An insurance company will need a minimum of $2,500 a year for a liability coverage of $1 million. However, the cost of dog park insurance may vary, and this will be dependent on certain factors that are unique to the dog park, and the style of business the dog park management wants to operate.
Of course, factors such as the size and location of your dog park, your insurance claims history, your years of experience, your dog park’s annual and projected gross revenue, and the coverage types, policy limits, and policy deductibles you choose are part of what will determine how much it will cost you to purchase a dog park insurance.
How Does Insurance for Dog Park Business Work?
The truth is that every dog park business requires mandatory insurance policy coverage because, without such an insurance policy, you may be running a business that can wipe out your entire savings and put you in debt if anything goes wrong.
For example, if a customer brings his dog to the park, and the dog bites or injures someone else, or the dog or the customer got injured due to malfunctioning equipment or facility in your dog park, you will be liable.
For this reason, most owners of dog park businesses usually have the necessary insurance policy in place so that if anything happens to the customers or their dogs, the insurance company will take care of the cost. That is how insurance for a dog park business works.
Note that the fact that you have insurance coverage for your dog park business does not automatically mean that the insurance company will be liable for any damages that happen under your care. For insurance companies to be liable, the insurance must be active (you must be paying your premiums as when due).
Best Insurance Policy for a Dog Park Business and Their Cost
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General Liability Insurance
General liability insurance is one of the best insurance policies a dog park business must have. General liability insurance offers liability insurance coverage that helps protect a business from claims resulting from bodily injuries or property damage to others within your business premises.
The truth is that, if you do not have general liability insurance coverage, you will be required to pay from your pocket whenever there are bodily injuries or property damages as a result of customers playing around with their dogs in and around your dog park.
The Cost of General Liability Insurance for a Dog Park Business
In the United States, the average cost for a $1 million limit general liability policy for a dog park business range from $57 to $79 per month, or $600 to $950 per year.
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Workers’ Compensation Insurance
The fact that you will have some employees working with or for you means that you will need a workers’ compensation insurance policy. As a matter of fact, it is illegal to have workers and not have workers’ compensation insurance policy to protect them.
Note that the only reason why you may not need workers’ compensation insurance policy coverage is if you are operating a one-man business – sole proprietorship. Unless you are a one-man dog park business, you will need a policy to help cover your employees.
The Cost for Workers’ Compensation Insurance for Dog Park Business
Workers compensation insurance costs an average of $45 per month, according to Insureon. That’s $542 per year. Slightly less than a quarter (23%) of small business owners pay less than $30 for workers compensation insurance, 40% pay between $30 and $60 per month, and 37% pay more than $60 per month, according to Insureon.
Please note that the national average cost of workers’ compensation insurance is $1.19 per $100 of payroll, according to the National Academy of Social Insurance.
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Commercial Property Insurance
The fact that you will be operating your dog park business from a rented, leased, or owned outdoor property means that you will require commercial property insurance coverage. Aside from that, you will need commercial property insurance to protect all the equipment and gadgets in your facility.
Please note that all commercial properties in the United States are mandated to have commercial property insurance coverage.
Commercial property insurance coverage protects you from damages caused by rain storms, fire outbreaks, or any natural disaster that may destroy your property and equipment.
The Cost of Commercial Property Insurance for Dog Park Business
In the United States, the average cost of commercial auto insurance for dog park businesses is $120 per month, or $1,440 a year.
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Umbrella Insurance
Although, umbrella insurance policy cover might not be compulsory for all businesses, should you need robust coverage for your dog park business, then you will need umbrella insurance.
Umbrella insurance policy coverage provides excess liability protection in case of catastrophic events that may cause significant financial losses to your dog park business.
For example, if a customer or an employee files a lawsuit against the dog park business that exceeds the limits of primary liability coverage, umbrella insurance will provide additional coverage to meet the excess costs.
The Cost of Umbrella Insurance for a Dog Park Business
The cost of umbrella insurance can range anywhere from $200 on the low end to over $1,000 for a high limit, depending on where your dog park is located, as well as how much coverage you purchase. However, an average cost of about $380 per year can provide $1 to $2 million of protection, according to Trusted Choice.
What Insurance Companies Offer Such a Policy?
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Nationwide
While most companies insure only dogs and cats, Nationwide’s exotic pet plan can cover just about any of your furry, feathered, or scaly friends.
Nationwide has three main plans. Whole Pet covers a range of accidents and illnesses, including hereditary conditions, and reimburses a percentage of your vet bills — up to your annual limit.
Major Medical offers less comprehensive coverage and pays a set amount for each condition, regardless of what your vet charges you. The Modular plan allows you to mix and match different types of coverage.
You can supplement your Modular or Major Medical plan with wellness coverage or buy a wellness plan on its own. Wellness plans aren’t available in all states or with Whole Pet.
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MetLife Pet Insurance
Formerly known as PetFirst, MetLife Pet Insurance offers a solid accident and illness plan that you can customize with various deductibles, reimbursements, and coverage amounts. You can also add wellness coverage.
MetLife offers a comprehensive accident and illness policy, which covers costs associated with injuries, incidents, and health conditions, as well as alternative and holistic therapies. MetLife sells pet insurance in all 50 states and Washington, D.C.
Note: Coverage options and availability may vary depending on where you live and the age and breed of your pet. Coverage limits: $500 to $25,000, depending on the policy. An unlimited option may also be available in some states.
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Pets Best
If you’re looking for ways to customize your coverage and price, Pets Best may be a good option. The company has three tiers of accident and illness coverage, plus two wellness add-ons and an accident-only plan. That increases your chances of finding insurance that fits your needs and budget.
For larger expenses, such as surgeries, you can work with Pets Best to pay your vet directly so you don’t have to pay as much upfront.
Pets Best has fairly standard waiting periods in most states: three days for accidents, 14 days for illnesses, and six months for cruciate ligament issues.
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Embrace
Embrace offers its customers many ways to save. You’ll automatically get a 10% discount when you insure more than one pet.
Active military members and veterans can get a 5% discount in every state but New York and Tennessee. The company is currently working on rolling out a healthy pet discount, too.
Embrace has a wide range of deductibles and annual coverage limits to choose from. Its standard accident and illness plan includes chiropractic care, acupuncture, physiotherapy, and other alternative therapies. It also pays exam fees for covered conditions and reimburses for behavioral treatments as long as a vet provides them.
There’s typically a 180-day waiting period before Embrace will cover a dog’s orthopedic injuries, but you can reduce that to 14 days with a vet exam.
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Trupanion
In most states, Trupanion handles deductibles differently than most other pet insurance companies. Instead of charging a given deductible each year, it charges deductibles per condition — and once you’ve met each one, you won’t have to pay it again during your pet’s lifetime.
That could save you money if your pet develops a chronic condition that requires extended treatment. Once you’ve paid the deductible, you won’t have to pay it year after year. Trupanion reimburses 90% of expenses once you’ve met the deductible, and it has no annual or lifetime coverage limits.
In select states, including Florida and Texas, there are no deductibles. You can choose your reimbursement rate between 70% and 100%.