Leisure equipment hire insurance is one of the cheapest and most accessible ways of running a leisure equipment hire company. You need the backing of an insurance company that can not only help you with replacement, damaged or stolen equipment, but with personal injury claims being filed against your company due to the equipment. In order to protect your company’s finances and reputation, having the correct insurance is vitally important to not only succeed in business but to have a long career.
Although it might be a niche market that’s not to say it isn’t necessary. Should someone who rents leisure equipment from your company, they need to feel safe and worry-free should they be injured and cannot work, therefore loss of earnings would be covered. Loss of earnings would also apply to your company, too. If the equipment is damaged or unusable, and therefore unrentable, the insurance company will help with earnings lost.
Leisure equipment hire insurance can cover items such as gym equipment, swimming pool inflatables, racquets, athletics equipment such as hurdles, and many more. Depending on your business, you might rent this equipment out everyday, once a month or a few times a year. With that in mind, different people are going to be using them and as with any leisure activity, although it is normally fun, there is a chance of injury or danger from the equipment ie javelins for example. With this in mind, if you didn’t have insurance you can be landed with a hefty medical, dental or loss of earnings bill and a personal injury claim filed against your company.
To ensure that doesn’t happen, contact an insurance company that deals with your niche, the leisure equipment hire industry, and they might send an assessor out or want a detailed inventory of your equipment you have for hire. With a tailored insurance policy, which can be updated at any time, you can run your business more effectively, possibly getting large orders from larger businesses as you have the correct type of coverage, and that means more profits.
By chatting to the insurance company, you can explain where and when the equipment will be used. This will ensure you can buy the most comprehensive leisure equipment hire insurance that you can afford, and add to it later, if necessary. Employers’ liability and equipment coverage for leisure equipment rental businesses should be one cost that is added into your business’ bottom line.