Laser Tag Business Insurance
Getting insurance for your laser tag business is essential.
Laser tag businesses need to be protected against claims of things like personal injury, negligence, and breach of contract.
For example, a customer trips over an obstacle and injures themselves during a laser tag game, or an employee fails to disclose all of the safety precautions before a game.
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 Laser Tag Business
General liability insurance is — generally speaking — one of the most important insurance policies for laser tag businesses.
Some of the risks general liability insurance covers are:
- Bodily injury
- Property damage
- Medical payments
- Legal defense and judgment
- Personal and advertising injury
There are numerous beneficial policies for your laser tag business that will compound the protection of general liability. Some of these include:
- Workers’ compensation insurance: If your workers are injured or fall ill while at work, this policy will cover their medical bills and lost wages.
- Commercial property insurance: If your business’s premises, supplies, or other property are lost in an event covered by this policy (e.g., a natural disaster or fire), it would assume the cost of replacing them.
- Commercial umbrella insurance: Some of the risks you can face will exceed the limits of your standard policies. This policy will step in when these limits are exceeded so that your business does not have to assume the cost.
When buying these policies for your business, it is important to bear the two distinct types of insurance providers in mind:
- Traditional brick-and-mortar insurers — While more renowned due to their longer histories, these firms tend to charge higher prices for a similar product.
- Online insurers — Conversely, due to their digital business structure, these firms offer insurance more cheaply, conveniently, and quickly. For these reasons, small businesses may benefit from this option.
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Cost of General Liability Insurance
On average, laser tag businesses in America spend between $400 - $1,100 per year for $1 million in general liability coverage.
Compare the average cost of general liability insurance for a laser tag 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 Laser Tag Business
Example 1: A customer is rushing through the course and trips, falling and breaking his arm. He decides to sue your business for damages. While your company may ultimately be exonerated because customers assume a certain amount of risk when playing laser tag, you still need to defend your company by hiring a lawyer. Your general liability insurance will cover the cost of your legal fees.
Example 2: One of your employees forgets to put out a sign when mopping and a customer slips and falls, breaking her wrist. She asks that your business pay for her medical care. Your general liability insurance policy will likely cover this cost.
Example 3: A competitor files a lawsuit against your business, claiming that you libeled their company in your latest marketing campaign. General liability insurance will pay for your legal defense and also cover the cost of a settlement if one is necessary.
Other Types of Coverage Laser Tag 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
If you have employees, you are most likely required by state law to carry workers’ compensation insurance. The policy will pay for medical treatment for employees injured performing job-related duties. It will also help to pay for lost wages while injured employees are unable to work due to work-related injuries.
Commercial Property Insurance
You have invested a lot of money to start and maintain your laser tag business. If you were to lose most or all of your equipment and supplies, like if a fire broke out, then it would be very costly to get new equipment and open your business again. But if you have a commercial property policy, you can file a claim with your insurer and get financial help replacing your commercial property if it is damaged in a covered event.
Commercial Umbrella Insurance
A commercial umbrella policy is designed to supplement your general liability insurance policy. Every general liability insurance policy has limits. If you are in a situation where the limits of your general liability insurance are exceeded, like if you lose a big lawsuit, then you will have to pay the remaining expense. But with an umbrella policy, once your general liability insurance limits are exceeded, the umbrella policy will kick in and pay the remaining damages.
Commercial Auto Insurance
If you have a vehicle that you use primarily for business, you need to have a commercial auto policy to protect your vehicle, the driver, and others on the road. Your commercial auto policy will pay for damages to your vehicle, damages caused by your vehicle, and medical treatment for injuries sustained during an accident.
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 laser tag 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.
Laser Tag 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, a laser tag business will require business insurance before it starts if it wants to be insulated from the various risks associated with this industry.
Furthermore, there are even some policies that may be legally required of a laser tag business, such as workers’ compensation insurance.
Not necessarily. Certain exceptions may be written directly into your laser tag 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.