Horse And Dog Racetrack Insurance Maryland Policy Information
Horse And Dog Racetrack Insurance Maryland. Greyhound (dog) racing and horse racing are two extraordinary competitive sports that simultaneously offer a popular pastime for people who like a gamble.
Horse or dog racetracks are designed for competitive races of animals. The racetrack may be open-air or covered. Seating is generally stadium-style or in bleachers, although some permit visitors to stand directly outside the track perimeter.
A stage may be added to the field accommodate concerts or speakers. Operations generally include betting that is regulated by the state where the racetrack is located. Racetracks usually have restaurants and bars to encourage patrons to stay and enjoy an afternoon or evening.
There may also be gift shops, locker rooms for jockeys, and stables or kennels for boarding animals. Racetracks can often hold hundreds or thousands of patrons.
While greyhounds compete in dog racing, motivated by a fast-paced lure, preparing the dogs for races is a full-time profession for their trainers. Horse racing, meanwhile, relies on the jockeys as well as the horses being in top shape.
In both cases, the competing athletes have the aim of being the fastest and first to reach the finish line, while racing around elliptical race tracks.
So much attention is paid to dog and horse racing that it is easy to forget about the race tracks themselves - but owning and running greyhound or equestrian race tracks is no easy task.
The presence of large numbers of spectators as well as valuable animals highlights just two kinds of risks a horse or dog race track might be faced with.
What types of horse and dog racetrack insurance Maryland might these animal tracks need to protect their financial health even if they are impacted by a serious peril? Get more information in this brief guide.
Horse and dog racetrack insurance Maryland protects animal tracks and operations from lawsuits with rates as low as $87/mo. Get a fast quote and your certificate of insurance now.
Why Do Maryland Horse And Dog Racetracks Need Insurance?
As is the case for any other commercial venture, horse and dog race tracks have to take a multitude of hazards into consideration.
While management will do everything in its power to take precautions to minimize the risks, horse and dog racing tracks may still fall victim to universal as well as industry-specific perils.
A MD horse or dog racing track could, for example, be impacted by an act of nature - like an earthquake or a wildfire. Nothing can be done to prevent natural disasters, and business owners cannot do much to reduce the risk of severe damage, either.
Criminal acts like (cyber) theft and vandalism, which in its most severe form includes arson, are other realistic threats. On the more mundane side, expensive equipment essential to the operation of your races may suddenly break down and require urgent repair or replacement.
Liability risks fall into a whole category of their own, and almost anyone could sue a horse or dog racing track for almost any reason. An employee might become injured at work. A third party might make an allegation that a race you hosted was rigged. Animals and jockeys may sustain traumas, followed by claims that faulty track maintenance played a role.
Comprehensive horse and dog racetrack insurance Maryland may not cover all the costs associated with these and other perils, but it will certainly greatly reduce your financial burden, thus offering you a chance to recover from the disaster more quickly and successfully.
What Type Of Insurance Do MD Horse And Dog Racetracks Need?
Your specific insurance needs do not only depend on whether you own and run a dog or a horse racing track, but also on factors such as the size and capacity of your facility, your amenities, and your number of employees.
The location of your MD race track is also important, not just because required insure types vary from one jurisdiction to the next, but also due to climate and terrain.
Because there is no such thing as a ready-made insurance plan that meets the needs of all businesses, you are advised to talk to a commercial insurance broker familiar with your branch of commerce. With that in mind, some of the more important kinds of horse and dog racetrack insurance Maryland that are important:
- Commercial Property: This form of coverage protects your property - meaning your physical structure, outdoor assets, and smaller assets such as seating and computers - in the event that it is affected by perils such as fire, theft, or vandalism. It will cover a significant portion of your repair and replacement costs.
- Commercial General Liability: If your racing track has to go to court due to a third party property damage or bodily injury claim, this kind of horse and dog racetrack insurance Maryland will help you cover the legal expenses that follow, including medical bills and settlement fees. Horse racing tracks should further be aware that specialized equine liability insurance policies exist, to cover cases where horses are injured on your premises and it is alleged that you were to blame.
