Why do you need an attorney for your Outdoor Recreation business?

The value exceeds a well-written release and getting you out of a jam and cannot be affected by their personal interests. The value is in the interest an attorney is sworn to protect…….Yours.

An attorney cannot have a conflict of interest. When you need advice, you want it to be free of personal or business attachments that may not be in your best interest. That person who can give you that advice is called your attorney. It is solely in your best interest and for you and you alone.

Your other advisors may have conflicts you should understand.

Insurance Company & Insurance Agent

Your insurance agent has different interests than your insurance company. Your agent wants to keep you as a client so you keep paying your insurance premium. His advice, although valuable, is going to be keeping you paying and the insurance company insuring you happy.

Your insurance company has two separate minds. One is focused on marketing, to get you to buy insurance. The other is focused on reducing the amount of money it pays out in claims. They are in two separate divisions, many times two separate buildings, or even states. They do not communicate once you have an issue that shows up in the claim’s division. That division’s advice to you will not be to protect you, but to protect their money.

That does not mean that your insurance agent and insurance company are bad. Most are able to separate their interests from your interests; however, you should know there is a slight conflict there. One that an attorney cannot have.

CPA

Your CPA like your attorney must be independent and will provide great advice when dealing with financial institutions, employee benefits and wages, taxes and valuation. Always keep your CPA happy and close. However, once you leave the financial day to day numbers of your business your CPA can provide little advice.

Other Business people in your community.

Here again, these people are great for general business advice. However few are so dependent on converting someone from non-movement to movement that is done in OR. Convincing someone to buy an ice cream cone is different from convincing them to ride across the sky on a zip line. A slip and fall is the rare claim they must deal with where yours may involve several people and major injuries.

Your Interest and Advice for you Alone

An attorney is used to balancing the various interests you have, to provide you with the advice you need. An Attorney can help you prioritize your issues to assist you in making decisions. After keeping your home safe your first priority, then they can assist in keeping your priorities in order. Keeping your business, keeping your insurance, keeping your clientele, keeping your insurance company from dropping you, keeping your clientele from suing you. Attorneys are there to help you juggle all those responsibilities and issues.

An attorney who specializes in outdoor recreation will know other insurance providers who can provide assistance. An attorney can provide you with solid advice balancing the needs of the insurance company.

The best advice you can get, is from an attorney because your attorney can never be for anyone or protect anyone but you.

 

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Copyright 2015 Recreation Law (720) Edit Law

Email: Rec-law@recreation-law.com

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By Recreation Law    Rec-law@recreation-law.com         James H. Moss

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Insurance policies, you need to read yours and stay in touch with your agent to make sure your insurance is covering you

Several examples of popped up recently where insurance companies have altered their policies leaving the OR industry in the rain

Insurance companies do not change their policies mid-term. However they do make changes to policies and as the policies renew, those new policies incorporate the new changes.

Here is an example.

Traveler’s issues worker’s compensation policies for the cycling industry. Recently the Traveler’s worker’s compensation policy excludes from the policy employees who participate in employer (retailer) sanctioned rides.

In this case, that means that you may get a new question before your renewal or just a denial in the mail leaving you hunting for a new worker’s comp carrier.

Obviously, this is a problem for those retailers that have Travelers.    Most insurance carriers do NOT “willingly” insure the general liability for shops that have shop/group rides.

Shop rides are one of the best ways to attract new customers and retain current ones. Having your employees on these rides is super important as it is the easy way to “soft-sell” new product. Likely, your shop employee will be riding the latest-greatest bike and will be able to address any question about your product line. If the prospective customer has a good time on the ride, they will come back. The more a rider on a shop ride shows up, the more likely that rider will end up being a customer.

So, the insurance industry must feel this is a risky activity.  Yes, there are some increased risks. Making sure your employees do not take any unnecessary risks is important to mitigating the workers compensation exposure.

Do Something

Like attorneys, you need to find a good insurance broker who understands your industry. Your friend down the street maybe great, however it is the little things that can leave you hanging. The more advanced notice you have about possible non-renewals the better chance you will have at getting a good policy if that happens.

Better still is to find an agent who works in your industry and is ahead of the problems finding solutions and letting you know about the issues before you receive the letter in the mail.

Thanks to Scott Chapin who provided this tip. Scott is a broker that specializes in insuring bicycle retailers.  Scott can be reached at: chapins@rjfagencies.com or through his website.

What do you think? Leave a comment.

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Copyright 2013 Recreation Law (720) Edit Law

Email: Rec-law@recreation-law.com

Google+: +Recreation

Twitter: RecreationLaw

Facebook: Rec.Law.Now

Facebook Page: Outdoor Recreation & Adventure Travel Law

Blog: www.recreation-law.com

Mobile Site: http://m.recreation-law.com

By Recreation Law    Rec-law@recreation-law.com      James H. Moss         #Authorrank

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