Michigan Ballroom Insurance Policy Information
Michigan Ballroom Insurance. Ballrooms - also referred to as dancing halls - were traditionally, of course, used to host balls. In the modern world, ballrooms can still serve this purpose.
They are more likely, however, to host more modern gatherings such as proms, weddings, smaller classical concerts, and even professional conferences. Despite the fact that ballrooms now fulfill a wider variety of functions, they retain the formal and majestic air people expect from them, and will have floors specifically designed to facilitate dancing.
If you own and operate a ballroom, or are considering taking this step, you will want your venue to become one where large gatherings of people can enjoy formal gatherings.
To maintain and expand such a business, it is crucial to consider the multitude of risks a ballroom is vulnerable to, and to implement measures to mitigate the damage such perils could lead to.
Investing in a comprehensive Michigan ballroom insurance plan is an important part of any risk management plan, but what types of coverage might a dancehall need to carry? Discover more in this brief guide.
Michigan ballroom insurance protects your dancehall from lawsuits with rates as low as $47/mo. Get a fast quote and your certificate of insurance now.
Why Do MI Ballrooms Need Insurance?
Like any other business, ballrooms are vulnerable by a wide range of perils. Some of the risks a ballroom can be confronted with are nearly universal in nature, while others are more specific to this particular field of commerce.
Although you can manage smaller mishaps on your own, some events are so catastrophic that they could jeopardize the future of the ballroom. By carrying outstanding insurance, you no longer face these risks alone - but instead share them with your insurance company.
Your MIballroom could be impacted, for example, by acts of nature as varied as earthquakes, wildfires, serious floods, and storms. The resulting damage to your building as well as other physical assets such as antique furniture or sound systems could itself be sufficient to drive you to bankruptcy, but you can further expect costly business interruptions. Theft and vandalism are two additional examples of common perils that may cause extensive damage.
Besides property damage and loss, liability is the other major risk category. An employee may become injured over the course of their job, or a guest might sustain injuries while present on your premises. Even poor marketing decisions have the potential to lead to drawn-out litigation.
Risk and uncertainty may be an integral part of owning a business, but by investing in comprehensive Michigan ballroom insurance, a dancehall will be able to cope with any challenge much more easily.
What Type Of Insurance Do Michigan Ballrooms Need?
The jurisdiction within which your ballroom is located, the nature of the building itself, the types of services you offer, the type of equipment you rely on, and your number of employees are just some of the factors that influence the precise nature of your insurance needs.
Because the process of acquiring appropriate insurance is complex and challenging, it is vital to consult a skilled commercial insurance agent. While every dancehall is unique, you will likely require the following forms of Michigan ballroom insurance coverage:
- Commercial Property - In the event of perils such as acts of nature, theft, vandalism, and accidental fires, commercial property insurance provides coverage for your physical building. Its contents, including lighting, sound systems, furniture, and computers, are also covered under these policies. Note that niche insurance companies may better serve you if you are seeking property insurance for a historic building.
- General Liability - This type of insurance will protect you from the financial consequences of third party bodily injury or property damage claims, by covering your attorney fees and settlement costs. Claims of copyright infringement also fall under general liability insurance.
- Workers Compensation - This form of Michigan ballroom insurance coverage has the dual purpose of protecting your company and your employees; if an employee is injured in the workplace, it covers their medical bills as well as any lost income. Carrying workers' comp insurance further prevents employees from filing lawsuits in the event that they are injured at work.
While the types of Michigan ballroom insurance coverage examine here protect dancehalls from many of the risks they can be exposed to, you may also require additional forms of coverage.
Commercial auto insurance and cyber insurance - which guards you from financial losses resulting from attacks on your electronic data - are just two examples. Only a commercial insurance broker who understand your unique business can offer you individualized guidance.
MI Dancehall's And Ballroom's Risks & Exposures
Premises liability exposure can be significant due to the large numbers of visitors on premises and the potential for slips, trips, and falls while dancing. Public and life safety code compliance is very important. Floor coverings must be in excellent condition.
Adequate lighting, marked exits and egress are mandatory. Steps must have handrails, be well-lit, marked, and in good repair. Parking areas should be maintained free of snow and ice.
Criminal background checks should be conducted for any employee supervising children or youth during dancing classes. The ballroom may have personal injury exposures from discrimination, defamation of character, wrongful eviction, false arrest, or unlawful detention.
Liquor liability exposure can be extensive 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 intoxicates individuals. There should be a "cutoff" time well before the end of the activity to prevent visitors from excessive alcohol consumption prior to driving home.
