Eight Insurance Tips for an Indoor Inflatable Business

As a future owner of an indoor jump center you know there's substantial liability with kids playing on inflatable moonwalks, so naturally you want to make sure you have all the right coverage at the best price.
As an insurance consumer, below is a list of what we recommend for the inflatable industry:

1. Increase deductibles on your coverage.
2. Credit is a major concern. Many companies will look at your credit and financial ratings. Just make sure you have a financial statement available for insurance purposes to show a stable position.
3. Shop around for your insurance at least every three years. Do not change yearly trying to save a couple of dollars. This will cost both you and your agent precious time.
4. Keep all of your insurance in one place. Discounts are available through many companies by having multiple policies. Even if it is with the same agent, it MAY still be a cost savings. It will certainly save you time when you make three incorrect calls trying to file a claim.
5. Consider your claims. Look at every claim before you turn it in. Small claims are a nuisance and may end up costing you in the long run through higher rates or non-renewal. Undoubtedly, insurance is there for the loss, but always consider the cost vs. the benefit ramifications of your claim before filing it.
6. Think about your inflatable manufacturer. The manufacturer of your inflatables may also have an impact on the cost of your insurance due to safety features that they either offer or don't offer. For instance, a state may require a certification process for the manufacturer in order to qualify to be certified. This can affect your rates.
7. Ask your manufacturer, "What can I do?" By forming better partnerships between manufacturers, rental companies, and the support industries we can better bridge the gap of communication and mistrust within the inflatable industry.
8. Ask the insurance company how installing a security camera system, and keeping a safety manual can lower your rates. When installing the security camera system make sure you can easily make backups for select footage (injuries, accidents, etc). Also hand out a copy of the safety manual to every newly hired employee.

Keep in mind parents are not nice when their child gets hurt, and many try to abuse the system just to squeeze a check out of your insurance company. Make sure you install surveillance cameras, with motion sensors to record everything that's happening - it can save you thousands. It's also a good idea to display a TV with surveillance footage so parents can see their kids playing in the jump rooms as well.
InflatableStartup.com provides information for starting your own indoor inflatable business.

John Farrel,
InflatableStartup.com
Start Your Own Inflatable Business!

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