Alaska Skatepark Insurance Policy Information
Alaska Skatepark Insurance. Commercial skateparks may be indoors or outdoors, and offer a wide variety of different ramps where skaters can practice their sport. Many commercial skateparks, becoming bustling hubs of activity, offer skateboarding lessons as well as hosting competitions.
Skateparks are recreational facilities used by skateboarders, inline skaters, and even BMX bicycles for practice and lessons, competitions, and other events. The parks are constructed of concrete and steel.
Masonite, and/or wood construction includes numerous obstacles including bowls, boxes, pipes, pyramids, rails, ramps, and slalom runs to challenge participants. These facilities may be part of a municipal park department, owned and operated by a non-profit organization, or privately owned.
Skateparks may be located indoors or outdoors. Indoor parks are in large warehouse-type buildings and are usually privately owned. Outdoor parks may be located within an existing park or at a separate location.
Public parks usually do not have attendants or an admission charge. Private skateparks charge admission but are attended and supervised. They may provide lounges or similar facilities for parents to use while waiting for their children.
Equipment is available for sale or rent, lessons are offered, and snack food is sold at both types of facilities.
Although the risks of skateboarding can be reduced through proper technique and the use of protective gear, it is important to remember that skateboarding is generally counted among the so-called "extreme sports" - sports that carry a high risk of injury.
This is just one reason why those who own and run commercial skateparks carefully need to evaluate what kinds of insurance coverage they need to protect their business. Read on to find out what types of Alaska skatepark insurance are needed.
Alaska skatepark insurance protects your facility from lawsuits with rates as low as $97/mo. Get a fast quote and your certificate of insurance now.
Why Do AK Skateparks Need Insurance?
Like all other businesses, commercially-operated skateparks face a multitude of risks - both perils common to all companies and hazards specific to your area of commerce could pose a significant threat to the future of your company. Carrying the appropriate insurance helps skateparks recover from any threats that might come their way.
Customers may sign waivers as they use your skatepark, for instance, but that does not protect your company from liability if someone is injured because of an error in ramp maintenance, or even a slippery floor.
Employees, too, may become injured, holding a commercial skatepark liable in the process. Scenarios directly related to skating are far from the only possible culprits - even an icy parking lot could become a hazard.
AK skateparks are vulnerable to the same threats that pose a risk to any business, too. Acts of nature, like wildfires, earthquakes, or serious floods could render your facility unusable.
This could result not only in costly repair fees, but also revenue lost to business interruptions. Theft and vandalism are two further examples of risks any business has to contend with.
For a skatepark that does not carry the right insurance, any of these perils could be catastrophic and potentially bankrupting. Armed with rock-solid coverage, however, these threats can be overcome.
Investing in the right Alaska skatepark insurance is, therefore, the same as investing in the future of your business.
What Type Of Insurance Do Alaska Skateparks Need?
The modern insurance market offers numerous different kinds of policies that can protect businesses from almost any peril they may face. The exact types of insurance a commercial skateboard will need are influenced by factors that include the types of ramps it uses, its location, whether it is indoor or outdoor, and how many employees it has.
Partnering with a commercial insurance broker is the most effective way to make sure that your company obtains the Alaska skatepark insurance that will best protect it. Having said that, skateparks will unquestionably need:
- Commercial Property - This essential form of insurance exists to protect your company's financial health in the event that your facility is affected by perils that include acts of nature, theft, and vandalism. It can cover not just your physical building - if you have one - but also its contents, such as ramps, and outdoor assets.
- Commercial General Liability - This type of Alaska skatepark insurance protects your financial interests in the event that a third party sues your company claiming that you are responsible for bodily injury or property damage, such as a customer who broke a bone while skating at your facility. This form of insurance helps you pay for your attorney fees in these cases, but also covers settlement payouts.
