Your retreat centre is often an oasis for your clients, away from the everyday hustle of life. They come to your centre to get away from it all and sometimes with a specific purpose in mind, such as to concentrate on painting, yoga, mindfulness and/or meditation. At times, your centre might be used by a corporate group or other organization that is intending to focus energy on a specific task or goal.
You offer a unique opportunity for your clients to escape their lives and be rejuvenated. Despite the zen like atmosphere/experience you may provide running your retreat centre is not without risk, and you need to protect yourself and your business against potential perils.
Why do Retreat Centres need insurance?
Welcoming guests to your Retreat Centre means you are taking on the general risk of having people on your site that could injure themselves or sustain damage to their property as a result of your business. In addition to protecting your business against the general risks of having members of the public on your premises, you need to focus on the specific risks associated with running a retreat centre.
What insurance does a Retreat Centre require?
–Property Insurance for your Retreat Centre protects you against unforeseen or unexpected events that may happen, including extreme weather, fire, vandalism or mischief. If something happens to your property and you are unable to operate your business for a period of time, you should have Business Interruption Insurance in place to cover your costs and lost revenue as part of your commercial property policy.
-You should not operate your Retreat Centre without Commercial General Liability Insurance, designed to protect you in the event a third party injures themselves or sustains property damage as a result of your business’ operations. Under this coverage legal defence costs for covered claims, settlements and damages are normally covered.
–Umbrella Liability Insurance comes into play when regular liability coverage is exhausted in the case of an unexpected and significant situation. Welcoming guests to your Retreat Centre for any length of time could lead to such a situation and it is important to protect your business from this possibility.
–Boiler and Machinery Insurance protects your Retreat Centre in the event of an equipment like your HVAC being damaged by covered peril that has ripple effects for your business.
–Professional Liability is another coverage that should considered if you are providing services to guests like facilitators, massage, pilates, yoga etc. through employees or subcontracted specialists to protect against claims of injury or financial loss associated with services provided.
-Other coverages you may wish to consider for your Retreat Centre business include Commercial Auto Insurance if you use company vehicles, and Cyber Insurance to guard against malicious online activity and data losses.
When do Retreat Centres need insurance?
Consider the following scenarios that would require your Retreat Centre to have insurance coverage:
- One of your staff is preparing to plant a tree in front of your Retreat Centre and has dug a hole. A visitor to the centre mistakenly steps off the path and into the hole, injuring herself. She brings a claim for damages against your business.
- Your heating system malfunctions and needs extensive repairs due to an electrical surge, causing weeks of bookings to cancel.
- A guest accidentally starts a fire by leaving a candle lit after leaving their room.
Find the Right Retreat Center Insurance from ALIGNED
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