Amusement Park Insurance North Dakota Policy Information
Amusement Park Insurance North Dakota. Amusement parks - with famous offerings like Ferris wheels, carousels, roller coasters, and other mechanical rides - have existed since the industrial revolution.
Amusement parks or centers are stationary facilities designed for recreational purposes. The park and its attractions may be centered on a theme, such as a cartoon or a toy.
The park may have stands, bleachers, or stadiums for shows and concerts, family or thrill rides, game arcades, exhibits or museums, swimming, boating, or other water activities, camping, lodging, gift shops, or eating facilities.
Guests' admission fees may cover all events, or guests may pay on a per-event basis. Season tickets may be available.
Today's ND amusement parks are sprawling hubs of entertainment that typically feature multiple restaurants and cafes as well as fun activities for visitors of all ages. The thrills found in an amusement park might offer visitors a much-needed Adrenalin boost, but they are, as a result of technological innovation and numerous safety protocols, extremely safe.
That does not mean that nothing can go wrong in an amusement park, however. All business owners have to take the reality that the company they worked so hard to build and grow is always threatened by a spectrum of risks and uncertainties into account, and take proactive steps to protect their assets.
Investing in the right insurance program is a crucial part of that. What types of amusement park insurance North Dakota are needed? This short guide offers handy pointers.
Amusement park insurance North Dakota protects recreation operations from lawsuits with rates as low as $97/mo. Get a fast quote and your certificate of insurance now.
Why Do North Dakota Amusement Parks Need Insurance?
People visit amusement parks to get a well-deserved and enjoyable break from their work and study, but like other businesses, amusement parks face numerous risks. Some of the perils they could come face to face with could befall any commercial venture, while others are unique to this particular field of commerce.
Your ND facility could suffer severe damage after an act of nature - such as an earthquake, a hurricane, or a serious flood - comes its way, for example. Theft and vandalism can be minor and easily manageable, but in some instances these criminal acts can have devastating consequences.
An employee might be injured while performing maintenance on your specialized equipment, or a visitor could get hurt after a ride malfunctions. Any third party, such as a vendor or service contractor, could file a lawsuit against your company.
These examples of costly perils do not constitute a complete list of the risks an amusement park might face, but they do demonstrate why it is so important to arm yourself with a thorough insurance plan that covers all eventualities.
Without the right insurance, after all, an amusement park would be left to shoulder the financial burden of these and other hazards on its own, something that could have catastrophic financial consequences.
Carrying the correct amusement park insurance North Dakota coverage offers your company the chance to recover much more quickly.
What Type Of Insurance Do ND Amusement Parks Need?
Amusement parks will need to carry multiple types of insurance to protect their business from all major threats. The precise types of coverage you need are influenced by factors as varied as the location of the amusement park, its size, the types of rides and other amenities it offers, and its number of employees.
Because the risks an amusement park faces are multifaceted, it is essential to consult an experienced commercial insurance broker who understands this niche. With that in mind, some of the types of amusement park insurance North Dakota coverage that are most important include:
- Commercial Property: This crucial kind of insurance exists to help you minimize the financial damage associated with perils such as acts of nature, theft, and vandalism, which cause damage to your physical assets. It covers outdoor assets of the kind that will make up the bulk of amusement park property as well.
- Commercial General Liability: In the event that a third party files a lawsuit alleging that your company is responsible for the damage of their property or any injuries they sustained while on your premises, general liability insurance for businesses covers a portion of the legal costs that follow. Amusement parks may further consider excess liability policies, which cover costs that general liability insurance does not.
- Workers Compensation: This type of amusement park insurance North Dakota covers the medical bills and any lost income for employees, but not contractors, who suffer work-related injuries. In doing so, it further protects your company from liability.
- Business Interruption: If a peril covered by this type of policy causes you to temporarily close your business to the public, it will replace anticipated lost revenue as well as covering the costs of wages for your employees.
It is important to note that other kinds of amusement park insurance North Dakota coverage may be needed - to optimally protect financial interests. To discover more, you are advised to speak to a commercial insurance agent who is familiar with recreation insurance.
ND Amusement Park's Risks & Exposures
Premises liability exposure is high due to the large number of visitors to the premises. Public and life safety code compliance is very important. The numbers and type of rides and their potential to injure, maim or cause death must be thoroughly reviewed. Great care must be given to the setup, operation, maintenance, and condition of rides, with adequate security and safety provided for patrons.
The amusement park must have appropriate permits from the state. The integrity of the ride operators is a key concern as inattentiveness can result in injury or death to patrons. Age, height, weight, and health restrictions on rides must be followed. 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 should have handrails, be well lit, marked, and in good maintenance and repair. Temporary stages may collapse. Parking must be appropriate for the type of amusement park. Security at the facility, in buildings, corridors, and parking areas, needs to be carefully reviewed.
There should be an evacuation plan for emergencies. Lodging, camping, and other sleeping facilities present significant loss potential. The amusement park may present an attractive nuisance hazard when not in use.
There must be adequate security to prevent acts of theft or crime against guests or unauthorized entry to children, vandals, or would-be terrorists. Personal injury losses may occur due to alleged wrongful removal, invasion of privacy, or discrimination.
Products liability exposure can be high if there are restaurants on premises due to the potential for food poisoning from inadequate food storage, handling, and cooking procedures. Foreign objects in food may result in choking or illness. There may be some exposure from souvenirs or other retail items, especially if those souvenirs are designed for children.