Products liability exposure can be high if there is a restaurant on premises due to the potential for food poisoning from inadequate food storage, handling, and cooking procedures, or from foreign objects in food.
Workers compensation exposure is generally limited. Instructors may be hit or kicked by inexperienced students or suffer strains as they intervene to protect students from falling during dance classes. If instructors also entertain, they may sustain dance-related injuries such as sprains, slips, or falls.
Maintenance operations may result in lung, eye, or skin irritations from exposure to fumes during the floor refinishing process. Food service employees are exposed to possible burns and kitchen related cuts, slips, and falls.
Employees may be required to work at heights to change lights or to work on overhead equipment. Customers may become unruly and harm employees.
Property exposures are moderate due to electrical wiring for lighting and sound systems and the flammable coatings used to maintain the floors used for dancing. Electrical wiring must be up to code and adequate for operations.
Regular refinishing of the floor is required to maintain a good dancing surface. The refinishing process creates dust and fumes and involves the use of flammable liquids which should be stored away from ignition sources. There should be adequate ventilation during the refinishing operation to prevent the buildup of dust and flammable vapors. If cooking is done on premises, all cooking equipment must be properly controlled.
Crime exposure is from employee dishonesty and money and securities. Background checks should be conducted on all employees handling money. Employees who are in charge of ordering must not be the same who handle disbursements and billings. If there is cash admission or if a restaurant is present, all money should be counted by two employees before moving to a central secured area.
Regular deposits should be made and the number of cashiers should be limited. When tournaments, exhibitions, or other sponsored events occur, cash can increase considerably requiring extra security.
Inland marine exposure is generally limited to valuable papers and records for contracts with students and instructors. There may be accounts receivable if the ballroom bills students for classes, computer coverage for computerized sound and lighting equipment, or a theatrical property floater if a dance group performs offsite.
If the ballroom assumes responsibility for personal property of guests while on the premises, bailees customers coverage should also be considered.
Business auto exposure is normally limited to hired non-owned for employees running errands. If patrons are transported or valet or limo services are provided, all drivers must be properly licensed and have acceptable MVRs. All vehicles must be maintained on an ongoing basis and service documented.
Michigan Ballroom Insurance - The Bottom Line
To learn more about the types of Michigan ballroom insurance policies you'll need and how much coverage will cost, consult with a reputable broker that is experienced in business insurance.
Michigan Economic Data And Business Insurance Requirements
Business owners who are interested in establishing operations Michigan must have a thorough understanding of the state's economy. They should also familiarize themselves with any regulations and limits that state may have in place for commercial insurance.
Any entrepreneur who is thinking about starting a business in the Great Lake State first needs to determine if it's a feasible location for business operations. As such, it's important to have a keen understanding of pertinent details regarding the economy of Michigan, in addition to the types of insurance coverage that are mandatory for corporations that operate within the state.
Economic Trends for Businesses In Michigan
After a long period of stagnant job growth in the early part of the 21st century, MI has been experiencing a steady increase in employment gains. Between 2009 and 2018, the state has enjoyed a period of uninterrupted job growth; the longest stretch of job growth since World War II. According to economists at the University of Michigan. While there has been a slight decline in the rate of job growth, job creation continues and forecasters say will continue for the next two years, into 2021.
In 2018, an estimated 55,200 jobs were created; in 2019, it's expected that 35,800 jobs will be created, and in 2020, economists believe that there will be a total of 39,300 jobs created in Michigan. While that rate of growth is 1.9 percent slower than the job growth rate between 2011 and 2016, it is still a steady increase overall. In total, approximate 683,200 jobs will be created in MI between 2099 and 2020; almost four out of the five jobs that were lost during the early part of the 21st century will be recovered.
While the unemployment rate has steadily improved, it is still above the national average. In March of 2019, the national unemployment rate was 3.8 percent, while in the state of Michigan, it was 4.0 percent. Mid-Michigan has experienced the largest growth rate in the state, and according to forecasters, it looks like that trend will continue, moving forward. Industries that are expected to see the most growth include:
- Energy, due largely to research and development in clean energy
- Food and agriculture
- Transportation and mobility
- Healthcare industry
- Information and technology
In the state of MI, business owners are not legally required to carry liability insurance; but most entrepreneurs opt to invest in a General Liability or Business Owner's Policy (BOP). A commercial auto insurance policy is also required for any businesses that use motor vehicles to conduct any aspect of their business operations. Workers' compensation insurance is also required for any businesses with non-owner employees. While the following forms of coverage are not required, depending on the type of business you operate, they are recommended:
- Data breach insurance
- Business income insurance
- Commercial Umbrella insurance
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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