The amusement and recreation industry in Ontario is big business, especially in the summertime. Many people are cashing in on this huge demand for entertainment with a variety of businesses. However, all these companies face risks, and in the entertainment business these risks can be substantial, so having the right kind of insurance policy is vital. Here is a fictional story that demonstrates what can happen when you are in the amusement business.
Bill R loved racing and when he had the chance to buy a local go-kart facility, he jumped at the opportunity. The place was run down and had not been in operation for a few years, so there was much work to do. However, Bill didn’t mind, as he considered it a challenge and besides, he got a good deal on the park.
The park renovations and equipment cost a great deal and Bill had to borrow most of the money. However, it turned out to be a success, and the first summer he was already turning a profit. In fact, he decided to put on a big Labour Day racing event with prizes and special prices on food and drinks.
Bill advertised his event heavily and even hired temporary employees. He also decided to check on his amusement parks insurance, so he contacted his insurance specialist. The insurance agent advised Bill to take out special event insurance with increased liability protection, because there might be many more people than normal there.
When Labour Day came, the event was a huge hit. However, during the next to the last race, two go-karts came together in a freak accident that sent both of them flying over the bales of hay and into the large crowd. This resulted in several injuries and a couple of them were serious. In fact, the claims and settlements ended up costing more than one million dollars, and thankfully, Bill had the right insurance.
What is Recreation & Amusement Insurance?
If you run a business that entertains the public, there are a number of ways that people can become injured, and you could be liable for those injuries. In addition, you are also a business owner and need insurance coverage for your business. Amusement and recreation insurance is designed to cover your risks.
Who Needs Recreation or Amusement Insurance?
Many forms of entertainment (like carnivals and water parks) need insurance. This also includes these businesses:
- Laser tag facilities
- Water Parks
- Paint ball
- Mini golf courses
- Ice and roller skating rinks
- Rock climbing facilities
- Bungee jumping services
- Indoor playgrounds
- Batting cages
- Skateboard parks
- Outfitters and resorts
- Hiking tours – this insurance can cover tour guides and hikers.
- Bounce house facilities
- Summer camp facilities
What Kind of Insurance Will I Need?
Standard insurance must include general liability and this need may be substantial according to your business. For example, the chances for serious injury are much greater with a bungee jumping service than with mini golf. You also may need:
- Additional liability coverage – this may include an umbrella insurance policy.
- Business property insurance
- Vehicle insurance – includes auto liability and other Ontario mandatory vehicle insurance
Amusement Insurance Options
Your business may need many different types of coverage. For example;
- Inland marine insurance – this is vital for mobile businesses like carnivals that must haul their equipment from job to job. It covers things you haul while they are on the road.
- Business Interruption Coverage
- Equipment breakdown
- Special events
- Fireworks liability
- Liquor liability
- Watercraft liability
In Search of Recreation & Amusement Insurance
Because entertainment businesses are so different than other businesses, they need special insurance. That is why you can depend on insurance specialists like Bunnell Hitchon Insurance Brokers Inc. When you choose Bunnell Hitchon Insurance Brokers Inc. you are going with an insurance provider that has been around since the 19th Century. Few insurance agencies can make that claim.
Bunnell Hitchon Insurance Brokers Inc. is not an insurance company. We are an independent insurance broker looking out for your commercial and personal interests. Because we do business with so many top insurance companies in Canada, we can find you the most affordable premiums and the perfect coverage for your business. This makes it much easier on you, because there is no need to go shopping for insurance. And when you need updates to your policy, we are there to serve your needs.
We can even provide you with insurance coverage for your United States operations. Plus, we also offer:
- Loss prevention advice
- Multiple choice of markets
- Professional claims analysis and reviews