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Colorado Video Arcade Insurance Policy Information

CO Video Arcade Insurance

Colorado Video Arcade Insurance. Video arcades - also called amusement arcades - are facilities that provide a broad range of arcade games and related offerings.

Video arcades offer coin or token operated amusement devices to patrons. These devices can include kiddie rides, skill-based games, or prize-based games simply subject to chance. The amusement devices may be owned or rented from others. The arcade may have a snack bar or gift shop, or offer space for special events such as birthday parties.

These venues typically feature classic arcade games, pinball machines, claw machines, air hockey tables, and billiard tables.

More recent innovations mean that video arcades also often often exciting new content such as virtual reality gaming and venues for esports teams, meanwhile.

This fast-paced branch of commerce is always welcoming new games, and those who own and operate video arcades will be deeply familiar with the fact that running a business always brings risk and uncertainty. That is why it is crucial to consider what types of Colorado video arcade insurance needed to protect the business from major perils.

Discover more about the kinds of coverage an amusement arcade requires in this brief guide.

Colorado video arcade insurance protects your amusement business from lawsuits with rates as low as $57/mo. Get a fast quote and your certificate of insurance now.

Why Do CO Video Arcades Need Insurance?

Video arcades may be venues visitors seek out for relaxation or friendly competition, but these businesses also face numerous risks, just like any other company.

Both threats common to all commercial ventures and some specific to this branch of commerce can have devastating financial consequences - some of such a magnitude that, without the right insurance on your side, it would be "game over" for your arcade.

Your video arcade could be struck by an act of nature like an earthquake, fall victim to burglary or serious vandalism, or suffer from the accidental breakout of a fire, to name some examples. In the process, your building and the valuable gaming equipment inside could be severely damaged.

In addition to the related repair and replacement expenses, it is extremely likely that the arcade will be subject to costly business interruptions. Liability risks represent another serious threat to video arcades.

If an employee were to suffer an injury while at work, a customer to get hurt on your premises, or a machine you rent be damaged beyond repair, the losses can again be very significant.

A business that has taken the time to invest in Colorado video arcade insurance coverage, however, can overcome these and other perils - so that it can once again thrive and continue to bring joy to the community.

What Type Of Insurance Do Colorado Video Arcades Need?

The process of obtaining the right insurance can be complex. The location and size of your video arcade, the type of equipment it offers and whether those machines are rented or owned, and its number of employees are just some of the many factors that influence what kinds of insurance a video arcade will need to carry.

Just like each video arcade is unique, it also faces a different set of risks. That is why it is essential to consult a commercial insurance broker; with insights into your specific risk profile, they can help you cover all your bases.

However, some of the most important kinds of Colorado video arcade insurance include:

  • Commercial Property - This type of coverage offers protection in case your facility is impacted by perils such as theft, vandalism, fire, or earthquakes. It covers repair or replacement costs relating to your physical building, but also the assets inside it.
  • Commercial General Liability - If a visitor gets injured on your property and files a lawsuit attempting to hold you responsible, legal expenses can accumulate rapidly. The same holds true if a piece of equipment you rent is damaged. Business or commercial general liability insurance covers your attorney fees and any settlement costs.
  • Workers' Compensation - This type of Colorado video arcade insurance funds the medical bills and any lost wages for employees who are injured at work. Long-term occupational health conditions, such as those resulting from repetitive stress injury, are also covered.
  • Equipment Breakdown - Should important equipment, such as an arcade machine you own, malfunction and require urgent repair or replacement, this type of coverage can help you bridge the cost.

These key types of Colorado video arcade may not cover all eventualities. If your company owns vehicles, for example, it will require commercial auto insurance as well. If it stores customer data electronically, or runs a website, cyber insurance is also going to be needed.

Talk through all the risks your video arcade could be exposed to with a skilled commercial insurance broker to get the full picture - and complete peace of mind.

CO Video Arcade's Risks & Exposures

Premises liability exposure is high due to the number of visitors to the premises and the type of operation, which tends to attract children and youth. Public and life safety code compliance is necessary. Good housekeeping is key to preventing trips, slips, and falls. Flooring should be in good condition.

The number of exits should be sufficient, well marked, and have backup lighting in case of power failure. Steps must have handrails and be in good repair. Parking areas should be maintained free of snow and ice.

Background checks, including criminal records, should be conducted on all employees. The arcade may present an attractive nuisance hazard when not in use. There must be adequate security to prevent unauthorized entry.

Personal injury exposures are from assault and battery, discrimination, false arrest or unlawful detention.

Products liability exposure comes from the sale of new and used or reconditioned machines, prizes awarded for skill and chance games, and serving of food and drink. The use of faulty components or improperly repaired appliances can cause electrical problems that could result in fire or other property damage. Employees should be trained in proper repair procedures.

Workers compensation exposure includes electrical shocks or burns, hernias or back sprains from lifting, slips and falls, foreign objects in the eye, or collisions while driving. Security or attendants may be injured by altercations with unruly patrons or during hold-ups.

Property exposure is moderate. Ignition sources include electrical wiring, heating, and air conditioning systems, and overheating of electronic equipment. All electrical wiring must meet codes and be adequate for the operation.

Repair operations may include the use of flammable cleaning solvents, soldering, electrical wiring, and repair of plastic cabinets.

Flammables and combustibles need to be used away from soldering operations. Solvents should be properly stored in a fireproof cabinet. Cooking operations must be properly controlled.

