Ski Resort Insurance Montana Policy Information
Ski Resort Insurance Montana. Eager winter-sport enthusiasts flock to ski resorts in large numbers every year. These self-contained facilities meet all their guests needs during their stay.
Ski operations are designed to provide recreational downhill or cross-country skiing experiences to their patrons. 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. The resort may offer lodging as well.
The financial condition of the operation should be considered because of the potential for high swings in profitability due to weather conditions.
Visitors can enjoy skiing, snowboarding, and other winter sports while staying at a cozy lodge, of course, but also often cinemas, theaters, swimming, and hot tubs. In addition, ski resorts rely on valuable equipment such as ski lifts, and will have top-notch first aid facilities.
While there is no question that owning and managing a MT ski resort can be a profitable and exciting endeavor, it is equally clear that the unpredictable mountainous terrain and inexperience of many guests poses some unique hazards, as well.
This is why it is essential for ski resorts to protect themselves from a multitude of unforeseen circumstances, by arming themselves with top-quality insurance. What types of ski resort insurance Montana policies might be needed? Find out more here.
Ski resort insurance Montana protects recreational downhill or cross-country skiing operations from lawsuits with rates as low as $87/mo. Get a fast quote and your certificate of insurance now.
Why Do Montana Ski Resorts Need Insurance?
Like any other commercial venture, ski resorts are vulnerable to a variety of risks. Some of the perils a ski resort may be confronted with are of such a universal nature that they could strike any business, regardless of their branch of commerce. Others are more industry-specific.
Nothing can prevent an act of nature, such as an earthquake or severe ice storm, for example - and such events could cause disastrous property damage that results in ever-increasing costs as it simultaneously disrupts your business.
Theft, including of digital assets such as customers' credit card data, and vandalism are two further examples of serious perils that could impact a MT ski resort.
A guest could file a lawsuit after they are injured within the resort as well, alleging that something a ski resort did, or failed to do, was responsible. Employees, too, may sustain work-related injuries.
These and other perils easily result in costs of such a magnitude that they threaten the future of a ski resort.
Thankfully, a whole industry exists to help businesses recover from severe setbacks that they could not manage on their own - by investing in solid ski resort insurance Montana coverage, a skiing operation can focus on providing their guests with an amazing experience, knowing that their insurance has their back if the worst were to happen.
What Type Of Insurance Do MT Ski Resorts Need?
Every ski resort is different. The location, the characteristics of the surrounding terrain, their amenities, and their capacity are just some examples of factors that make a ski resort unique, and these same variables also influence the precise types of coverage a ski resort will need.
That is why it is so important to consult a seasoned commercial insurance broker who is deeply familiar with your field as well as your individual business. Some key examples of the kinds of ski resort insurance Montana that should be considered, meanwhile, are:
- Commercial Property: If an event beyond your control, such as an act of nature, vandalism, or theft, causes property damage or loss, this type of insurance helps cover the resulting costs. Keep in mind that these policies do not only insure your physical buildings, but also outdoor assets and smaller physical assets such as furniture and computers.
- General Liability: This kind of insurance provides coverage in case of third party bodily injury and property damage claims. It covers attorney fees as well as settlement costs and other legal expenses.
- Environmental Liability: Also known as pollution insurance, this type of ski resort insurance Montana coverage protects you in the event of allegations that your ski resort caused harm to the environment. Such claims easily become drawn-out and costly, and given the increased use of snow cannons by ski resorts, is especially important for this branch of commerce.
- Equipment Breakdown: Should a crucial and costly piece of equipment break down and require repair or replacement, this type of insurance will help you cover the costs.
- Workers Compensation: This form of coverage protects both employees and employers. If an employee is injured at work, their medical bills and any lost income are reimbursed. In the process, the employer is protected from related litigation.
While these forms of insurance will go a long way toward protecting your business, keep in mind that other kinds of ski resort insurance Montana coverage may be needed as well. To find out more, talk to a commercial insurance agent.
MT Ski Resort's Risks & Exposures
Premises liability exposure is high due to the number of guests on premises and the type of operation. The operation should meet all life safety codes to assure guest safety. To prevent trips, slips, and falls, the lodge must be well maintained with floor covering in good condition. The number of exits must be sufficient and well marked, with backup lighting in case of power failure.
Stairways, elevators, railings, and floor coverings should be in good condition. Exits should be clearly marked and free of obstacles. Adequate lighting should be available in the event of a power outage. Parking lots and sidewalks need to be in good repair with snow and ice removed promptly.
The maintenance and operation of the ski slopes and ski facilities present tremendous liability hazards. Lifts, tows, and other equipment require regular maintenance and inspection.
Ski instructors should be properly educated and trained to facilitate training of children as well as adults. The ski rental operation is a major concern as guests may be injured should the equipment fail. The ski slope operation needs careful review as guests may fall, slide off into crevasses, run into trees or other obstacles on the slopes, or be injured or killed in the event of an avalanche.
Transportation to medical clinics or hospitals may be difficult, particularly when there is severe inclement weather preventing access to roads. The facility should have EMTs or other emergency personnel on premises to address injuries, and a disaster plan in place for search and rescue missions.
Personal injury losses may occur due to alleged wrongful eviction, invasion of privacy, or discrimination.
Products liability exposures can be high if the skiing operation has a restaurant or lounge or sells new or refurbished ski equipment. 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 vending machines or gift shops.
