Mermaid Business Insurance
Getting insurance for your mermaid business is essential.
Mermaid businesses need to be protected against things like claims of contractual breach, personal injury, and misrepresentation.
For example, your mermaid business fails to send an entertainer to a customer’s house on the agreed-upon date, or one of your mermaid performers is injured during a routine and requires medical leave.
We’ll help you find the most personalized and affordable coverage for your unique business.
Recommended: Next Insurance is dedicated to matching small businesses with the right policy at the best price.
Best Insurance for a Mermaid Business
General liability insurance is — generally speaking — one of the most important insurance policies for mermaid businesses.
Some of the risks general liability insurance covers are:
- Bodily injury
- Property damage
- Medical payments
- Legal defense and judgment
- Personal and advertising injury
Some other policies that may be of interest to your mermaid business include:
- Commercial auto insurance: Covers the vehicle used to transport any mermaid gear to clients’ homes in the event of an accident.
- Workers’ compensation insurance: Most states will obligate businesses with full-time or part-time workers to carry this policy. It protects your performers in the event they are injured or become ill due to activity at work.
- Home-based business insurance: A necessary policy to protect your business property if you run operations from home, as it is typically not covered by a standard homeowner’s policy.
While in the process of shopping around for insurance, it is important to be aware of the different types of providers:
- Traditional brick-and-mortar insurers — Such as Nationwide and Hiscox.
- Online insurers — Such as Next and Tivly.
While traditional firms typically have a longer history than online ones, most businesses are opting for the online option as it offers policies of matching quality and accuracy at greatly reduced prices.
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Cost of General Liability Insurance
On average, mermaid businesses in America spend between $300 - $800 per year for $1 million in general liability coverage.
Compare the average cost of general liability insurance for a mermaid business to other professional industries using the graph below.
Several factors will determine the price of your policy. These include your:
- Location
- Deductible
- Number of employees
- Per-occurrence limit
- General aggregate limit
You may be able to acquire general liability insurance at a discounted rate by purchasing it as part of a business owner’s policy (BOP) rather than as a standalone policy.
A BOP is a more comprehensive solution that includes multiple forms of coverage, such as business interruption and property insurance.
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Common Situations That General Liability Insurance May Cover for a Mermaid Business
Example 1: While visiting a client’s home to discuss a mermaid performance at her child’s birthday party, you walk through the living room, trip over her dog, and fall into the entertainment center. Your fall smashes some expensive electronics, including a large television. General liability insurance would cover the cost of replacing the client’s damaged property.
Example 2: A competitor sues your company, claiming you libeled her business in your last advertisement. While you disagree with the claim, you know you need to hire an attorney to protect your business. General liability insurance would pay for your legal defense.
Example 3: As you carry your mermaid equipment into an event space, you accidentally knock over a customer’s child. The child breaks an arm in the fall, and the customer decides to sue you for damages. General liability insurance would cover your legal defense and any required settlement.
Other Types of Coverage Mermaid Businesses Need
While general liability is the most important type of insurance to have, there are several other forms of coverage you should be aware of. Below are some of the most common types of coverage:
Commercial Auto Insurance
Any vehicle you use primarily to transport your mermaid gear to and from clients’ homes requires commercial auto insurance to protect the vehicle, driver, and others on the road in the event of an accident. Be sure to select a policy that covers not only accident-related vehicle repair costs and medical treatment for anyone injured but also sufficient protection for any business property you carry in your vehicle.
Commercial Property Insurance
You made a major investment in the mermaid costumes, associated gear, and real estate needed to run your business. In the event of a fire, theft, or natural disaster, commercial property insurance would cover the cost of repairing or replacing your business-related property. This includes structural damage to your building and the business materials stored there.
Workers’ Compensation Insurance
If you have any employees, most states will require you to carry workers’ compensation insurance for your part-time and full-time workers. This coverage protects your employees if they become injured at work or fall ill after a work-related accident. It not only covers an employee’s medical bills and lost wages if they need time to recover but also any disability or death benefits stemming from a workplace accident.
Home-Based Business Insurance
If you run your business from your home, you may need this insurance to safeguard the equipment and space in your home devoted to your business. A typical homeowners insurance policy may not cover business-related items or customer injuries on your property if you don’t disclose you use your home for business purposes. In the event of a lawsuit, this coverage would pay for your legal fees and other associated costs.
Additional Steps To Protect Your Business
Although it’s easy (and essential) to invest in business insurance, it shouldn’t be your only defense.
Here are several things you can do to better protect your mermaid business:
- Use legally robust contracts and other business documents. (We offer free templates for some of the most common legal forms.)
- Set up an LLC or corporation to protect your personal assets. (Visit our step-by-step guides to learn how to form an LLC or corporation in your state.)
- Stay up to date with business licensing.
- Maintain your corporate veil.
Mermaid Business Insurance FAQ
Yes, absolutely. You will need to first get a quote from an online business insurance provider like Next Insurance. Next allows you to then purchase a policy immediately and your coverage will be active within 48 hours.
A typical business owner’s policy includes general liability, business interruption, and commercial property insurance. However, BOPs are often customizable, so your agent may recommend adding professional liability, commercial auto, or other types of coverage to your package depending on your company’s needs.
"Business insurance" is a generic term used to describe many different types of coverage a business may need. General liability insurance, on the other hand, is a specific type of coverage that business owners need to protect their assets.
Yes. If your mermaid business starts its operations without being adequately protected by business insurance, it opens itself up to a flood of potentially financially damaging claims.
To prevent this, the best approach is to obtain business coverage in advance. This ensures there is no lag time between when your insurance becomes effective and when your mermaid business launches.
Not necessarily. Certain exceptions may be written directly into your mermaid business insurance policy, and some perils may be entirely uninsurable.
Yes, an LLC is meant to create a legal barrier between your business and your personal assets and credit. If you haven’t formed an LLC yet, use our Form an LLC guide to get started.
An LLC doesn’t protect your business assets from lawsuits and liability– that’s where business insurance comes in. Business insurance helps protect your business from liability and risk.