Video machines can be targets for theft, and vandalism is a key concern as the facility's operations attract children and youth. The number of employees or attendants on duty is important. If any virtual reality machines are available, they should be placed where workers can supervise activities.

Appropriate security controls should be taken including physical barriers to prevent access to the premises after hours and an alarm system that reports directly to a central station or the police department. If there is a snack bar, loss of power can result in spoilage loss to food.

Equipment breakdown exposures are extensive due to the number of electronic machines used in operations. Damage to a key attraction which cannot be repaired quickly due to limited availability of parts may result in a substantial loss. All equipment must be maintained in good condition and documented.

Crime exposure is due to employee dishonesty and money and securities. Background checks should be conducted on all employees handling money. There must be a separation of duties between persons handling deposits and disbursements and handling bank statements.

All machines should use tokens only. One individual must control the token machine, and a tracking device should be in the machine to correlate cash receipts to tokens given. Money should be removed and deposited during the day to prevent a buildup of cash.

Inland marine exposure is generally limited to commercial articles for the game and vending machines while being transported and valuable papers and records for contracts and suppliers' information. The contract with vending companies may require the arcade to provide coverage for leased machines.

There may be accounts receivable if the arcade bills for services, bailees if repair is performed on customers' goods, or computers.

Business auto exposure may be limited to hired non-owned for employees or volunteers running errands if operations are only at one location. If there are owned vehicles, they must be maintained on a regular basis with all service documented.

MVRs must be acceptable and ordered regularly on all drivers. Machines transported between arcades must be properly tied down to avoid shifting.

Colorado Video Arcade Insurance - The Bottom Line

To discover the specific types of Colorado video arcade insurance policies you'll need and how much the premiums are, consult with a skilled broker that is experienced in commercial insurance.

Colorado Economic Data & Business Insurance Information

Made In Colorado

If you're thinking about doing business in Colorado, it's important to familiarize yourself with the economic status of the state, as well as the regulations and limits regarding insurance for businesses. Below, we offer insight into pertinent economic data related to the state of Colorado, as well as key business insurance information so that you can put your best foot forward and make the best decisions for your business in the Centennial State.

Business Economic Trends In The State Of Colorado

According to recent reports from the leading economic researchers, the state of Colorado has a healthy outlook, economically speaking. While fewer jobs will be added in 2018 than have been in recent years, the growth rate is still expected to climb.

It's anticipated that entrepreneurs who are really interested in taking risks in new ventures will be the leading contributors for the state's economic growth. However, less risky industries will lend to the economy, as well, such as cloud computing and cybersecurity.

In regard to the fuel industry, it is anticipate that there will be an increase in valuation of about 9 percent in the year 2018, and this growth pertains mainly to gas and oil. This increase will largely be due to the improvement in energy prices, which are lower this year than they have been in recent years. It's hopeful that energy prices will continue to fall so that these industries can continue to thrive.

In terms of agriculture, it's projected that farms in the state of Colorado will do a little better this year than they did in 2017. Leading economic research agencies are expecting that the income from agriculture will reach nearly $1.4 billion in 2022.

In regard to the retail market, it is also expected that this industry will see steady growth, despite the rising trend of e-commerce solutions. In fact, it's estimated that the rate of employment in the retail sector will increase by as much as 2.1 percent during the 2022 fiscal year.

Regulations And Limits For CO Commercial Insurance

The Colorado Division of Insurance regulates insurance in Colorado. CO is considered a "fault state", meaning that business owners are not legally required to carry liability insurance; however, liability coverage is the type of commercial insurance that is most commonly purchased in the state. Commercial liability insurance covers business owners and their clients for things like bodily and personal injury, commercial property damage, and injuries that pertain to advertising injuries.

The only commercial insurance that business owners are required to carry is workers' compensation insurance. Any business that employees an hourly or wage staff must carry this type of coverage to protect their employees.

Additional Resources For Arts & Recreation Insurance

Read up on small business arts and recreation commercial insurance.


Arts And Recreation Insurance

Commercial insurance policies for arts, entertainment and recreation are specialized policies that protect against the unique risks that arts and recreation businesses face.

Performing artists and companies, entertainers including musical groups, theatre groups, comedians and more, writers, performers, photographers, videographers, DJ's and so many other types.

Professional liability coverage (errors and omissions) is needed in these cases to protect their financial interests due to mistakes, errors or omissions by these professionals in doing their jobs. Fr example - a bride and groom did not like the way their wedding photos turned out.

Or a wedding planner might plan a lavish wedding, but the bride's parents who are paying for it did not like the way it went. There is a lot of gray areas with arts, and you need to be protected if your clients don't agree with you that your work was what the agreed to.

If your business is involved with children, you need to review your coverages very carefully so certain important protections are not excluded. Abuse and molestation insurance might be needed to fully protect yourself in this instance.

Minimum recommended small business insurance coverage: Business Income with Extra Expense, Employee Dishonesty, Money and Securities, Accounts Receivable, Commercial Articles Floater, Computers, Valuable Papers and Records, General Liability, Employee Benefits Liability, Umbrella Liability, Hired and Non-owned Auto Liability & Workers Compensation.

Other commercial insurance policies to consider: Building, Bailees Customers Floater, Money and Securities, Cyber Liability, Employment-related Practices Liability, Business Auto Liability and Physical Damage and Stop Gap Liability.


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Also find CO local small businesses by General Liability Class Code and learn about Colorado small business insurance requirements for general liability, business property, commercial auto & workers compensation including CO business insurance costs. Call us (720) 500-2051.

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