party rental business

Insuring your equipment or party rental business

If you own or are thinking about starting an equipment and party rental business, don’t forget about the insurance.

From property damage to injuries, you’ll be glad you have proper insurance in the event of a crisis or unexpected event. When reviewing your insurance needs, there are several types of insurance we recommend.

General Liability Insurance. Every business should have general liability insurance, which offers protection in the event of a claim or lawsuit for negligence, personal injury, and more.

Property Insurance. Whether or not you own your building, you need to protect your business equipment and inventory. These policies can also cover employee theft.

Inland Marine. Sometimes called a “floater,” this insurance covers property not covered by other policies. As your business grows, an inland marine policy can cover newly acquired rental equipment after the policy was purchased. It can also cover property you rent from others.

Business Owner. Referred to as a BOP, a business owner policy bundles all required insurance coverage a business owner needs.

Commercial Auto. With commercial auto insurance, you can insure your business vehicles from damage and collisions, including any vehicles you rent or borrow. If employees drive their cars on company business, non-owned auto liability insurance should be purchased to protect your business in case the employee does not have insurance or has inadequate coverage. Many times the non-owned can be added to the BOP policy.

Workers’ Compensation. State laws vary, but all require you to have work comp if you have W2 employees. Workers’ compensation provides income replacement and medical benefits to employees who are injured while working.

Umbrella and Excess Liability. If you’re faced with a significant liability claim, umbrella and excess liability insurance provide additional coverage beyond your regular policy.

When choosing your insurance, it’s important to consider your business’s unique needs. The recommendations above cover just the basics. There are many additional solutions for the equipment and party rental business, such as Loss of Use Coverage, Replacement Cost Coverage, Management Liability, Cyber Security, and more. Think about how you can protect yourself and your business against equipment failure, damage, and accident and injuries.

From inflatables and carnival rides to tents, tables, and chairs, you’ve invested a lot into your party rental equipment. Without it, you’re out of business. Sometimes your equipment comes back damaged – maybe it doesn’t come back at all. Whether an accident or an act of God, make sure your investment is properly insured.

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