Amusement Park Business Insurance
Getting insurance for your amusement park is essential.
Amusement parks need to be protected against claims involving things that could cause financial loss and are likely to occur, such as premises liability, negligence, and product liability.
For example, your amusement park could have to pay damages if a customer or employee encounters a dangerous condition on your premises that resulted in their injury.
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 an Amusement Park Business
General liability insurance is — generally speaking — one of the most important insurance policies for amusement park businesses.
Some of the risks general liability insurance covers are:
- Bodily injury
- Property damage
- Medical payments
- Legal defense and judgment
- Personal and advertising injury
Though general liability is vital for all businesses, amusement parks should be aware of the other beneficial policy types they can take advantage of in order to fully protect themselves. These include:
- Commercial auto insurance
- Commercial property insurance
- Workers’ compensation insurance
- Commercial umbrella insurance
There are typically two options available to businesses when seeking to obtain insurance coverage:
- Traditional brick and mortar insurers: This refers to some of the most well-established firms (e.g., The Hartford and Hiscox) with a long-standing reputation for dependable coverage.
- Online insurers: Our recommended approach, providers in this category take advantage of lower overheads to offer insurance that is more affordable, yet just as personalized and reliable due to the power of AI.
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Cost of General Liability Insurance
The average amusement park in America spends between $300 - $800 per year for $1 million in general liability coverage.
Compare the average cost of general liability insurance for an amusement park 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 an Amusement Park Business
Example 1: A child slips and hits his head as he rushes out of the restroom. His parents ask your business to pay for his medical treatment. General liability insurance would cover the child’s medical bills.
Example 2: As an employee pushes a wheelbarrow full of gravel across your parking lot, he trips and the wheelbarrow hits a customer’s car. General liability insurance would cover the customer’s vehicle repair costs.
Example 3: A water park across town sues, claiming your new logo is too similar to their existing logo. General liability insurance will pay for your legal fees and any damages awarded in a settlement.
Other Types of Coverage Amusement Park 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:
Workers’ Compensation Insurance
Most states require businesses to carry workers’ compensation insurance for their part-time and full-time employees. 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 benefits stemming from a work-related accident.
Commercial Property Insurance
You’ve made major investments in your park’s rides and related equipment. Commercial property insurance would cover the cost of repairing or replacing your damaged property in the event of a fire or natural disaster so you can recover quickly.
Commercial Umbrella Insurance
While your general liability insurance policy covers most claims, some accidents or lawsuits may be so catastrophic that they threaten to exhaust the limits of your primary coverage. Commercial umbrella insurance protects you from paying out-of-pocket for any legal fees and awarded damages that exceed your primary policy.
Commercial Auto Insurance
Any vehicle you use primarily for business requires commercial auto coverage. Your policy will protect your vehicle, the driver and others on the road in the event of an accident by covering any related vehicle repair costs as well as medical treatment for anyone injured.
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 amusement park 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.
Amusement Park 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.
In most cases, yes. Securing appropriate business insurance for your amusement park before its operations commence is vital to ensure it is protected from potential claims (e.g., personal injury and property damage).
There are also legal requirements to keep in mind before starting your business, as some types of insurance may be a requirement for your amusement park to operate legitimately.
Not necessarily. Certain exceptions may be written directly into your amusement park 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.