Obtaining Insurance for Your Facility

business building 1564029Before opening the laser tag facility, you must procure insurance policies. In addition to protecting the officers, directors, shareholders, partners, agents, and employees of the facility.

The policies must protect the insured against any loss, liability, personal injury, death, property damage, or expense whatsoever arising from or occurring upon or in connection with operating the laser tag facility.

business man 1 1238401All insurance policies must be written by an insurance company satisfactory to the local governing body that regulates insurance companies. The coverage must include, at a minimum, at least the following:

  • Comprehensive general liability insurance, including product liability coverage, personal injury and contractual liability coverage;
  • Motor vehicle liability for owned, hired, and non-owned automobiles;
  • Property damage liability insurance covering at a minimum the perils of fire and extended coverage and vandalism;
  • Worker's Compensation and employee's liability insurance as prescribed by state law;
  • An Umbrella policy; and
  • Such other insurance, as may be required by the statutes or other laws of the state or any local governmental entities in which the laser tag facility is located and operated.

The Facility Owner may maintain such additional insurance as it may consider advisable.

Choosing an Insurance Agent or Broker

Since different companies use different formulas for setting rates, Laser Tag Insurance.com recommends obtaining quotes from as many companies as is reasonably possible. You can check with the state insurance commissioner or other appropriate governing body or your attorney to determine the financial stability of companies that offer you insurance coverage.

Despite low premiums, Laser Tag Insurance.com does not recommend policies with a very restrictive claim-settlement policy, due to the difficulty in settling any claims.

You should also limit the number of agents who handle your insurance needs.

Different Types of Insurance Available for a Small Business

fire 1316102Property Damage Insurance: Covers damage to your business property

Liability Insurance: Covers liability for injury to person or property caused by the company or its employees

Products Liability Insurance: Covers liability for injuries caused by the company’s products

Vehicle Insurance: Covers liability for injuries caused by company vehicles and employee vehicles when used for business purposes

Business Interruption Insurance: Covers expenses incurred if the business is interrupted by fire or other events, as well as lost profits

Key Man Life Insurance: A life insurance policy payable on the death of a key employee

Director’s & Officer’s Liability Insurance: Indemnifies officers and directors of the company for expenses incurred as a result of acting on behalf of the company

Health & Medical Insurance: Covers various health and medical needs for employees and dependents

Workers Compensation Insurance: Covers injuries to employees for work-related matters

Employment Practices

post it 1238872Liability Insurance: Covers various lawsuits brought by employees, such as for sexual harassment and wrongful termination

Web Site Insurance: Covers various claims associated with the company’s Web site

Errors & Omissions Insurance: Covers claims for malpractice or errors and omissions in rendering services

Crime Coverage Insurance: Covers thefts and disappearances of company assets

Coverage by more than one policy will not enable you to collect more than the price of the damage. In addition, when several companies are involved, disputes often arise over which insurer bears the responsibility for settling the claim.