Up on the housetop reindeer pause, out jumps good ole Santa Claus. Down through the chimney with lots of toys, all for the little ones with Christmas joys. This song, written in 1864 and which Gene Autry made famous in 1953, makes Santa’s job sound easy enough, but what is Santa really putting at risk when he delivers toys to children all over the world? What happens when something goes wrong or there’s an accident with his sleigh? Is Santa immune from being held accountable?
It may all sound very magical, but let’s face it even Santa needs insurance. As we see it, there are a number of items that Santa would need insurance coverage for in order to help him mitigate the risks involved in delivering toys to children:
1. North Pole Home: Santa needs a Homeowner’s policy to cover any damage to the structure or its belongings caused by fire or theft. It’s also good for any elves who may be injured in Santa’s home.
2. Santa’s Workshop: For this particular part of Santa’s business, he will need a Commercial Insurance policy that will financially protect his business from common risks such as lawsuits, cyber-attacks, theft, damage, customer or employee injuries or any other events that may come up. He also will need a Worker’s Compensation policy to help cover medical costs if one of his elves is injured or falls ill while performing their duties on the job. We also recommend a Product Liability policy to protect his business from claims on products he made in or sold from his workshop. This policy also protects against bodily injury or property damage.
3. Elf Health Insurance: Because it takes many elves to make toys for children all over the world, Santa will want to make sure his elves remain in tip-top shape and are healthy. There are many employee benefits options to choose from when deciding the appropriate coverage. We also want to ensure that Santa and Mrs. Claus are healthy as well. We definitely want Santa to have a good policy that covers him just in case he’s medically injured on the job.
4. Santa’s Sleigh: As with any vehicle, automated or guided by reindeer, Santa Claus needs to ensure that he has enough coverage should he get into an accident. We recommend commercial vehicle policies that cover unforeseen damages as well as damage from collisions. Comprehensive coverage would help Santa cover damage from fire, theft, animal damage, natural disasters and falling objects. Collision coverage covers any damage from an accident with another vehicle, vehicular rollover and collisions with objects, like a chimney.
5. Reindeer: We definitely can’t forget about Rudolph; we want to keep his shiny nose shining. Because Santa works with four-legged associates, he will need a good policy that covers any illness or injury to his reindeer on or off the job.
We want your holidays to be worry-free, and just like Santa, you too need to make sure that you have the right policies to cover all of your needs and help you mitigate your risks. Schedule your policy review today with one of our trusted advisors: https://prewitt.group/.