Workers compensation exposure is high. Workers who set up, build, or transport stage settings, equipment, lighting, and scenery or who repair and maintain machinery and equipment can suffer cuts, puncture wounds, electrical shocks and burns, slips and falls, back or lifting injuries, hernia, sprains, strains, and amputations. If any work is done above ground using lifting devices, falls can result.
Workers who handle rides or work in restaurants or gift shops may be injured by patrons. Animals used in performances or petting zoos can spread disease, bite, scratch, or kick workers. Groundskeepers may be exposed to chemical applications of herbicides and pesticides.
Cleaning operations can result in lung, eye or skin irritations and reactions. Workers who handle money may be held up. Security personnel should be trained to deal with both holdups and unruly patrons.
Property exposure is substantial as most amusement park operations require expensive machinery and equipment to run rides, lighting, and sound systems. The electrical system must be in good repair, adequate for the equipment used, and meet all current standards. There must be circuit breakers and/or fuse boxes that cannot be overridden. All buildings and equipment should be grounded to prevent damage from lightning strikes.
Event preparations such as building, painting, or gluing scenery or displays that use wood, plastic, or flammables will contribute to the fire load. Flammable fuels, paints, and varnishes must be stored in approved containers and cabinets. Welding and soldering must be done in a safe environment away from flammables.
If food preparation is done on premises, all cooking equipment must be properly controlled. If there is an off-season, the amusement park may be a target for vandalism. A watchperson service should be provided or a caretaker should be on premises every day.
Wind and other natural elements can severely affect large outdoor rides, stages, and exhibits. Business income and extra expense exposure is substantial because of the unavailability of backup facilities and possible seasonality of operations.
Equipment breakdown exposure is high, particularly if the amusement park operates on a seasonal basis. Damage to a key attraction that cannot be repaired quickly due to limited availability of parts may result in a substantial loss. All equipment must be maintained in good condition and documented.
Crime exposure is from employee dishonesty and money and securities. Background checks should be conducted on all employees. Employees should be checked when they leave after their shifts to prevent inventory theft. All financial duties should be separated and reconciled regularly.
Cash may be collected for parking, admission, gift shop, food, and vending operations. All money must be counted by more than one employee and deposited by another. There should be a monitoring device to match ticket sales to cash. Cashiers' monies should be stripped regularly and deposited to prevent a large buildup of cash.
Inland marine exposures include accounts receivable if the park bills for services, bailees customers for items of others on exhibit, computers (which may include computer-run rides or machinery), contractors' equipment for machinery used to maintain the premises, and valuable papers and records for maintenance, suppliers', and vendors' information. Accounts receivables are extensive due to rentals and concessionaire activity. There may be mobile equipment, musical instruments, or theatrical property.
Business auto exposure may be relatively minor if only service vehicles are used. If patrons, customers, visitors, employees or others are transported, the exposure increases. Often buses, shuttles, or other transportation are available within the park. If lodging is available, limos and other airport transport may be offered.
Hands-free two-way communication devices should be used to track vehicle locations. Any driver should have an appropriate driver's license and acceptable MVR. All vehicles must be maintained on an ongoing basis with records kept in a central location. Valet services present garagekeepers exposures for damages to guests' vehicles.
Amusement Park Insurance North Dakota - The Bottom Line
For the safety of your patrons, employees, and your livelihood, having the right amusement park insurance North Dakota coverage is essential. To find out what types of options are available to you, how much coverage you should invest in, and how much your coverage will cost, speak to a reputable business insurance broker.
North Dakota Economic Data, Regulations And Limits On Commercial Insurance
Are you an entrepreneur? Are you thinking about launching a start-up business in North Dakota, or are you thinking about expanding an already existing business to the state?
If so, it's important to consider the economic trends and the commercial insurance requirements of the Peace Garden State.
Understanding the economic trends of state is crucial for business owners because this information indicates whether or not the climate is favorable for success.
Being aware of the commercial insurance policies that the state mandates is also important so that you know what types of coverage you need to invest in order to properly protect your venture and ensure you are complaint with the law.
Below, we offer an overview of these two critical factors for related to the state of North Dakota.
Economic Trends For Business Owners In North Dakota
Unemployment rate is a strong indicator of a state's economy. The lower the rate, the more people are employed, and that information is directly related to the success businesses are experiencing in the state.
In December of 2019, the Bureau of Labor Statistics reported that the unemployment rate in the Peace Garden State was 2.4%, which was 1.1% below the national average of 3.5%. This statistic indicates that North Dakota offers a favorable economy for prospective business owners who are thinking about establishing operations in the state.
Additionally, the state is tax-friendly, offers a healthy quality of life, and has a healthy startup environment, making it an ideal location for entrepreneurs.
As in most states, the areas where entrepreneurs can expect to see the most success in the North Dakota are urban locations and the suburbs that surround them. These areas offer access to more regional markets, provide larger markets, and offers a more diverse (both in numbers and qualifications) workforce.
As such, the best locations to start a business in ND include:
- Grand Forks
- West Fargo
Organizations in numerous sectors can expect to see success in this state, as there are several industries that are thriving in North Dakota. The top industries include:
- Hospitality and tourism
- Retail and wholesale distribution
Commercial Insurance Requirements In North Dakota
The North Dakota Insurance Department regulates insurance in ND. North Dakota mandates very few forms of insurance coverage by law. They enforce worker's compensation.
North Dakota 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.
North Dakota 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 ND local small businesses by General Liability Class Code and learn about North Dakota small business insurance requirements for general liability, business property, commercial auto & workers compensation including ND business insurance costs. Call us (701) 540-5400.