How do I get insurance for my action sports or fitness business?

How do I get insurance for my action sports or fitness business?
November 30, 2018 Andrew Riordan

In order for us to provide an insurance quote for your action sports or fitness business, we need a few pieces of information. Now, I promise we won’t make it so overwhelming that we scare you away.  Just take a deep breath, sit down, and give yourself about 5 minutes with our questionnaire. This post is to let you know what we need and why we need it.

Full legal name: We need to make sure you are a real person and not some robot from the future. We also need to make sure you didn’t commit some heinous crimes… insurance carriers frown upon that.

FEIN: Do you run a legitimate business that you pay taxes on? If you’re just starting out, that’s okay too.

Address: We need to know where you are operating the business and where we should send the bill 😉 If you run a skate or surf shop and need insurance, or you need insurance for your boutique fitness studio, we need to know what property is going to be insured.

Is there is a current policy in place? If so what is the renewal date? You cannot be insured for the same line of coverage for the same action sports or fitness company. Also, this keeps us honest. It lets us know to get our butts in gear, who the competition is, and get you the coverage you need.

Any losses in the last 5 years: The insurance carrier needs to know what they’re taking on. Do you have any outstanding claims or is your business spotless? We may ask for your Loss Runs – that is your company’s insurance report card. You can get that information from your current insurance company or agent.

Estimated annual receipts: How much is your company making or plan on making.  If you are a non-profit let us know that too.

The total number of annual participants (estimate): Again, the carrier needs to know what their risk is – how many people are exposed to potential injury? How are you planning on being responsible for your participants’ well-being?

The number of employees: How many people are you responsible for? And, in turn, how many people will the insurance carrier potentially be responsible for in case of an injury… We can also get into the discussion on Workers’ Comp for your employees.

Number of volunteers:  Similar to above, but they work for free. An example would be if we were insuring a non-profit basketball league. The answer can also work for your free labor, you sly dog…

Years of experience & type of experience (owners & managers):  If you want to get insurance for your surf camp – have you or your staff ever surfed? Have you or your staff ever run a camp? Have you or your staff ever run a business? You see where we’re going with this? Please put any experience that you or your partners and managers have in the business you are trying to operate.

Are participants required to sign a waiver/release: Waivers are a form of release of liability. You need to make sure that every participant signs and understands the risk of the activity they’re about to take on. FYI: waivers are a start, but they can only go so far in a legal case.  In fact, we wrote a post about it check it out.

Need by date: Just like the renewal question, let us know how much time you need and we’ll be sure to provide you with a quote as soon as humanly possible.

The expected premium you are looking to pay: We work for you and do the negotiating with several carriers on your behalf. If you have a ballpark idea of what you want to pay, we’ll do our part to see if we can make it happen… I know what you’re thinking, please don’t put $0.00!

A detailed description of operations: Give it your best shot. Be honest.  We’re telling your story and making the best case for your business. Give us the ammo to get you the best rate and coverage you deserve.

It all makes sense, right? Now, there might be a chance that we’ll need a full supplemental application for certain specified industries, but I said I didn’t want to scare you.

After you reach out to us we’ll send you our simple 12 point questionnaire. Fill it out to the best of your ability and if you have any question, we’ll always be there to help out.

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