- Workers' Compensation: If an employee were to suffer a work-related injury, this type of insurance compensates them for their medical costs as well as any work absences that arise from the injury.
These are just a few examples of the kinds of horse and dog racetrack insurance Maryland policies animals tracks will require to protect their assets from perils. To discover more about your individual needs, consult a commercial insurance agent.
MD Horse And Dog Racetrack's Risks & Exposures
Premises liability exposure is high due to the large numbers of visitors on premises and the presence of animals. The racetrack should meet all public and life safety codes to assure guest safety.
All spectator access must be strictly limited with effective barriers restricting access to the animals. Good housekeeping is critical to preventing trips, slips, and falls. Adequate lighting, marked exits and egress are mandatory.
Steps must have handrails, be well-lit, marked, and in good repair. Parking areas should be well maintained and free of snow and ice. Security at events, as well as in the building, corridors, and any owned parking area needs to be carefully checked and reviewed.
There should be an evacuation plan for emergencies. The racetrack may present an attractive nuisance hazard when not in use. There must be adequate security to prevent unauthorized entry to children, vandals, animal rights protesters, or would-be terrorists.
Contracts with suppliers, vendors, event planners and performers must be clear as to all responsibilities. Personal injury losses may occur due to alleged assault, discrimination, invasion of privacy, or wrongful removal.
Products liability exposure can be high if the racetrack 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 gift shops. If these are contracted out, the racetrack should verify that the operators have adequate liability coverage.
Environmental impairment exposures are high from the possible pollution of air, nearby land or groundwater from the odorous gases and wastes from racing animals. The owner must comply with all applicable federal and state requirements.
Professional exposures may be high if veterinarian or breeding services are offered. High-earning racehorses may be very expensive, resulting in a large loss should an animal be improperly diagnosed or treated. The use or misuse of medications or inoculations can result in an animal becoming ineligible for racing.
Liquor liability exposure can be extensive. All servers must be trained in checking IDs and refusing to serve intoxicated patrons. There should be a "cut-off" time well before the end of the races to prevent visitors from excessive alcohol consumption prior to driving home.
Workers compensation exposure is extensive due to the handling of animals and the large amounts of money that exchange hands. Handling animals can result in workers being kicked, bitten, trampled, stepped on, or exposed to bloodborne pathogens.
Workers can also be exposed to back injuries or a hernia from lifting, foreign objects in the eye, and slips and falls from spills and inadequate housekeeping. Employees may be exposed to noxious odors from animal waste. Food preparation operations can result in cuts, scrapes, and burns.
Grounds maintenance, cleaning, and general maintenance operations can result in lung, eye or skin irritations and reactions. 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 and sprains from lifting or working from awkward positions.
Stage and lighting setup may involve aboveground exposures that need additional protection and precautions to prevent employees from falling and from being hit by falling objects. Hawkers, peddlers, and vendors employed by the racetrack to sell wares in the stands have high potential to falls due to limited visibility as they ascend and descend steps while carrying items to sell.
Adequate security and training must be provided to employees handling money in ticket and betting booths, gift shops, and concession stands to reduce the possibility of injury due to holdups. Security personnel may suffer injury not only from theft but also from unruly patrons.
Property exposures are high. Extensive electrical wiring for lighting, sound systems, and other electronic equipment must be in good repair and adequate for the equipment used. Event performers will often bring their own equipment that must be fitted into the electrical system provided by the racetrack. Circuit breakers and/or fuses must not be able to be overridden.
Hay, straw, or feed in the stables are highly combustible. Electrical fixtures should be dust and moisture proof. Equipment and machinery used for grounds maintenance should be stored in a building separate from the stable. Temperamental actions of animals may result in damage to the building or personal property.
All cooking equipment in restaurants must be properly controlled. Smoking is permitted at most tracks so disposal of cigarettes should be a major concern. Poor housekeeping could contribute significantly to a loss.
Racetracks may be a target for theft and vandalism. Appropriate security controls must be taken including physical barriers such as fences or gates, lighting to deter access to the premises after hours, and an alarm system that reports directly to a central station or the police department.
