Bounce House Insurance Guide
If you are running an inflatable rental business then you need to have bounce house insurance to protect your company. There are always injury risks, which means that lawsuits are a real possibility for owner-operators. Having a good inflatable insurance policy can protect against this.
Additionally, if you don’t have a policy for your business then certain institutions such as parks, recreational facilities, or corporations will not even hire you.
Our guide will give you some key considerations for your business, and how to evaluate insurance providers and policies.
The Risks Are Real
Bounce houses have exploded in popularity over the last decade. As such, injuries have risen as well.
There are a few studies out there that show just how dramatic the increase has been.
In 2012 the Consumer Product Safety commission tracked more than 18,000 injuries that were attributed to bounce houses.
There were also several troubling news stories of bounce houses being lifted into the air by strong winds that resulted in children being hospitalized.
This is exactly why bounce house insurance and proper waivers should be in place when you are starting your inflatable rental business. Accidents can happen and you want the peace of mind that you will be protected if they do.
What Does Bounce House Insurance Cover?
The main thing you want to protect against with a bounce house insurance policy is a general liability for bodily and property damage.
It is also important to understand what your liability is depending on who is actually operating your equipment.
For example, if you will not be operating the equipment you should have a waiver. The homeowner should sign it, which makes them responsible for any injuries that occur under their watch. Some inflatable insurance companies will help you with general waivers. However, it’s best to have an attorney customize it for your particular state or city guidelines.
Conversely, there will be other instances where you or your staff will be responsible for operating the equipment. If you are going to work a corporate event or at a public park, they will usually require a minimum policy of a million dollars. Additionally, they will want to be listed on the certificate of additional insured. You can usually obtain one from a reputable insurance provider at no extra cost. This would be an important question to ask your potential provider.
How Much Does Inflatable Insurance Cost?
Like many other things, it depends. If you are dealing with an experienced agency they will take into account several things - the size of your business, how often you will operate during the year, and several other factors that are specific to the bounce house industry.
In order to get a good policy that will protect your business properly, it could start around $1,800 - $2,500 a year. If your business starts to grow with extra employees you will likely need to get a worker compensation policy as well as a commercial auto package. These are additional expenses to consider as your company grows.
Where Can You Secure Insurance?
One of the main issues with inflatable insurance is getting a policy from a company that actually understands the business and the risks involved. The last thing you want to do is get a policy that you believe has all of your bases covered. Finding out you aren’t covered when you go to make a claim is quite disconcerting.
There have been many insurance companies who have offered bounce house insurance in the past. Several have pulled out of the market recently. Additionally, going to insurance agents who are not used to dealing with these kinds of policies is generally not a good idea either. You might get stuck with a policy that is way overpriced and does not suit your needs.
Simply put, you want to work with a specialist. They will get you the most specific wording in your contract to make sure your business is not at risk.
The Bounce House Store recommends getting in touch with Cossio Insurance. They have been in the industry a long time, and are the choice of many bounce house manufacturers and rental businesses. They write policies in all 50 states and can give you the straight story on the right policy for your business.
Some other companies that are currently offering bounce house insurance policies are: