Insurance for Axe Throwing Venues

Maybe it’s the popularity of fantasy films and TV shows, or perhaps it’s the long history of lumber in the United States, but whatever it is, axe-throwing has become the latest craze across the country.

Whether you own an independent axe-throwing venue or one within a family entertainment center, you’ll want reliable insurance with the best coverage and lowest premiums. The axe-throwing insurance offered by Northeast Insurance Center will ensure that your unique needs are met. As a reputable insurance agent for the amusement industry, we represent virtually every major carrier in the U.S., and we will hook you up with the insurance that’s perfect for your venue.

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While the axe-throwing business is unique, starting one is no different than starting any other business. You’ll need to develop a viable business model, register for state and federal taxes, and set up business accounts as well. You’ll also want to acquire the proper permits and licenses that allow you to own and operate a business.

While there still aren’t many axe-throwing businesses in the country, you’ll still want to have ways to differentiate your business from the competition. One of the easiest ways to do this is to offer food and drink. In addition to the basics of starting a business, you also have to follow processes that allow you to sell food and alcohol. You’ll need to work with your state or local agencies to get your liquor license and you also need to follow any regional laws and regulations. To sell food, you’ll need to acquire a license from the local health department and then later pass a health inspection. Additionally, you’ll need to seek out resources from the Food and Drug Administration to ensure that you’re following federal guidelines.

Some Things to Keep in Mind

An axe-throwing business is a great way to offer your community something unique. After opening your doors, you’ll soon find that people flock to your business. But running an axe-throwing business isn’t without its challenges. Here are some things to keep in mind about your new business.

Unique Expenses

Every small business comes with various costs. These are the usual ongoing expenses that include utilities, maintenance, and salaries. However, the axe-throwing business has costs that you may not find anywhere else. The most obvious, perhaps, is the axes themselves. Depending on the brand or quality, you might spend as little as $20 per axe or up to $150 or more. At a minimum, you will need several dozen axes to ensure that you always have enough for your customers to use while others are out of rotation for repairs and maintenance.

The other unique cost for ax-throwing businesses is the use and maintenance of safety equipment. This can include everything from safety glass barriers between throwing lanes to training materials to padded gloves and safety helmets.

Liability Waivers

Given the nature of the business, axe-throwing is inherently dangerous. To protect yourself, your employees, your customers, and course your business, you’ll want to ensure that all of your customers to sign liability waivers before they take part in the activities. The simple act of filling out a liability waiver before your customers are handed an axe can help you avoid potential lawsuits and unexpected expenses.

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Running a business is a costly endeavor. From paying rent on a building to covering wages and salaries and stocking products and more, even the most experienced business owners can tell you they have to spend money to make money. So when you’re looking for ways to cut costs and save money, many might wonder about the value of business insurance.

At its most basic, your business needs insurance to help cover any costs that may be incurred from property damage or liability claims. Without insurance, as a business owner, you may have to pay for any costly damages or legal claims against your company with your own funds. In many cases, this could lead to personal financial ruin.
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Regardless of whether you’re adding a single axe-throwing lane to your bar, restaurant, or an entertainment center, or your opening the largest acts throwing facility of its kind, you’ll need a variety of business insurances to keep your new operation running smoothly and effectively.

General Liability

General liability, or business liability insurance, should be the foundation of your insurance policies. Essentially, this form of insurance protects you and your business from claims like bodily injury and damaged property. You’ll find that nearly every business, regardless of specialty, has general liability insurance.

This form of insurance will help you cover medical expenses and attorney fees should your company be found legally responsible for an injury or damage. However, general liability insurance alone for your axe-throwing business is not enough. This type of insurance doesn’t cover incidents like professional mistakes, employee injuries, faulty workmanship, or intentional acts. As such, you’ll need supplemental insurance policies for your business.

Property

At a glance, property insurance covers the property of your small business. This form of insurance will cover you if your axe-throwing business suffers damages to your real estate, equipment, or other products. This form of insurance can help you cover these costs or replace or repair the property.

Typically, property insurance is used to cover losses and damages related to fire, theft, and vandalism. However, if your business is located in a part of the country that is known for extreme weather patterns or natural disasters, you can add an insurance policy writer to cover property damage losses caused by factors like:

• Hurricanes
• Pollution
• Floods
• Earthquakes
• And more

Excess/Umbrella

In some cases, general liability insurance alone may not be enough coverage for your business. In moments like these, you may find it necessary to have excess liability insurance. This policy provides coverage when you’re underlying liability policy has reached its limit. For instance, you might use an excess liability policy to improve the coverage of your general liability insurance. However, excess liability insurance can only be applied to one underlying policy. The coverage from excess liability insurance cannot be applied to any other insurance policy.

Similar to excess liability insurance is umbrella insurance. Unlike excess insurance, however, umbrella insurance can be applied to multiple underlying liability policies and can cover claims that are not included in the underlying policy. Another difference is that under an umbrella policy, you must pay self-insured retention.

Essentially, this is how much money you’ll have to pay before the insurance company begins to help cover the losses. As an example, say you have an umbrella policy with a $15,000 SIR, but file a claim for the cost of $45,000. This means that you’ll have to pay $15,000 towards the claim before your insurance company will pay for the rest.

Equipment Coverage

This is an optional business insurance policy that many business owners find useful. In fact, equipment breakdown coverage can help offset the costs of replacing or repairing broken and damaged equipment after an incident. Given that the axe-throwing business is so reliant on the use of a specialized tool, equipment coverage may be one of the most important policies you sign up for.

Equipment breakdown insurance can also help offset your losses due to broken equipment. In some cases, this coverage may even protect you if the breakdown caused damage to other’s property or to people. Finally, equipment coverage will help you cover the costs associated with mandatory inspections.

Workers Compensation

As a business owner, you are legally obligated to do everything in your power to responsibly care for your workplace and your employees. That said, even the best businesses are not immune to accidents. Workers compensation insurance is often used in response to a workplace injury. The insurance helps provide wage replacement and medical benefits to an employee and in return, the employee waives the right to sue their employer for negligence.

If an employee becomes injured while at your workplace, or while performing the task for your business, workers compensation insurance will help to cover these costs. For an axe-throwing business, this could be tasks like sharpening blades, replacing targets, or driving to stores to stock up on more supplies.

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We insure in all states. We offer coverage for General Liability, Property, Worker’s Compensation and Liquor/BYOB Liability. We have the top insurance carriers available that want to cover your business. Call for a quote and find out how much we can save you on your business insurance!

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