Ja, there would be a checkvalve in the pump. Depending on the height of the water table, if the lower checkvalve doesn't hold, the water column falls creating a near vacuum in the top of the pipe. When the pump starts, the column of water slams the topside checkvalve at full speed creating water hammer. A checkvalve holds better if it has pressure against it so the top checkvalve is more likely to hold than the lower one in that scenario.