Amusement Arcade Insurance
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What Insurance Do Amusement Arcade Need?
Business Interruption Insurance protects your small business if impacted by a covered risk. It'll cover the costs in replacing lost income and paying for additional expenditures. Also known as Business Interruption Coverage, this policy is usually part of your BOP (Business Owners Policy).
Workers Compensation covers your employees' medical costs and lost wages while recovering from a work-related injury or illness. The employee gives up the right to sue your company in return for receiving cash and benefits from Workers Compensation. In some states it’s mandatory for businesses!
General Liability Insurance protects your small business against claims of third-party bodily injury and property damage, reputational harm and advertising injury. It covers medical bills, repair costs & legal fees.
Product Liability insurance covers your business if you need to recall one of your products. It covers your costs for retrieving the defective product from the manufacturer or seller to prevent any further bodily injury or property damage.
Frequently Asked Questions
Why do Amusement Arcades need insurance?
In this industry, individuals involved provide space for different forms of entertainment and amusements. This includes bowling alleys of all types (traditional ten-pin, duckpin, etc.), video game arcades, and family fun centers. This can include big-branded entertainment centers with a variety of coin-operated games but excludes gambling establishments.
Insurance is meant to protect you and your business, should any unforeseen events happen to your business. Without insurance, you will leave your business unprotected which could lead to a sudden financial breakdown.
What risks do Amusement Arcades face?
Risks cannot be avoided, and every business comes with risks. Snowstorms, floods, fires, vandalism, theft and other events can damage your physical property and hinder your business' ability to operate. Even if the property is not completely destroyed, you still won't be able to operate while repairs are underway.
There are risks involved when you hire an employee. They could become sick or injured at work. Your employee can file for employer malpractice if they deem it necessary. Also, a customer can file charges against your business when they slip and fall inside your property. They could file for misleading them if in case there is a mistake in your advertising. These are just some of the many risks amusement arcades face.
How much does Amusement Arcade Insurance cost?
The cost varies on how many insurances you need to carry.
For instance, a General Liability insurance will cost around $500 in annual premiums. Commercial Property costs $400 in insurance premiums.
The insurance cost for amusement arcades varies on the type of insurance you need. Call our customer service representatives to get the best quotes for your insurance without obligation.