Understanding insurance can be tough. For those running businesses in the outdoor industry, securing affordable coverage can be particularly challenging due to the inherent risks associated with outdoor recreation and adventure tourism. This significantly influences the type of insurance policies operators require.
In this blog we dive into the state of the insurance industry for the outdoor recreation space and provide details into the product features that Flybook offers that can serve as resources for helping you secure more affordable premiums with your carriers.
Table of Contents
The State of the Insurance Industry
The current state of the insurance industry for the outdoor recreation space is what the insurance world refers to as a "hard market." This is marked by frequent, yearly premium hikes from carriers, difficulties in securing comprehensive coverage, carriers discontinuing or not renewing clients based on perceived risk, and generally limited carrier options for the variety of services you offer.
A hard market poses significant challenges for smaller or newer operators because insurers aim to cover perceived inherent risks, leading them to raise premiums accordingly. This environment is also tough for businesses offering a wide range of activities or those with a history of frequent or severe claims.
Insurance providers assess businesses based on the activities offered and how well they manage their operations. The more risks are mitigated, the better the insurance premiums can be.
In this dynamic industry, strategically utilizing your reservation software like Flybook can help demonstrate an organized, well-managed system to insurance providers, leading to better coverage and potentially lower premiums.
What Do Insurance Providers Want to See From Operators?
Insurance providers are primarily concerned with risk management and operational transparency. They want to know:
- How incidents are tracked and recorded
- Whether waivers are completed and accessible
- If the business has structured, reliable documentation on customer experiences and activity logs
Providing detailed, well-organized reports can reassure providers that your business manages risks well, helping you secure more favorable insurance terms.
Here are some immediate items you can implement to ensure your operation is set up for better coverage:
- Create standard operating procedures (SOP's)
- Collect proper waivers
- Employee handbook
- Operations manual
- Customer orientation
- Standard safety briefing
- Incident response form
Key Features Flybook Offers to Help Secure Better Premiums
1. Internal Digital Waivers .png?width=300&height=265&name=Marketing_Product%20Newsletter_Content%20Images_300%20x%20265%20(7).png)
Keeping a record of completed waivers for every customer ensures that you can easily show insurance providers that all risks were communicated and accepted by participants. Flybook's waiver feature can also help streamline operations and provide a timestamped digital paper trail.
2. Incident Reporting and Tracking.png?width=300&height=265&name=Marketing_Product%20Newsletter_Content%20Images_300%20x%20265%20(8).png)
Utilize Flybook's internal questions and forms tools to track and document incidents directly tied to specific events and reservations. This feature enables you to create a customized incident response form that is digitally connected to the reservation and can be completed online by the appropriate staff member. It also allows you to swiftly produce reports for your insurance provider, demonstrating how incidents were tracked and recorded. This provides insight into how the incident was managed and outlines any subsequent improvements.
3. Customizable Reports
Insurance companies may request specific reports. Flybook allows you to generate customizable reports that provide data on participation rates, cancellations, and safety practices. Tailoring these reports to what insurance companies need can simplify the process and lead to better coverage options.
4. Reservation Histories and Customer Logs
Insurance providers often want to see the history of customer interactions and bookings. By using Flybook, you can show detailed reservation histories, helping insurers understand your volume of operations and the level of care given to safety.
Conclusion
Using Flybook simplifies your reservation and operational processes and offers tangible benefits when negotiating with insurance providers. By leveraging Flybook’s features to maintain clear, organized records of customer interactions, incidents, and waivers, you can demonstrate your business's commitment to safety and risk management. This can help you secure better coverage and potentially lower premiums.
For further insights on these tools or to receive training on utilizing these features within your system, explore our help center and engage with our Advisory Team HERE.
