Imagine this: you’ve got several kids jumping and bouncing on bouncers and everything seems to be good. The kids are having fun, the parents are talking amongst themselves, occasionally directing and guiding children running around. Out of nowhere, you see little Maria being held and consoled by her mother. Meanwhile, her father is telling you that she fell off one of the slides in the bounce house and hurt her head. The parents immediately take her to the Emergency Department to see if she had a concussion or an injury.
Ok, that was a dramatic story, but do you understand my point? Although kids fall, cry, bump their heads, and get stuck in things you can’t quite understand,you have to give yourself some protection in case of injuries or harm on YOUR equipment.
How do we do that?!
You want general liability insurance at the VERY LEAST. This should protect you on bodily and property damages. There are instances where you want to have a policy that gives protection to your company AND all parties involved in the event, such as: vendors, entertainment, caterers, etc. But, more about this later. As a company, you will need at least a one million dollar policy, as this amount will be required by a majority of the venues. General liability insurance can cover many items such as: mini-wall climbs, jousts, interactive games and carnival games.
In an insurance policy, an additional insured refers to anyone other than a policyholder who is covered by an insurance policy. Coverage can be specific to a single event or it can last for the lifetime of the policy. This will be asked of you by the venue, specifically for covering any damages occurred during your party. an additional insured endorsement can vary with cost, being free for some insurers or a few additional dollars for each endorsement. Ask about how many can be insured on the policy, as there could be a limit. These endorsements can be quickly obtained, possibly in the same day of the request. You would have to fill out an application, and await the paperwork from the insurance company.
You can simply get a free quote from Cossio, which was extremely EASY to get an estimate from talking to a licensed representative. However, the cost can vary, with insurers needing an application filled out by you with these types of questions on them:
-What are your gross sales?
-How many bounce houses are being used for the event?
-Height of bouncers?
-Type of equipment in inventory?
There are several other insurance companies out there that cover bounce houses. With Cossio, the representative specifically told me they were the cheapest, giving me an estimate of ~$1,525/year. This was coverage for two simple bouncers and sales of approximately $15,000/year. They simply needed an application, rental agreement, waivers your using for the events, and inventory of your jumpers.
To conclude, inflatable insurance can be pricey, but a must for added protection. Shop around, call and ask what insurance companies cover, as you will be surprised at the type of coverage provided. I would recommend conversing with a licensed underwriter before purchasing any bounce house, as some are NOT covered. However, before you start the business, make sure you know and understand the coverage you need.
Helpful links:Cossio, theeventhelper.com, Additional Insured
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