|Insurance Buying Tips #1: Shop smart|
|When looking for insurance, your No. 1 priority should be to find adequate coverage. Price is important, but you’ll want to determine what kind of coverage you need first. Then you can fit that coverage into your budget and determine which carrier can provide you with the most comprehensive policy for your situation. You may be tempted to choose insurance with the lowest price tag, but if you don’t have enough coverage (or the right kind of coverage), you will see less financial benefit when it comes time to file a claim.|
|Insurance Buying Tips #2: Look for discounts|
|Once you evaluate your coverage needs, factor in your budget and find ways to save. Ask your insurance agent if there are any discounts on your coverage. Often, carriers offer discounts for things like paying your policy in full, staying auto accident-free or, if you’re in school, getting good grades. You also can save money by “bundling” multiple policies, such as purchasing a home and auto policy from the same carrier.|
|Insurance Buying Tips #3: Fill in the gaps|
|An average policy will cover the basics, but you may need to add extra coverage to meet your unique needs. For instance, you may have items like electronics or a nice piece of jewelry that would be financially difficult to replace, even with the assistance of your average renters or homeowners policy. You may want to add additional coverage for these items.|
Party rental companies need to have their staff insured just like any other business because a party rental business faces the same kind of risk as any other service-oriented business. Liability and workers' compensation insurance are, therefore, standard types of insurance that any party rental company must have in order to protect the business, its workers, its clients and third parties. At Big Bounce Fun House Rentals, we are fully insured as safety is our main concern.
Liability Insurance for a Party Rental Company
There are many types of liability insurance for party rental owners, from general insurance that can cover staff members and the entire company when the company becomes responsible for bodily injury or harm to others. Other types of insurance protect the company when their automobiles cause harm to others or damage to property, or when the staff themselves become injured while riding in these automobiles.
So many things can happen when someone is using your rental equipment, whether it's a wedding tent or a cotton candy machine for a kiddie birthday. Any accidents that can cause injury to the person operating the equipment or to any other person present at the event can leave a party rental company open to claims for compensation from the injured party. Liability insurance will also help mitigate the financial damage that arises when claims against the company are made, allowing the company to still continue with operations despite the presence of these claims.
|Insurance Buying Tips #4: Purchase life insurance—you aren’t too young|
|Life insurance is essential, no matter how young or old you are. And for millennials, buying now may be a smart move because it’s cheaper to buy a life insurance policy when you’re young and healthy. This kind of insurance can help your family cover unexpected costs in your absence, including student loan debt or a mortgage, in addition to end-of-life costs. And if you have kids, a life insurance policy can also support their education or childcare expenses. Additionally, every millennial should consider long-term disability coverage, which helps you stay afloat financially if an accident happens and you become disabled and unable to work.|
|Insurance Buying Tips #5: Talk to an independent agent|
|An independent insurance agent is an essential resource when purchasing insurance—especially if this is your first time. An independent agent works with multiple different carriers, which is different from captive agents who can only sell insurance from the carrier they work for. Working with an independent agent can help make sure that you are getting the best coverage, for the best price. You’ll also benefit from independent agents’ insurance knowledge; they know how to talk you through your options and actually explain what each policy includes. An independent agent will make sure all of your assets are covered, help you find discounts or other ways to save, and be a valuable resource as your life changes and your insurance needs change, too.|
|Insurance Buying Tips #6: Only buy insurance to maintain your existing standard of living|
|You don’t need insurance for events that won’t severely strain your finances. Start with your basic needs (home, auto, business), then work your way to include other needs (cyber, liability). You can always obtain coverage later for something if you change your mind. You can minimize your risk and maximize your savings by buying insurance that won’t cause you to break the bank.|
There is also the risk that rented equipment could end up broken, lost or damaged while in the possession of the renter. Company assets such as buildings, building contents and rental items can be covered under liability insurance, considering that renting out equipment always comes with the risk that something could happen to the equipment while it is in the hands of the renter.
Workers' Compensation Insurance for a Party Rental Company
Workers' compensation insurance is designed to provide coverage for workers in case of injury or bodily harm. While life-threatening accidents are not common occurrences at parties and other happy gatherings, freak accidents can occur which can cause bodily harm to your workers and employees. With compensation insurance workers are assured financial support in case an accident puts them out of commission for a while. Payments are made to the injured party which can include coverage for medical expenses, lost wages and compensation for therapy.
Any business benefits from insurance that protects its inventory and its staff. Ensure that your business stays afloat despite these risks with the right liability insurance to protect your business and your employees.
You will have peace of mind when you rent party equipment from Big Bounce Fun House Rentals as we are fully insured with liability and workers' compensation insurance. We are happy to furnish our certificate of insurance. Please do not hesitate to ask for it.
|Insurance Buying Tips #7: Ask your insurance provider what the policy doesn’t cover|
|Every insurance policy has perils that are not covered by your policy. These perils are referred to as “exclusions”, and every policy has them. Ask your insurance provider to explain the exclusions in your policy to avoid discovering what they are once you incur damages or a loss.|
|Insurance Buying Tips #8: Consider bundling several policies with one insurance carrier|
|here may be value in bundling several policies with one insurance carrier. If you’re looking to insure multiple vehicles or obtain multiple types of business coverage (e.g., liability, property, cyber), then you may want to consider obtaining coverages under one insurance provider who carries multiple products, and who may be able to offer you multi-policy discounts or loyalty programs.|
|Insurance Buying Tips #9: Review your insurance needs on a yearly basis|
|As your needs evolve, so will your insurance policy. Maybe you’ve acquired a new vehicle since obtaining auto insurance for your primary vehicle, or started operating your business out of your home, or experienced a cyber-attack during the year… Whatever the change(s), you’ll want to make sure you’re covered for any new risk exposures. Talk to your insurance provider to stay on top of your insurance needs.|