Business Liability Insurance Question?
I am opening a baseball training facility contained by SC. There will be children in the facility. I will hold 2 full time employees and I will probably formulate less than 75k per year. How much can I expect to salary per year in liability insurance?
Answers:
It's a tough question to answer because within are just too several variables. You really need to make conversation to an agent or broker, preferably one that has deal with some of the specialty factor involved in running a military camp or facility that works with kids.
I option I could help more.
The best article to do is contact a local insurance agent. If you know any other trainers (football, soccer...) you could ask who they use.
This will be rate based on the gross receipts and number of children, broken down by ages - not on your income or number of employees.
As a clean venture, I'd expect minimum premium to START at $5,000. And it WON'T include medical payments. If you want coverage for the kids if they find hurt (like, hit with a baseball that knock out a tooth), your ALSO going to have to receive a group accident policy. Which will be rate on the number of kids. Want coverage for corporal punishment or sexual misconduct? That's going to be seperate, too.
You'll ALSO need workers comp for your team. Expect that to run you about 20% of payroll.
But within order to attain "real" quotes, you'll have to contact a local agent. Don't bother next to the State Farm and Allstate types - they are NOT going to want to touch this with a ten foot pole. You'll be looking at an excess lines/sports/adventure specialist for this.