Amusement Insurance: How to Find the Right Plan & Provider

amusement insurance

Tips from Our Insurance Experts on How to Protect Your Business

Amusement parks, water parks, carnivals, and other businesses that offer rides and attractions are at high risk for liability claims. If a guest is injured or their property is damaged at your park or event, they may sue for damages. Amusement insurance can help protect your business from financial ruin in the event of an accident or injury, and it can also help you avoid costly legal fees.

No matter the size of your business, amusement insurance is an important investment to protect your business from financial losses.

Read along as our experts at McGowan Allied Specialty Insurance discuss the importance of amusement insurance and provide tips on how to choose the right policy for your needs.

Understand the Unique Risks Associated with Your Business 

The risks your business faces will depend on how you operate, because the activities and equipment involved in each type of amusement and entertainment business are different.

Hazards are anything that could cause an accident or injury. A proper risk assessment will start by identifying hazards like fires, mechanical breakdowns and even data breaches. Once you have identified hazards, you need to assess the likelihood of each hazard occurring and the severity of the consequences if it occurs.

Businesses should also identify assets that could be at risk like employees, customers, buildings and brand reputation. If an asset is damaged or destroyed, it could have a significant financial impact on your business.

Do not forget to analyze the impact of each hazard, including the potential for injury, litigation and potential losses.

Here are just a few risks you should consider during your assessment:

Customer injuries. Amusement businesses are at a high risk of customer injuries, because the activities offered at these businesses can be dangerous, especially for young children.

Employee injuries. This is because employees are often working near moving machinery and equipment.

Property damage. Property damage happens because of vandalism, fires, floods, or other natural disasters. It can also occur because of accidents, such as a customer falling and damaging a piece of equipment.

Litigation. Customers and employees who are injured at an amusement park may sue your business for damages.

By conducting a thorough risk assessment, you can identify the specific risks your business faces and take steps to mitigate those risks. You can also purchase the right amusement insurance to protect your business from financial losses in the event of an accident or injury.

Learn More: Specialty Insurance Basics for the Amusement Industry

Choose Amusement Insurance Tailored to Your Business

Amusement and entertainment businesses face a variety of risks, so it is important to choose the right insurance coverage. The specific coverage you need will depend on your location, how you operate and the activities you offer.

If you operate in an area that is prone to natural disasters, you will need to make sure your insurance covers these events. You may also need to consider additional coverage, such as business interruption insurance, which can help you pay for lost revenue if your business is forced to close because of a natural disaster.

If you offer activities that are more dangerous, you will need to make sure your insurance covers these risks. Consider additional coverage, such as excess liability insurance, which can help you pay for large claims, and workers’ compensation insurance, which can help you pay for employee injuries.

Here are some additional tips for choosing the right amusement insurance:

  • Not all insurance providers are created equal. It is important to choose a provider that understands the amusement and entertainment industry and can help you mitigate its inherent risks.
  • Do not just buy the cheapest insurance you can find. Make sure you get the coverage you need to protect your business.
  • Understand the limitations of your insurance policy, such as the deductible and the limit. You should work with an insurance agent to make sure you have the right coverage for your business.
  • If you have property insurance, make sure you understand exactly what it covers and in what circumstances. Many basic policies will not cover natural disasters.
  • Review your policy annually to make sure it still meets your needs.
  • Work with an insurance agent who specializes in amusement and entertainment insurance. They can help you assess your risks and recommend the right coverage for your business.

Not only can the right insurance protect your business from financial losses in the event of an accident or injury, but it can also provide you with peace of mind knowing you are doing everything you can to mitigate risk.


Explore More: Learn How IAAPA Members Can Save Up to 10% with Our IAAPA Elite Insurance Program

What to Look for In an Amusement and Entertainment Insurance Provider

The amusement and entertainment industry is unique, and the risks associated with it are also unique. That is why it is important to work with an insurance provider that understands the industry and can tailor a policy to your specific needs.

When choosing an insurance provider, look for someone who:

  • Knows the mandatory coverage required by law
  • Knows the types of additional coverage that may be important for your specific operation and location
  • Is aware of the latest industry trends and risks.
  • Provides incredible customer service
  • Has a proven track record of providing insurance to amusement and entertainment businesses
  • Has excellent recommendations from other businesses in the industry

If you choose an insurance provider that does not understand the amusement and entertainment industry, you may end up with a policy that does not adequately cover your risks. This could leave you exposed to financial losses in the event of an accident or injury.

Trust the Experts In Amusement and Entertainment Insurance

McGowan Allied Specialty Insurance is a leading provider of amusement and entertainment insurance. Our team has more than 40 years of experience in the industry and understands the many risks amusement and entertainment businesses face. We can customize a policy to your specific needs, help you keep your guests safe and protect your business from financial losses.

Contact us online or call us at 727-547-3023 to learn more about our amusement and entertainment insurance solutions.

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