How Seasonal Businesses Can Benefit From Specialized Insurance Policies

Do you have a seasonal business with limited operating times due to weather or the time of year? Owners of ski resorts, summer camps, and pop-up shops must ensure their peak season will be smooth sailing. If you own one of these types of companies, regardless of size, seasonal business insurance coverage can optimize your business operations. Let’s look at seasonal insurance coverage in more detail: 

Is Seasonal Business Insurance Right For Your Business?

Typically, commercial insurance covers businesses throughout their whole life span. However, seasonal business insurance is different because it is designed to provide coverage at any time your company operates or conducts its activities instead of paying a higher premium for year-round business insurance. Seasonal business insurance is ideal for entities of any size, whether you’re a large or small business owner. 

What Does Seasonal Business Insurance Cover?

Seasonal business insurance covers the following: 

• Specific and unique risks associated with the season in which your company operates 
• Unexpected losses during seasonal events that were estimated to make you a profit
• Losses from a slower-than-expected season to offset the lack of estimated revenue 

Seasonal Business Insurance Vs. Year-Round Insurance Coverage

Every business is required to have a commercial insurance policy, and for many businesses, year-round coverage makes the most sense. However, for seasonal businesses, a seasonal insurance policy can add another layer of protection when they need it the most. Business interruption insurance is a good option to have in the event of you being forced to close your shop doors for a period, as it provides you with peace of mind throughout the year. 

Key Insurance Types To Consider

General Liability Insurance

Insurance providers offer general liability insurance to businesses, providing seasonal businesses with protection against claims of property damage, third-party injuries, and injuries that happen on their business property. 

Commercial Property Insurance

This insurance policy type covers damages to a business’s physical assets, such as inventory, equipment, and buildings. Common perils covered include theft, fires, and burst pipes. This is one of the most popular insurance policies for businesses today. 

Product Liability Insurance

Seasonal businesses selling seasonal products should have product liability coverage. This policy covers product liability claims against your business, which can occur if your manufactured products result in property damage or third-party bodily injuries. This is particularly ideal for seasonal businesses selling seasonal sports gear during the holiday season when injuries occur more frequently due to ice and snow. 

Business Interruption Coverage

A business interruption insurance policy can cover lost income, lease payments, payroll, and operating costs if your business is interrupted during a covered season. This can be useful if your store faces an unexpected closure during your busiest season.

Get The Protection You Need With A Professional Seasonal Insurance Provider 

Understanding seasonal business insurance can be challenging, but our insurance company can help you assess your unique situation and risks and determine the best seasonal insurance policy for your business. Simply contact our insurance broker on Regent for more information to get started today.