Do You Have the Right Resorts and Lodge Insurance in Minnesota?
Minnesota has some of the best vacation spots in the USA. Whether you like fishing, hunting, lying on a beach, biking, snowmobiling, skiing, or a number of fun outdoor activities, you can find them here. When you stay at one of our resorts, you will enjoy a warm and relaxing time away from the maddening crowd. At the same time, you won't be too far from the conveniences of civilization. Running a lodge here can be a satisfying and lucrative business and having the proper insurance is essential for effective risk management. In fact, if you don't get the proper coverage for all aspects of your resort business, you could experience problems like Barney L in our example story.
Barney and his wife Lindy loved the outdoors and after years of working hard and saving, they were able to put a down payment on a great lodge and resort between Minneapolis and Fargo. The place was situated in the wilderness but had some excellent cottages and some of the best fishing and hunting in the area. In addition, they also purchased a boat rental service on a nearby lake and people could buy things they needed from their tackle and bait shop.
Lindy and Barney loved their resort and they made sure to take out sufficient liability insurance for their property and boat rental business. However, Barney forgot one important aspect which every business should have. For years, he didn't have adequate commercial property insurance for his rental units, and he didn't even realize it.
Lindy's friend Joan owned a fitness club in a nearby town and she told Lindy about her new insurance broker. The man was very knowledgeable and got her a great deal on her business insurance. Lindy talked Barney in to visiting the man and he was very helpful. In fact, they took out a new policy on their business with some important options.
Four months later, a line of strong thunderstorms swept across the state, spawning a number or tornadoes and one touched down at Barney and Lindy's resort. Seven of the 15 rental units were virtually destroyed and four others suffered significant damage.
Thankfully, Barney had taken out replacement cost coverage on his rental units, four months earlier. If not, the payout for the damages would have been more than $40,000 less than the cost for replacing the units. It would have been enough to cause the Lodge to experience significant financial problems. This is only one example of why you need an insurance professional on your side, when you run a business.
What is Lodge and Resort Insurance?
If you run a lodge or resort you have many different insurance needs. In fact, here are some of the coverage items you may require:
- Property insurance
- General liability
- Workers compensation for employees
- Commercial auto insurance
- Crime insurance
- Special property and liability coverage for owner/residents
Options for Lodge or Resort Insurance
You may need a number of insurance coverage options, depending on the kind of business you run. This may include:
- Water vessel insurance
- Marina liability insurance
- Recreational vehicle insurance
- Track vehicle insurance
- Umbrella liability coverage
- Cyber liability insurance
- Additional insurance for businesses like tackle shops and specialty shops
- Pollution cleanup services (part of boat insurance)
- Inland marine coverage
- Liquor liability
- Product liability insurance - covers food borne illnesses
Where Can I Get the Right Coverage?
When you need to insure your hospitality business, consider the many benefits of an insurance brokerage like Insurance Brokers of Minnesota. As independent agents, we work hard for you and not the insurance companies.
Our agents are very experienced with risk management issues and we can find you bundled coverage packages to save you even more on your insurance costs. We can provide you with business continuation planning and free loss prevention services. We also provide claims history and risk management analysis services.
You deserve the best possible coverage at the most affordable rates. So please fill out the quote request form on this page now. It only takes a few minutes of your time and you could save a great deal of time, money, and headaches.
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