Are you a tour operator? Then tour operator insurance is for you. Let ALIGNED’s team of insurance experts help you find a customized commercial insurance policy that meets your business’s unique needs.
The benefits of tour operator insurance
Tour operators have much to gain from commercial insurance. While you aim to create a fun, memorable, exciting and informative experience for your customers, there are many things that can go wrong. Tour operator insurance can protect you from some of these possible outcomes. For example, the right tour operator insurance policy might safeguard your tour business against property damage, cyber liability claims, third party bodily injury claims, and much more. Without insurance, you would be left to pay for the cost of any damages and/or injuries out-of-pocket, which could lead to financial ruin.
What insurance coverage do tour operators need?
The following coverage types might be important for tour operators:
- Commercial general liability insurance: Commercial general liability insurance, also known as slip and fall insurance, can protect your tour company against claims of third party bodily injury and property damage. For example, if a guest was injured while on one of your tours or inside your tour office, they could sue you for bodily injury. Luckily, with commercial general liability insurance, your insurer may cover any applicable legal defence costs, medical expenses, and more.
- Product liability insurance: If your tour business sells products, such as souvenirs or food and beverages, then you should consider adding product liability insurance to your policy. Even if you don’t have a hand in manufacturing these items, you could still be held liable if a customer buys a product from you and it later results in bodily injury or property damage.
- Commercial property insurance: Commercial property insurance protects your tour business and any business-related contents from property damage due to an insured peril. You get to decide which perils to include in your policy, though some of the most common are water damage, fire, theft, windstorms, vandalism, etc.
- Business interruption insurance: Business interruption insurance can protect your tour business from lost income if it is forced to close due to an insured peril. Again, insured perils covered by business interruption insurance vary but can include theft, fire, vandalism, windstorms, water damage, and more.
- Commercial auto insurance: Commercial auto insurance is important if your tour operating business uses vehicles for business purposes, such as to transport customers to and from certain locations and/or experiences. Auto insurance coverage may include third party liability coverage, comprehensive coverage, uninsured automobile coverage, accident benefits coverage, collision coverage, and more.
- Umbrella liability insurance: Umbrella liability insurance takes effect when regular liability limits are reached, meaning it can protect your tour business against unforeseen or catastrophic events.
- Cyber liability insurance: Cyber liability insurance is crucial for any tour operator that stores sensitive customer information online (e.g. financial or personal information). This type of coverage can cover the costs associated with cyberattacks, hacks, or breaches, which could include credit monitoring, client notification, restoration fees, and more.
- Liquor liability insurance: Liquor liability insurance is important for any tour businesses that host tours where alcohol is served to customers. This insurance type can help cover the cost of a claim brought against your business alleging third party bodily injury or property damage due to an intoxicated patron.
The cost of tour operator insurance explained
Insurance providers will consider a variety of factors when calculating insurance premiums for tour operating businesses. For this reason, insurance rates can vary significantly between tour operators. Owners of tour businesses might find it helpful to understand which details influence the cost of insurance, so the experts at ALIGNED have put together the following list.
- The size and location of your tour operating business
- Your tour operating business’s annual and projected gross revenue
- Your insurance claims history
- The tours offered by your tour operating business, and whether they involve alcohol
- The number of employees at your tour operating business
- The coverage, policy limits, and policy deductibles you choose
Make ALIGNED your go-to brokerage for tour operator insurance
Are you ready to purchase tour operator insurance for your tour business? Make ALIGNED your go-to source for tour operator insurance, and we promise you won’t regret it. ALIGNED brokers are experts at matching businesses with the right coverage. Simply get in touch, explain your insurance needs, and a friendly insurance broker will find a policy that suits your needs. For customized, flexible tour operator insurance, look no further than ALIGNED. Contact ALIGNED today to learn more or click here to get a free quote now.