Business income loss and extra expense may be high due to the unavailability of backup facilities.
Equipment breakdown exposure may be high due to the heating and air conditioning systems, cooking equipment, electrical control panels, and lighting and sound equipment used for racing events. Breakdown and loss of use could result in a 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 are in charge of ordering must not be the same who handle disbursements and billings. Frequent inventories and audits must be conducted for adequate monitoring.
Betting is usually done with cash, which can accumulate quickly. Money should be stripped regularly from cashiers' drawers. All monies should be double counted and balanced, and cashiers must be held accountable for shortages.
There should be a centrally located, locked cash room with a guard on hand to protect the employees and money. The gaming commission of the state monitors any gambling activities extensively due to tax implications.
Inland marine exposures are from accounts receivable if the racetrack bills customers, audio-visual equipment, computers, contractors' equipment, and valuable papers and records for contracts. Duplicates should be kept of all data for easy restoration.
Contractors' equipment will be needed for grounds and building maintenance. Bailees customers coverage may be needed if the racetrack offers coat check or is responsible for jockey gear, the horses or dogs, equipment of the animal owners, or property of visiting entertainers.
Business auto exposure is generally limited to hired non-owned for employees running errands. It there is the transportation of guests, performers, officials, or visitors, or the use of vehicles, the exposure increases.
If there are owned vehicles, they must be maintained on a regular basis with all service documented. MVRs must be ordered regularly on all drivers. If valet service is offered, garagekeepers coverage will be needed.
Horse And Dog Racetrack Insurance Maryland - The Bottom Line
To protect your animal track, employees and spectators, having the right horse and dog racetrack insurance Maryland coverage is essential. To learn what types of coverage options are available to you, how much coverage you should invest in and the related costs - speak to a reputable commercial insurance broker.
Maryland Economic Data And Business Insurance Regulations
Business owners that have their sights set on Maryland should to take a number of factors into consideration before the set up shop; namely, they need to determine if the state offers favorable for business owners in general, as well as their specific industry. After all, it doesn't matter how top-notch the products and services a business offers may be, if the location isn't favorable for the industry - and businesses, in general - the operation is going to have a hard time thriving.
Below, we examine key factors that indicate whether or not Maryland is favorable for business owners. We also look at some of the must-have types of commercial insurance coverage that are required in the state.
Economic Trends For Maryland Business Owners
A state's unemployment rate is key indicator of whether or not the climate is favorable for business operations. As of May, 2019, the unemployment rate in the Old Line State was 3.8 percent; 0.2 percent higher than the national average. In October of 2022, the rate hit a record low of 3.7 percent, so in less than a year, the unemployment rate has increased by .01 percent; a marginal increase. However, there have been gains in recent years; in 2010, the rate was 7.8 percent; that's a 4.0 percent increase in less than a decade.
The best place to start a business in Maryland is in Baltimore, the state's largest city. Suburbs of the city also offer promising conditions for business owners, such as Ellicott City, Columbia, Fulton, Lutherville, and Elkridge.
The state of Maryland offers a friendly culture for business of all shapes and sizes; but, the industries that are see the most success in the Old Line State include:
- BioHealth and Life Sciences
- Advanced manufacturing
- Information technology
- Aerospace and defense
- Financial services
- Energy (specifically green energy)
- Hospitality and tourism
Commercial Insurance Regulations In MD
The Maryland Insurance Administration regulates insurance in Maryland. Commercial insurance is designed to protect business owners from potential perils; it also protects anyone that interacts with a business, including consumers, vendors, and employees. Having the right type of coverage is not only crucial to avoid serious financial devastation in the even that a catastrophe does occur, but certain types of insurance are mandated, meaning business owners must carry specific forms of coverage.
In the state of Maryland, business owners are required to carry workers' compensation insurance, which offers coverage for on-the-job accidents and illnesses that employees sustain, is also required. Other forms of insurance coverage that business owners may need to invest in depend on the specific industry; for example, companies that distribute or sell alcohol will need liquor liability insurance, and businesses that utilize vehicles for business-related operations should carry commercial auto insurance to protect their drivers and other motorists on the road.
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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