Whenever you budget the expenses of your business, Bungee Jump insurance must be near the top of the list because you can’t always know exactly what could happen in the future.
Need General Liability Insurance for Your Bungee Jump
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With the protection provided by general insurance and all the other types of insurance we will tell you about, you can protect your business and yourself in case something unexpected happens.
Like any business owner, for your Bungee Jump enterprise, you must consider how much financial liability you are taking on.
If your Bungee Jump business runs without proper insurance, you are taking a giant chance not just of losing some money but of a complete wipe-out.
This is because the laws in every state are very strict in enforcing liability on the owners of businesses for the results of their actions.
In this article, we are giving very general guidelines for growing businesses to highlight what the main kinds of insurance that you need are, and where possible, a rough guide to how much you can expect to pay.
The question is, can you afford to NOT have insurance for your Bungee Jump business?
What this means, for any Bungee Jump business owner, is that if some company claims that your business caused them some physical or economic damage, a court can award damages far beyond the total size of your business.
Your Bungee Jump business is not sheltered by laws in the same way as states are, where edicts can place a “cap” on the maximum level of liability.
In some states, like New Jersey, there are specific monetary levels that limit the amount a court can award in any case against the state.
In a court case, it’s purely the duty of the jury to award whatever amount they deem appropriate, even sometimes giving a claimant more than they have claimed.
When you are running your Bungee Jump operations, you can’t escape responsibility for the results of your actions.
Even more importantly, unless you have spent beforehand the money necessary to have your business running as a corporation, all of that liability belongs to you as a person.
What does Bungee Jump insurance protect you from?
For your Bungee Jump business, the most important kinds of insurance are designed to cover the risks to your business from accidents, from unexpected events, and from mistakes.
As well there are some mandatory kinds of insurance that various states require.
In the next few paragraphs, we will outline the most important points any Bungee Jump business owner should know when negotiating the insurance needed.
The main categories of insurance for your Bungee Jump businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any Bungee Jump business is dealing directly with other people, and that means you always have the danger that some accident can happen to them personally or else something of theirs can be ruined.
In such a case, they can sue you for compensation.
General liability insurance policy for your Bungee Jump business protects you against claims coming from injury to customers or damage to their property.
It protects your Bungee Jump business from the claims themselves and also to any resulting court costs and legal fees of the lawsuits.
In many cases, it can also help you to qualify for extra business from city and state organizations, where contracts require proper liability insurance.
The usual level of general liability insurance for your Bungee Jump business would be with a upper limit of $1 million for a single event and a total of $2 million for the whole year.
See the table in the costing section below for average prices of general liability insurance for your Bungee Jump insurance operations.
Professional liability insurance for your Bungee Jump business
In the event where a client alleges some negligence, errors, or omissions in how you conducted your Bungee Jump business for them, you can quickly face a court case.
Even if the matter against you is ruled in your favor, the cost of defense can be substantial, and the impact on your reputation can be damaging.
Almost all small Bungee Jump business should have enough professional liability insurance to cover an individual claim of $25,000, with annual cover of $50,000.
See the table in the cost of Bungee Jump insurance section below for average prices of professional liability insurance for your Bungee Jump operations.
Product liability insurance
Whatever goods you sell or advice you give about the goods, you are running a risk that buyers may claim that what they received didn’t meet your description of function, or that your guidance was basically incorrect.
You need to know the specific laws of product liability in your own state.
For example, in California, all businesses in the supply chain can be held responsible for injuries caused by products claimed to be defective.
To cover yourself against any following lawsuit, you need Product liability insurance for Bungee Jump
Only you can determine exactly how much insurance you should get.
Best advice is to talk to experienced insurance agents, brokers or company representatives for guidance.
Commercial vehicle insurance for your Bungee Jump business
Take care! – most policies for private vehicle insurance do not cover any event like theft or accidental damage when the van is being used for business purposes.
The proper way to make sure that your vehicle is insured for both its own value, and the valuable contents, is by taking out a direct commercial vehicle insurance package.
Commercial truck policies guarantee the value of any vehicle in case of accident, malicious damage, fire, or theft.
Also, in case of any accident, the truck itself, the content and any legal bills, medical expenses, and property damage is insured if your van is involved in a crash.
Most states, other than Virginia and New Hampshire, insist on this type of insurance.
The wanted value of the insurance depends on the depreciated value of the vehicle, and your declared level of cover of contents.
Tools and Equipment insurance
Since your Bungee Jump business needs specialized and expensive equipment, you will realize how much it can cost to replace it in case of any damage, loss, or theft.
The equipment may be subject to malicious damage, deliberate fire, theft, other such unforeseen acts.
Also, acts of nature like lightning strikes, hurricanes, earthquakes, and other highly damaging natural events can destroy your whole business in one stroke.
Unless you can afford to immediately replace such specific gear quickly out of your own pocket, you should have full-level equipment insurance so that you can immediately buy any equipment needed to keep your Bungee Jump business running.
It is difficult to advise how much equipment insurance you need – it’s essentially dependent on how much you have invested in your Bungee Jump business’ equipment.
Commercial Property insurance
Any Bungee Jump business that owns or rents space in a building should have a commercial property insurance policy.
