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Insuring Yourself and Your Business

Jungle Jump Newsletter
March 7, 2011 Volume 20


Owning and operating any business puts you at risk for lawsuits. However, an inflatable business can be even riskier than some. With so many children using your equipment on a regular basis, there is a risk for an accident and a child getting hurt every time your equipment is in use. It is imperative you protect your business, and your personal assets, by having adequate insurance in the event of a lawsuit.


Sadly today many people are out to make a quick buck, even at the expense of your business. Carrying proper insurance appropriate for inflatable businesses will cover any attorney fees that may arise from a lawsuit. These fees can really add up, making it well worth your insurance premiums. In addition many schools, churches and even businesses will require that you carry liability insurance before they will even consider doing business with you.


You may think that because you are following all of the safety regulations and taking necessary precautions that you are already protecting yourself from lawsuits. However, this is not the case. Accidents can happen at any time, and you cannot be guaranteed that your customers will adhere to the rules at all times, despite diligent monitoring by staff. Even unfounded lawsuits can cause you to rack up attorney fees quickly.


As an inflatable company, General Liability Insurance is a must. This will cover you in the event of an accident involving bodily injury or property damage due to negligence. Also, if your personal auto policy has exclusion for business use you will also need Commercial Auto Insurance.


Other insurance options to consider are Inland Marine and Worker's Compensation. Inland Marine Insurance will provide you with protection in the event of a fire, theft or vandalism of your inventory. Worker's Compensation provides coverage for bodily injury and medical expenses. This is a requirement in most states if you have employees.


Contacting a minimum of two insurance companies will ensure that you get a fair quote on your insurance needs. The insurance companies will also help you to determine the level of insurance you need to be adequately covered based on your inflatable business' products and services.


A rough estimate that you can expect to pay for insurance is $500 per year for one inflatable, $1500 for three inflatables, and $3,500 for ten inflatables. A single lawsuit and this annual premium can easily have already paid for itself.




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