Florida Video Arcade Insurance Policy Information
Florida 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 Florida 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.
Florida 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 FL 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 Florida 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 Florida 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 Florida 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 Florida 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 Florida 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.
FL 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.
Florida Video Arcade Insurance - The Bottom Line
To discover the specific types of Florida video arcade insurance policies you'll need and how much the premiums are, consult with a skilled broker that is experienced in commercial insurance.
Florida Economic Data And Commercial Insurance Requirements
If you are thinking about starting up a business in the state of Florida, it's important to understand the economic standing of the state before you set up shop. Furthermore, you should understand the rules and regulations regarding FL commercial insurance.
With this information, you will be able to determine if Florida is the right place for your business, and if so, what type of insurance you will need to carry to protect yourself, your employees, and the people that you serve.
Economic Trends For Businesses In FL
Florida is known as the sunshine state, and the economic outlook for this state is just as bright as the weather. It is estimated that the economy in Florida will reach $1 trillion by the end of the 2021 calendar year. However, while financially, the economy is expected to boom, it is forecasted that job growth will decline.
The reason for the economic boom? While businesses do certainly contribute to the economy, industry isn't the reason why Florida's economy is expected to soar; the residents that move to the state are largely responsible for its economic growth. Approximately 898 people move to Florida every day, and those new residents bring a tremendous amount of income for the state.
In terms of job growth, the rate of new jobs has been its highest since 2007; however, it is forecasted to slow during 2018. Approximately 180,000 new jobs will be added in 2018, which is slightly less than the new jobs that were added in 2017.
The industries that contribute the most to Florida's economy include:
- Aviation & Aerospace
- Financial Services
- International Trade
- Life Sciences
Commercial Insurance: Regulations & Limits In Florida
The Florida Office of Insurance Regulation regulates insurance in FL. The only type of coverage that business owners must carry is workers' compensation. Organizations in any industry must carry this type of coverage if they employ a staff of hourly or salaried workers. But, organizations that employ three or less people are not legally required to carry this type of coverage.
Business owners are also required to carry commercial auto insurance if they use any vehicles for their operations, such as making deliveries or transporting goods. Commercial liability insurance is another type of coverage that Florida business owners should consider carrying, though they are not legally required to have this type of insurance.
Additional Resources For Arts & Recreation Insurance
Read up on small business arts and recreation commercial insurance.
- Amusement Parks
- Archery Ranges
- Athletic Fields
- Billiard And Pool Halls
- Bowling Alleys
- Cave Tours
- Dance Studio
- Disc Jockey DJ
- Drive-In Theaters
- Entertainers And Performers
- Event Planning
- Fairs And Fairgrounds
- Film Production
- Fine Art
- Guides & Outfitters
- Handball & Racquetball Courts
- Horse & Dog Racetracks
- Indoor Sports Complexes
- Interior Decorator
- Interior Design
- Motorsports Racetracks
- Photo Booth
- Recording Studio
- Recreation Centers
- Riding Stables
- Roller Sakting Rinks
- Shooting Ranges
- Skeet & Trap Shooting Ranges
- Ski Resorts
- Talent Agency
- Tennis Centers
- Video Arcades
- Wedding And Special Event
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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