Was Your Insurance Updated Recently? Is It Going to Change Soon? Check the Fine Print

30 Jan 2020     |    Blake Ng

As the rest of the world ushers in the new year with resolutions, those in the insurance world are often updating their policies and changing their coverage. For tour and activity operators, an insurance policy change can sometimes come as a surprise — and in many cases, they aren’t aware of the changes until they need to file a claim for coverage.

Our insurance update guide will help you better understand your existing insurance policy, especially when there is an insurance policy change.

The fine print: Reading and understanding your insurance policy

Any legal agreement or contract is going to have fine print, but your insurance policy is really loaded with it. The fine print is going to provide the details on what gets covered and what does not, depending on the specific circumstances. It’s tedious to read, yet it’s vitally important that you do. Your insurance policy update is most likely going to take place within those endless lines of fine print, and you need to know what type of coverage your insurance will provide.

Within your policy, you should make sure you read the fine print to learn more about:

  • Whether your policy will provide you with market costs or actual replacement costs for damages.
  • Whether your policy has deadlines associated with filing claims.
  • Whether your policy provides coverage for personal belongings that are stolen or damaged on company property.
  • Whether your policy will require you to pay a deductible when you file a claim.

What you need to know about business insurance

Business insurance is distinctly different from the type of insurance you would take out to cover your personal property or your own health. There are various types of business insurance policies that you will need to protect both you and your customers at your tour and activity company. The main types of business insurance include:

  • Property Insurance
  • Liability Insurance
  • Workers’ Compensation
  • Vehicle Insurance
  • Business Interruption Insurance

The level of protection that you need under each type of policy will vary based on the size and location of your business. However, it is imperative that you have adequate insurance coverage and that you remain aware of any insurance policy update that might impact your coverage.

Get the coverage you need for your tour and activity company

Now is a great time to evaluate your current insurance policy and take note of any insurance policy update that may have taken place. It’s important to note that business growth or changes can impact your coverage amounts. If you have had an insurance update that is not beneficial to your business, then it’s time to shop around and see what else is out there.

If you enjoyed this article – Was Your Insurance Updated Recently? Is It Going to Change Soon? Check the Fine Print – then follow the Rezdy blog. There are a lot of marketing tools and resources designed with businesses like yours in mind.

Start your free demo or trial of Rezdy today.

Want to learn more?

sell more banner

Need more tips on attracting tourists? Click here.

Read our blog on ‘5 ways to attract tourists to your tour or experience business’ here.