Board Game Company Insurance
Getting insurance for your board game company is essential.
Board game companies need to be protected against things like claims of intellectual property infringement, breach of contract, misrepresentation, and product liability.
For example, one of your games might include elements of a competitor’s trademarked material, or customers could claim that one of your games misrepresented the appropriate player age range.
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 Board Game Company
General liability insurance is — generally speaking — one of the most important insurance policies for board game companies.
Some of the risks general liability insurance covers are:
- Bodily injury
- Property damage
- Medical payments
- Legal defense and judgment
- Personal and advertising injury
Your board game company may also find it useful to supplement general liability with some of the following policies:
- Workers’ compensation insurance
- Product liability insurance
- Commercial property insurance
- Commercial umbrella insurance
You will typically be presented with the choice between two general categories of insurers when searching for business coverage. These categories are:
- Traditional brick-and-mortar insurers: Some of the most well-known insurers in the US fall into this category (such as CNA and The Hartford). While providing reliable and accurate insurance, due to the high overheads associated with running a physical storefront and hiring an insurance agent, their coverage is known for being quite pricey.
- Online insurers: Contrastingly, by taking advantage of the advancements in AI and basing themselves purely online, these insurers are able to solve this cost problem while maintaining the accuracy and reliability of a traditional insurer.
Let’s Find the Coverage You Need
The best insurers design exactly the coverage you need at the most affordable price.
Cost of General Liability Insurance
On average, board game companies 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 board game company 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.
Find the Best Rate
Discover the best coverage at the lowest rate in our cheapest business insurance review.
Common Situations That General Liability Insurance May Cover for a Board Game Company
Example 1: While touring your factory, a visitor stumbles and falls against a hot plastic molding machine. They sustain serious burns and require immediate medical attention. General liability insurance would likely cover all their related medical costs.
Example 2: While you’re loading up a shipment to go out from the factory, your loading dock ramp malfunctions, slamming into the delivery vehicle. The impact crushes the tailgate and damages thousands of dollars of inventory. Your general liability policy will likely pay for repairs to the vehicle and cover cost of the damaged items.
Example 3: As a customer is leaving your lobby, they accidentally slip on the slick floor and break their arm in the fall. They are angry and threaten to sue you for damages. You file a claim under general liability that will likely cover their medical expenses and pay for your legal fees if there is a lawsuit.
Other Types of Coverage Board Game Companies 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
If an employee is injured on the job workers’ compensation insurance will pay for their medical costs. And if they can’t return to work, they may also be eligible for disability benefits under this policy. Most states require businesses that have full-time or part-time employees to carry workers’ compensation.
Product Liability Insurance
If a customer claims that one of your products caused them harm, they could sue your company for damages. Product liability insurance will help to pay for your legal defense and any payouts that are awarded in a settlement.
Commercial Property Insurance
Producing your board games requires the use of specialized equipment, tools, and expensive computer systems. If any of these items are damaged in an incident like a fire, it can be extremely costly to replace on your own. With commercial property insurance, you can get help to pay for the repair or replacement of this valuable property and keep production going.
Commercial Umbrella Insurance
If your primary insurance policy’s limits are exceeded in a big lawsuit, commercial umbrella insurance will step in to go above those limits to help you avoid paying for damages out-of-pocket.
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 board game company:
- 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.
Board Game Company 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.
While not necessary in all cases, acquiring insurance before your company launches is highly recommended as without it you are completely vulnerable to unforeseeable risks and financial losses.
Furthermore, by neglecting to do so, you are risking legal non-compliance as certain businesses are required by law to carry certain types of insurance (e.g., workers’ compensation and commercial auto).
Not necessarily. Certain exceptions may be written directly into your board game company 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.