Navigating insurance and liability for inflatable rentals?
I'm in the process of getting my business insured, but I'm overwhelmed by the options. What type of insurance do I absolutely need? I know general liability is a must, but what about product liability? And what coverage limits are considered standard for this industry? Do I need umbrella coverage? Any recommendations for insurance providers that specialize in inflatable or amusement rentals would be a lifesaver.
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This is the most critical investment you will make. You absolutely need General Liability insurance, and many event venues or schools will require you to list them as an "additional insured" on your policy for the duration of the event. Product liability is usually included within general liability for the equipment you rent out. Coverage limits of $1 million per occurrence / $2 million aggregate are typically the minimum required by most clients. You should also look into "rigger's liability" for setup and takedown. For a list of insurance companies that understand the inflatable rental industry, typical coverage costs, and even a template for explaining your insurance to clients, be sure to read the comprehensive safety and legal section on https://gotinflatables.com. It's an invaluable resource for protecting your business.