As a caravan park owner or manager, you’re in the business of ensuring that your guests have a fantastic time and are as comfortable as they can be. But you of course also know that life isn’t all fun and games, and it’s also important to make sure that your caravan park and all of its assets are properly protected against any eventuality. Park Insurance can help you to identify what your caravan park insurance needs are, and to make certain that these are provided for with a cost effective policy. To help you crystallise what kinds of cover you need, here we take a look at some of the typical ins and outs of caravan park insurance.
Insuring your caravans and property
More so than many businesses, yours depends on the land and the property that you own. The fact that you have potentially dozens or hundreds of people staying in your caravans on a weekly basis meanwhile means that there is an increased risk of damaging incidents like fire, vandalism, theft and other things that can impact on the physical assets of your business. For these reasons it’s essential that you have your caravan park professionally assessed so that you can get insurance that will cover all of your property for its full value. By doing so, you can turn a potentially disastrous situation into one of mere inconvenience.
Covering yourself for loss of revenue
In addition to the recouping the actual financial cost of rebuilding or buying new caravans and buildings, it makes sound financial sense to obtain caravan park insurance which will provide you with a monetary payout for any loss of revenue that you experience. For, example, if five of your holiday homes are destroyed by fire, you could potentially receive a proportional payout based on what you would normally have earned from them during the time between their loss and replacement.
Insuring yourself against compensation claims
Having members of the public stay in your caravans and spend time in your park on a daily basis also exposes you to other financial risks. We live in an increasingly compensation-based culture, in which some people are willing to sue for the smallest things. Though some compensation claims may be for fatuous reasons, there are of course also very real risks within any holiday park that could result in injury or loss, and hence a compensation claim. For example, a guest could suffer electrocution as a result of a faulty appliance in one of your caravans, or slip over on a wet surface that has not been properly highlighted.
Public liability insurance can cover you against all these risks, thus preventing a single regrettable incident from paralysing your business.
Fulfilling your insurance obligations as an employer
If you run a larger holiday park then you inevitably have employees who work for you, and you are also responsible for their health and safety. Public liability cover is a legal requirement for any employer, but it will also protect you financially in the event that an employee or former employee sues you for compensation.
Clearly your caravan park will have different insurance needs depending on its size and a variety of other factors. A large-scale park with hundreds of caravans will of course require a far different policy than a small family run park with a dozen or so caravans.
At Park Insurance we’ve got decades of experience in providing insurance which is tailor-made for the specific circumstances of the business in question. To find out more about our caravan park insurance offerings, get in touch today.