Liquor liability exposures can be high if employees are not properly trained to recognize the effects of excessive alcohol consumption. Employees must be trained to verify the age of guests ordering alcoholic beverages and refuse service to underage guests. Inebriated guests should not be permitted to access slopes.
Workers compensation exposure can be high. Cleaning and maintenance operations can result in lung, eye, or skin irritations and reactions. Slips and falls, back injury, hernia, sprains, and strains from lifting or working at awkward positions are common. The parking lot and sidewalk snow removal may be handled by employees or outside contractors.
If employees are responsible, there are potentials for strains and falls. Food preparation operations can result in cuts, scrapes, and burns. Drivers can be injured in over-the-road accidents.
Interaction with guests can be difficult. Employees should be trained in dealing with rowdy guests. Ski operations include snow maintenance crews, ski instructors, and ski patrol for emergencies.
All of these are exposed to adverse weather conditions, avalanches, falls from heights, and hazardous terrain. There should be a formal safety procedure manual, with all rules and regulations stated and enforced.
Property exposures can be high due to the multiple sources of ignition. Electrical wiring, plumbing, and heating systems must be adequate and meet current code. Ski operations are often located in rural areas at a distance from fire departments.
Firefighting activities can be hampered, especially during inclement weather when roads may be impassable. Fire detection and suppression systems should be in place to permit an early response to a fire.
Lodges and restaurants should be sprinklered. All cooking equipment must be properly controlled and maintained. Fire extinguishers should be available throughout the facility and properly tagged. Flammables, such as ski wax, cleaning supplies, and repair operations, should be kept separate and stored appropriately.
Ski operations include stocking, renting, and repairing ski equipment, and using machinery to produce and control snow. All machinery must be inspected and maintained regularly. Business interruption exposure can be substantial due to lack of backup facilities and the seasonality of skiing operations.
Equipment breakdown exposures include breakdown losses to the heating systems, cooking equipment, hot water systems, electrical control panels, snow-producing equipment, and other apparatus. Breakdown and loss of use could result in a significant loss, both direct and under time element, because operations are seasonal.
Crime exposure is from employee dishonesty and money and securities. Background checks should be conducted on all employees. Cashiers' drawers should be kept stripped with regular deposits made throughout the day.
A minimal amount of cash should be kept overnight. Monetary transactions must be monitored and audited on a regular basis to prevent employee theft. All ordering, billing, and reimbursements should be separately monitored functions. Records should be reconciled on a regular basis. All rental equipment must be maintained and must be inventoried frequently.
Inland marine exposure is from accounts receivable if the facility bills for services, computers, contractors' equipment for machinery used to maintain the slopes, and valuable papers and records for contractors', guests' and suppliers' information.
Bailees exposure results from the handling of guests' property, such as those left for service or repair, or property left in locker rooms.
Commercial auto exposure is low if limited to hired non-owned for employees running errands. If the facility offers pickup and delivery of guests, the exposure increases substantially as it includes driving on poorly-maintained roads in inclement weather.
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. Vehicles must be maintained and records kept in a central location. Valet services present garagekeepers exposures for damages to guests' vehicles.
Ski Resort Insurance Montana - The Bottom Line
To protect your operations, employees and patrons, having the right ski resort insurance Montana coverage is essential. To learn what options are available to your business, how much coverage you should invest in and the premiums - speak to a reputable commercial insurance broker.
Montana Economic Data, Regulations And Limits On Commercial Insurance
Thinking about starting a new business? Already own a successful business and want to expand your operations? Whatever the case may be, if you want to experience as much success as possible, you are going to want to ensure you choose the best possible location for your specific industry.
No matter how outstanding your goods and services may be, if the area where your business is located doesn't offer a healthy climate that will support your company, chances are you'll struggle to succeed.
If you are thinking about opening up a business in Montana, being familiar with the state's economic trends can help you determine if it's a good location for you. It's also wise to know what type of insurance you'll need to invest in so that you can plan ahead.
With that said, below, we provide an overview of the economic trends in the state of Montana, as well as the commercial insurance requirements for business owners in the Treasure State.
Economic Trends For Business Owners In Montana
As of December, 2019, the Bureau of Labor Statistics reported that the unemployment rate in the state of Montana was 3.4%; that's 0.1% lower than the national average, which was 3.5% at the same time. This rate remained steady throughout the entire 2019 fiscal year, and it is expected to either continue remaining steady or improve in coming years, according to economists.
Unemployment rate is a vital statistic for business owners, as it indicates the job market of a location, which is a strong determining factor in the success of businesses in the region.
There are several areas throughout the state of Montana that are seeing economic booms and where businesses are flourishing. Among those locations include the following cities and the areas that surround them:
- Great Falls
Several industries are seeing substantial growth in MT; however, there are particular sectors that are really thriving in Montana. Among those sectors include:
- Advanced manufacturing
- Hospitality and tourism
- Information technology
- Oil and gas production
- Retail development
If you are considering opening a business in any of the above-mentioned areas, your chances of success in Montana are favorable.
Commercial Insurance Requirements In Montana
The Office of the Montana State Auditor, Commissioner of Securities and Insurance regulates insurance in MT. Montana mandates very few forms of insurance coverage by law. They enforce worker's compensation.
Montana 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.
Montana 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 MT local small businesses by General Liability Class Code and learn about Montana small business insurance requirements for general liability, business property, commercial auto & workers compensation including MT business insurance costs. Call us (406) 637-8400.