Axe throwing is one of the recreational events that require adequate insurance policy coverage. The fact that axe throwing involves players throwing axes at a wooden target for purely entertainment purposes means that there is a likelihood for patrons to either get themselves injured or injure someone around them.
As a matter of fact, an axe thrower can cause damage to the properties of the facility if they miss their target by a wide margin.
With the above in mind, it will be safe to say every axe throwing business needs insurance policy coverage. The insurance policy cover is to protect the patrons (customers), the business owner, the employees, and lastly the property.
So basically, when anyone gets injured because of the axe-throwing activities, or the property gets damaged, the insurance company will pay for the damages as long as the coverage is active, and premiums are paid regularly.
Best Insurance Policy for Axe Throwing Business
General Liability Insurance
One of the best insurance policies an axe-throwing business must ensure they get is general liability insurance. General liability insurance offers liability insurance coverage that helps protect a business from claims caused by bodily injuries or property damage inflicted on others.
The truth is that, if you do not have general liability insurance, you will be required to pay from your pocket whenever there are bodily injuries or property damages from the activities in your axe-throwing business.
Commercial Property Insurance
Another insurance policy cover that is highly suitable for an axe-throwing business is commercial property insurance. The fact that you will be operating your axe-throwing business from a rented, leased, or owned indoor or outdoor property means that you will require commercial property insurance.
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. Commercial property insurance also protects you from damages caused by rain storms, fire outbreaks, or any natural disasters that may destroy your property and materials et al.
Professional Liability Insurance
Professional liability insurance is yet another insurance policy that is suitable for an axe-throwing business. Although professional liability insurance might not be one of the compulsory insurance policies, but trust me, you will need one if you own an axe-throwing business.
Professional liability insurance covers businesses that offer careful advice in a professional capacity to clients. For example, before a client starts throwing an axe, it is expected that your instructor gives the customer adequate information that will protect them, the people around them, and the property.
If your guides at the axe-throwing facility are found to have been negligent or unprofessional in a way that leads to injury or other damages, you could suffer a lawsuit from dissatisfied clientele.
This is where professional liability insurance coverage comes in. Professional liability insurance provides coverage for businesses that might be held responsible for perceived errors or negative outcomes related to the services provided and/or promised.
Workers’ Compensation Insurance
Workers’ compensation insurance is yet another insurance policy coverage that an axe-throwing business should have. The fact that you will have some employees working for you means that you will need workers’ compensation insurance.
As a matter of fact, in the United States of America, it is illegal to have workers and not have a workers’ compensation insurance policy. Workers need to be protected from workplace accidents, and disability et al.
Please note that the only reason why you may not need workers’ compensation insurance is if you are operating a one-man business – a sole proprietorship. Unless you are a one-man axe-throwing company, you will need a policy to help cover your employees.
Lastly, another best insurance policy cover that an axe-throwing business should consider having is an umbrella insurance policy. Although, umbrella insurance might not be compulsory for all businesses, but should you need robust coverage for your axe-throwing business, then you will need umbrella insurance.
This is so because umbrella insurance provides an additional layer of coverage that goes beyond the limits of primary liability insurance. Basically, umbrella insurance policy coverage provides excess liability protection in case of catastrophic events that may cause significant financial losses to your axe-throwing business.
Please note that the cost of an insurance policy cover will depend on the level of risks, the insurance company, and of course, the type of insurance policy cover. But basically, the average axe-throwing business in the United States of America spends between $400-$1,100 per year for $1 million in general liability coverage and other insurance policy covers.
Insurance Companies That Offer Policy Covers for Axe Throwing Businesses
- Mutual of Omaha
- New York Life
- State Farm
- Pacific Life
- 21st Century Insurance
- Acuity Insurance
- Allianz Life
- Allied Insurance
- American National Insurance Company
- Liberty Mutual
- Lincoln National Corporation
- Manhattan Life Insurance Company
- Nationwide Mutual Insurance Company
- New York Life Insurance Company
- MEGA Life and Health Insurance
- Gerber Life Insurance Company
- Globe Life And Accident Insurance Company
- GMAC Insurance
- Accident Fund Insurance Company of America
- American International Group (AIG)
- AmTrust Financial Services
- Zenith Insurance Group.
Aside from the insurance companies listed above, there are several other insurance companies not listed above that also provide the insurance policy covers that an axe-throwing business will need.
So, you should make sure you contact an insurance broker in your city to advise you accordingly as regards the insurance policy covers that are suitable for your axe-throwing business, and of course, the insurance company that will suit your budget.