Company insurance is intended to safeguard the financial assets of a business owner and is a vital investment for a board game café.
This article will discuss the primary insurance coverage for board game cafés, general liability insurance, as well as additional policies that are appropriate for this industry.
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Board Game Cafes Need General Liability Insurance
Every firm, regardless of sector, has risks that should be insured. General liability insurance is the most frequent and comprehensive form of coverage that company owners purchase.
General liability insurance covers the following risks:
Physical harm
Damage to property
Medical expenses
Legal defence and decision
Personal and commercial harm
While general liability insurance is not legally needed for companies, operating without it is exceedingly dangerous. If your company is sued, you might face costs in the hundreds of thousands of dollars (or more). The only way to avoid this sort of catastrophe from destroying your organisation is to have an adequate general liability insurance coverage in place to assist pay for these losses.
Situations That A Board Game Cafe’s General Liability Insurance May Cover
Example 1: A waiter pours boiling hot coffee on one of his table’s clients who is playing a game. The spill produces severe burns, and the customer is sent to the hospital. If found accountable for damages, general liability insurance would most likely assist your firm in paying whatever a court determined it owed or any settlement agreed between you and the harmed customer.
Example 2: A client is playing a game while eating the salad he ordered, but he is severely allergic to one of the components. He chooses to sue your café after seeking medical attention. If you are found to be at fault for the occurrence, general liability insurance would most likely assist pay for the damages caused or any settlement reached between you and the injured party.
Example 3: When a janitor fails to leave a wet floor notice, a client slips and falls, breaking his tailbone. He sues your café because a portion of his bone has shattered. If you are found accountable in court, you may be able to use general liability insurance to pay part of the damages due.
Of course, this is not an entire list of risks covered by a general liability insurance policy, and certain situations may result in a specific peril not being covered. To minimise coverage gaps, it’s always better to speak with your agent about the terms of your policy.
General Liability Insurance Cost
The typical American board game café pays between $500 and $1,200 per year for $1 million in general liability insurance.
The cost of your coverage will be determined by a number of variables. Among them are your:
Location
Deductible
Employees’ number
Per-occurrence restriction
The overall aggregate limit
You may be able to get general liability insurance at a lower cost if you buy it as part of a business owner’s policy (BOP) rather than as a separate policy. A business interruption policy (BOP) is a more complete option that covers numerous types of coverage, such as business interruption and property insurance.
Other Types of Coverage Required by Board Game Cafes
While general liability insurance is the most crucial, there are various different types of coverage to be aware of. Other forms of insurance that every board game cafés should have are as follows:
Insurance for Commercial Property
This is significant for board game cafés. They not only manage a small restaurant/bar, but they also have a board game shop on the premises! Fires and severe weather might result in the loss of valuable equipment, supplies, culinary apparatus, and inventory. The board games alone cost an average of $40-$50, with some games selling for as much as $100. That is a significant loss of critical inventory. A serious board game café will need commercial property insurance to protect its material assets in the case of the aforementioned calamities or comparable disasters. This coverage will cover both commercial material products and owned commercial real estate that has been harmed by the occurrence.
Insurance Against Crime
The board game business is alive and well, thanks to a comeback during the last decade. The modern nature of board game content, which is frequently long, sophisticated, and geared to match consumers’ expectations for creative gaming experiences, has contributed to its comeback in pop culture and commercial viability.
This implies that board game cafés have some extremely costly inventory on hand, most of it neatly wrapped for easy disposal. If employee dishonesty costs your company thousands of dollars in lost product or cash, crime insurance protects you. It may also cover computer fraud losses and client property theft.
Coverage Options for Some Board Game Cafes
In addition to the insurance listed above, your board game café may need other forms of coverage based on particular elements of your activities. Some of them may not apply to you, so be sure to ask your agent whether policies are appropriate for your company.
Insurance for Liquor Liability
As part of their diverse business concepts, several board game cafés provide alcohol. Board games are social activities, and alcohol is often present when there is leisure socialising. Gaming and drinking may go hand in hand, but if your establishment chooses to provide alcohol to its customers, a liquor licence is not only necessary, but also mandated by law.
This policy may cover events that would typically be covered by general liability insurance, as long as alcohol is fairly found to be a substantial causative element in the harm. While inebriated customers may be acting on their own will, your establishment may still be held accountable for their detrimental activity. Liquor liability insurance protects your board game café from intoxicated occurrences beyond its control.
Additional Security Measures for Your Company
Although investing in company insurance is simple (and necessary), it should not be your first line of defence. Yes, insurance will reimburse your company for cash losses incurred as a result of an occurrence, but it is much preferable to avoid losses altogether.
With this in mind, here are a few steps you can take to better secure your company:
Make use of legally binding contracts and other business agreements. (We provide free templates for several of the most often used legal forms.)
To safeguard your personal assets, form a limited liability company (LLC) or a corporation. (To discover how to incorporate an LLC or company in your state, see our step-by-step tutorials.)
Keep your company licences up to date.
Streamline the internal procedures of your company. This will eliminate unneeded variables from routine activities and establish a secure, consistent environment in which to do business.
If your company is an LLC, you should check into LLC insurance.