If you own the building, you probably have a substantial capital investment, in addition to a big liability if there’s a mortgage.
Every physical building location must carry insurance coverage for the value of the premises and contents against unexpected occurrences like fire and storms, and against criminal damages like theft and vandalism.
If your Bungee Jump business operates in areas of high risk, like California or Georgia, supplementary coverage may be needed for earthquakes and hurricanes or tornadoes.
In other states like Washington, where unlimited cold snaps can cause damage to outer coverings of Bungee Jump business premises, there is a need for more additional cover than in warmer climes.
Because the level of cover depends mainly on the value of the property, it’s not possible to say what cover your need, but we have been able in the table in the cost of Bungee Jump insurance section below to give some idea of the average prices per million dollars of property insurance for your Bungee Jump business.
Temporary insurance by month, week or day for your Bungee Jump business
Is your Bungee Jump business working part-time or casually, or is the level of business fluctuating?
Using short-term insurance makes good sense. Business insurance by the month, day, or week – temporary insurance for Bungee Jump – are special policies where you can cover a designated period when you want to be covered.
By only paying for that period of cover, you will save by having lower premiums but still having identical risk cover.
The important feature of short-term insurance is that you pay for the cover for a defined period – a designated date, or a week or month starting on a specific date, for example for 30 days beginning on the specified date.
When you are expecting periods of better business activity, get the existing cover increased.
Talk to your insurance agent, broker or the company’s representatives to see what options you have.
Business Owners Policy BOP for your Bungee Jump business
You have the choice to combine most of the important kinds of small business insurance in one policy that is known as the business owner’s policy – BOP.
A BOP integrates commercial property and public liability insurance by packaging these coverages into one insurance policy, which can save you money.
BOP insurance will protect you if any claims of injury or property damage are made.
It is frequently the right choice for small and medium-sized Bungee Jump businesses, such as yours.
There are some limits that will dictate whether BOP is suitable for your own business.
BOPs cannot cover your professional liability or commercial vehicle policies.
Also, the size of your business will dictate whether you are eligible to take out BOP cover.
The normal business that is allowed to take a BOP policy must have no more than one hundred employees, and maximum five million dollars in annual turnover.
As well, you must separately take out the required worker’s compensation, health and disability insurance as determined for your state.
Workers Compensation insurance for your Bungee Jump business employees
In most states, it is mandatory to have workers compensation insurance when your Bungee Jump business has one or more employees.
Workers compensation insurance covers the operation against any costs that arise if any hired hand experiences an injury or becomes sick as a result of work.
The benefits cover medical expenses, death benefits, lost wages, and vocational rehabilitation.
Failure to meet a state’s regulations in this regard can leave you as the employer required to pay penalties levied by the states.
Some states, such as North Dakota, Ohio, Washington, West Virginia, and Wyoming only allow coverage from the government-run monopoly state funds.
In these states, you may not take out your workers compensation obligations from private insurance companies.
Workers compensation rates are computed based on the employee’s pay, and usually come out at around $1.00 per $100 per month.
However, you must see the relevant authorities in your state.
Average costs of these types of insurance
Although every Bungee Jump insurance level is unique, there are enough examples of standard quotes from insurance companies for us to give appropriate guidelines, including what are the cheapest rates offered.
Of course, you should always check with an agent what’s relevant for your business.
The list below is of annual premiums we have researched for the main types of insurance your Bungee Jump businesses needs.
|Types of insurance||Price range|
|Product liability insurance||$220 – $620|
|Commercial insurance||$895 – $2805|
|Commercial vehicle insurance||$1785 – $2600|
|Public liability insurance||$265 – $735|
|Equipment insurance||$425 – $1275|
|General liability insurance||$735 – $1045|
Cost of insurance for your Bungee Jump operations depends on many different factors.
We have reckoned these figures for small independent Bungee Jump businesses.
In larger states like New York, premiums are generally about 20%-30% higher than national averages, whereas in smaller states like Utah, they can be about 20%-30% less.
The location and size and type of your Bungee Jump business can have a big effect on the cost of different policies.
You should discuss with professional insurance agents and brokers, or insurance company representatives.
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Also you can let the internet do the work for you by enquiring about insurance companies near where your business is located.
Another useful source of information is the local Better Business Bureau in your city.
What is small business insurance for Bungee Jump operations?
This is a wide term used to describe common insurance policies designed to protect Bungee Jump business owners from risks like bodily injury, property damage, claims of negligence.
Does my Bungee Jump business have to have insurance?
Some of the types of insurance are not mandatory for you to open your business, but they can protect you from risks in your business operations.
Some other forms are required by state law, such as workers compensation and vehicle insurance.
What does a small Bungee Jump business insurance policy cover?
Liability insurance provides coverage against lawsuits or claims filed by a customer for bodily injury, property damage, or negligence.
The exact cover will vary based on your own operations.
See the table in the costing section above for average prices of the recommended policies for Bungee Jump insurance.
How much will Bungee Jump business insurance cost?
As well as the size of the business, certain other factors, such as location and claims history, are used to determine your policy’s cost.
You should consult with professional insurance agents and brokers, or insurance company representatives.
You can search for more information insurance for Bungee Jump, in the search box below, and follow the relevant links.