FRIDAY, DECEMBER 16, 2016
Santa may know who is naughty and nice, but does he know how to keep his global gift giving enterprise running on all cylinders? Presents break, elves get sick and even Santa’s sleigh may get into a crash, but according to the Insurance Information Institute (I.I.I.), having the proper insurance can help pay for the unexpected and keep the holidays merry and bright.
In the spirit of the holidays, the I.I.I. suggests that Santa consider insuring the following:
Santa Claus Is On His Way…: Transportation (Sleigh and Reindeer)
Santa’s made this trip countless times, but in case there is an accident, aviation insurance would cover damage to the sleigh. And since flying reindeer are quite rare (not to mention the envy of Santa’s neighbors in the North Pole) a mortality policy would provide coverage in the event a reindeer died or was stolen.
In the Workplace: Santa’s North Pole Workshop
Santa knows when you’ve been bad or good, and he also knows that a business insurance policy is the best way to cover the structure of his workshop if it’s damaged by a blizzard or other insured disaster. A business policy would also provide protection for liability in unexpected events, like if the sugarplum delivery guy is injured in a fall and sues Santa.
Other types of liability coverage could prove useful too: product liability coverage protects Santa’s business if one of the toys made in his workshop is defective and injures some good little girl or boy; product recall insurance can help cover the cost of taking back defective gifts; and professional liability can help Santa safeguard his business if a parent tries to sue Santa because he delivered the wrong toy.
On the Toy Production Line: Elves and the Rest of Santa’s Helpers
Santa is good employer, so he financially protects his elves and other workers with life, health, disability and workers compensation insurance, as well as a generous long-term care policy.
At Home: Santa and Mrs. Claus’s Abode
Mr. and Mrs. Claus need to make sure their home is properly insured. Disasters happen—even in the North Pole. High winds may damage the roof, freezing weather can lead to burst pipes and there may even be a fire caused by a holiday candle that was left unattended. Homeowners insurance would also provide liability protection in the event one of their pet reindeer accidently injures a guest. The Claus’s should make sure they have enough home insurance to rebuild their home, replace their belongings and protect their assets if they are sued.
The Man with the Bag: CEO of the North Pole
As the head of the workshop, Santa himself should have key person insurance. This provides insurance protection in case a key person “whose services are essential to the continuing success of a business” dies or becomes ill. And, who is more important to the holidays than Santa?
Don We Now… A Costly Gift
Mrs. Claus only wants the best for Santa—including additional coverage for that high-value present under the tree.
Now it’s Time for a Holiday from the Holidays
And, lastly, before Santa books that the deluxe Caribbean cruise to treat Mrs. Claus to some well-deserved post-holiday rest, he should consider purchasing travel insurance…
“Disasters happen – even during the holiday season,” points out Jeanne M. Salvatore, senior vice president, I.I.I. and author of The Fine Print blog. “Having the right type and amount of insurance is an important gift that everyone should give themselves.”
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