- Workers' Compensation - In any field of commerce, employees can be injured at work - and skateparks are no exception. If your company is, in any way, responsible for the circumstances that caused the injury, you can be held responsible for the costs that follow. Workers comp protects you from this, by covering an injured employee's medical costs as well as any wages they may lose to related work absences.
Those who own and operate commercial skateparks in AK should bear in mind that their individual business may have insurance needs beyond these types. Any company that uses vehicles for commercial purposes should carry commercial auto insurance, for example, and skateparks may also want to consider business interruption insurance.
To find out what Alaska skatepark insurance options are best for your company, talk to a commercial insurance agent.
AK Skateparks' Risks & Exposures
Premises liability exposures are significant due to the number of visitors to the premises and the type of operation. Skateparks are designed for exciting tricks and maneuvers that can be very dangerous to participants. Skate guards should be present to enforce posted rules.
Waivers should be signed by participants or parents of minors acknowledging the risk of the activities and kept on file. Knee, elbow and wrist guards, and helmets should be required for all participants. The chance of serious injury increases when a participant becomes airborne, making open pipes particularly dangerous.
Congestion should be controlled, markings should be clear and rules posted and enforced. Parks that permit BMX bikes in addition to skating have an increased exposure because of the greater possibility of injury and damage should a bike hit a person.
Spectators should be separated from skateboarding and bike areas to prevent injury should a skateboard, bike, or participant become airborne.
Skateboard areas should be regularly checked to identify and repair any open gaps or uneven seams in surfaces. Parking areas should be well maintained and free of snow and ice. The park may present an attractive nuisance hazard when not in use.
There must be adequate security to prevent unauthorized entry. The rink may have personal injury exposures from discrimination, defamation of character, wrongful eviction, false arrest, or unlawful detention.
Product liability exposures are from sales of skateboards and related equipment, food, and drink. Inadequate equipment repair can result in injury to participants.
Workers compensation exposures are based on the type of equipment in the skatepark. Employees can suffer strains and falls or collide with customers, airborne skateboards, bikes, or stationary objects.
Some equipment may require employees to work in awkward positions or work at heights or elevations. Employees may be required to work at heights to change lights or to work on overhead equipment at an indoor facility.
If skateboarding lessons are given, employees may be injured while providing the lessons. Snack bar employees are exposed to burns and kitchen related cuts, slips, and falls. Maintenance operations may result in lung, eye or skin irritations, and reactions during refinishing processes.
Property exposures are very limited at an outdoor facility as most of the property is made of concrete, steel or masonite and is not susceptible to damage. Indoor facilities located inside large warehouse buildings are susceptible to roof collapse if the large roof expanse has inadequate support.
At indoor facilities, there may be extensive lighting or sound systems. Electrical wiring must be in good repair and adequate to support operations. Cooking exposures are usually light. If cooking involves more than popcorn makers or pizza ovens, all cooking equipment must be properly controlled.
Skates, skateboards, and other equipment may be targets for theft. Skateparks may be a target for vandalism. Business income loss potential may be high if backup facilities are not available.
Crime exposures include employee dishonesty and money and securities. Background checks should be conducted on all employees handling money. As admissions may be paid in cash, cashiers' drawers should be kept stripped with regular deposits made.
Money should never be left on premises overnight. When tournaments, exhibitions, games or other sponsored events occur, cash can increase considerably requiring extra security.
Inland marine exposures are very limited. If the rink assumes responsibility for the equipment or other personal property of guests while on the premises, bailees customers coverage should be considered. There may be off site exposures if the rink sponsors teams for competitive events.
Commercial auto exposures are generally limited to hired and non-owned for employees running errands. 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.
If the skatepark sponsors a traveling team and provides team transportation, the vehicle driver should not be one of the team members.
Alaska Skatepark Insurance - The Bottom Line
To find out more about the specific types of Alaska skatepark insurance policies you'll need and how much coverage you should carry, consult with a reputable broker 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 Alaska insurance agents & brokers 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.