial insurance policies that business owners are required to carry in The Last Frontier.
Economic Trends For Business Owners In Alaska
According to the Bureau of Labor Statistics, the unemployment rate in Alaska was 6.1% in December of 2019. While that's significantly higher than the national unemployment rate, which was 3.4% in December, 2019, it's lower than it was one year prior, when the rate of unemployment was 6.5% in December of 2018. Though the workforce is growing slower than it is in other states, economists do predict that the rate will continue to decline in the coming years.
Despite Alaska's remoteness and cold climate, it's actually a great start to start a business. According to the Tax Foundation, Alaska is the second most tax-friendly state for business owners in the United States, as there's no individual income tax or state sales tax. Additionally, Alaska has the second highest rate of new business owners, as well as the second highest percentage of available employees (as per 2016).
As in most states, the best spots to start a business in Alaska are the state's biggest cities and the surrounding areas. This includes Anchorage, Juneau, and Fairbanks. Other key areas that are seeing a boost in business development in recent years include Homer, Sitka, Prudhoe Bay, and Ketchikan.
While there are several industries that are experiencing growth in The Last Frontier, specific sectors thrive more than others. Businesses that are related to the following industries are booming in AK:
- Fishing, which is also one of the largest contributors to the state's economy.
- Mining, which provides more than 4,500 jobs in Alaska.
- Petroleum, which is responsible for 34% of jobs in the state. In fact, Prudhoe Bay is North America's largest oil field.
- Tourism is the second largest private sector employer in the state. Each year, millions of people from around the globe travel to Alaska to marvel at the numerous natural wonders that can be found here.
Commercial Insurance Requirements In Alaska
The Alaska Division of Insurance regulates insurance in AK. Alaska mandates very few forms of insurance coverage by law. They enforce worker's compensation.
Alaska requires you to have worker's compensation insurance if you hire even one employee on a regular basis. This includes part-time employees, family members, minors, and immigrant employees. It is not required for independent contractors or domestic employees, though you should check to make sure any contractors you have are true contractors, and not employees.
Alaska also requires all business-owned vehicles to be covered by commercial auto insurance. Other types of business insurance that business owners should carry depend on the specific industry.
Additional Resources For Arts & Recreation Insurance
Read up on small business arts and recreation commercial insurance.
- Amusement Parks
- Archery Ranges
- Athletic Fields
- Billiard And Pool Halls
- Bowling Alleys
- Cave Tours
- Dance Studio
- Disc Jockey DJ
- Drive-In Theaters
- Entertainers And Performers
- Event Planning
- Fairs And Fairgrounds
- Film Production
- Fine Art
- Guides & Outfitters
- Handball & Racquetball Courts
- Horse & Dog Racetracks
- Indoor Sports Complexes
- Interior Decorator
- Interior Design
- Motorsports Racetracks
- Photo Booth
- Recording Studio
- Recreation Centers
- Riding Stables
- Roller Sakting Rinks
- Shooting Ranges
- Skeet & Trap Shooting Ranges
- Ski Resorts
- Talent Agency
- Tennis Centers
- Video Arcades
- Wedding And Special Event
Commercial insurance policies for arts, entertainment and recreation are specialized policies that protect against the unique risks that arts and recreation businesses face.
Performing artists and companies, entertainers including musical groups, theatre groups, comedians and more, writers, performers, photographers, videographers, DJ's and so many other types.
Professional liability coverage (errors and omissions) is needed in these cases to protect their financial interests due to mistakes, errors or omissions by these professionals in doing their jobs. Fr example - a bride and groom did not like the way their wedding photos turned out.
Or a wedding planner might plan a lavish wedding, but the bride's parents who are paying for it did not like the way it went. There is a lot of gray areas with arts, and you need to be protected if your clients don't agree with you that your work was what the agreed to.
If your business is involved with children, you need to review your coverages very carefully so certain important protections are not excluded. Abuse and molestation insurance might be needed to fully protect yourself in this instance.
Minimum recommended small business insurance coverage: Business Income with Extra Expense, Employee Dishonesty, Money and Securities, Accounts Receivable, Commercial Articles Floater, Computers, Valuable Papers and Records, General Liability, Employee Benefits Liability, Umbrella Liability, Hired and Non-owned Auto Liability & Workers Compensation.
Other commercial insurance policies to consider: Building, Bailees Customers Floater, Money and Securities, Cyber Liability, Employment-related Practices Liability, Business Auto Liability and Physical Damage and Stop Gap Liability.
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Also find AK local small businesses by General Liability Class Code and learn about Alaska small business insurance requirements for general liability, business property, commercial auto & workers compensation including AK business insurance costs. Call us (907) 531-9001.