There are many risks that can affect your casino, and understanding these is essential. Marsh has experts who understand all of these and can help you find the best insurance for your business.
For example, liability coverage is an essential part of any casino. It protects you from lawsuits related to slips and falls, accidents, and injuries.
Liability Insurance
Casinos are unique businesses and therefore have their own set of risks that need to be mitigated to ensure the safety of their patrons, employees, and owners. Cover Corps provides a number of customized coverages to protect your business.
Liability insurance is an important part of any business, but it’s especially crucial for casinos. This type of insurance protects a business from claims made by patrons and customers who are injured on the property.
To make a claim for personal injuries against a casino, you must first establish that the casino was negligent. This means that they must have a duty to keep the premises safe, that they breached this duty, and that the injury was caused by their negligence.
Property Insurance
A casino’s property is often very large and requires a lot of insurance. This includes the building itself, as well as the equipment within the casino.
For example, if a casino is damaged by fire, the policy would help repair or replace the property. And if someone gets injured while on the property, this coverage can pay for their medical bills.
Keeping people safe on the casino’s property is one of the biggest challenges for insurance companies, especially when you consider that many casinos are located in high-traffic areas and have large crowds.
While most casinos do a good job of keeping patrons safe, accidents do happen. For example, if a drink spills and someone falls on the floor, this can result in injury. This can be due to a lack of markings or lighting in the area, as well as wet floors and tripping hazards like electrical cords or ripped carpeting.
Business Interruption Insurance
Business interruption insurance, or BI, protects your business’ earnings if it can’t operate due to damage caused by a covered peril. This can be fire, hail, wind, equipment breakdown and more.
It also covers revenue you’d normally make, loan payments, employee salaries and relocation costs. It’s important to understand what this coverage includes so that you can use it wisely during a disaster.
This type of insurance is typically included in a commercial property policy, but it can be purchased as a separate product. Depending on your location and risk level, it can be expensive.
As with other insurance policies, business interruption claims are often difficult to win. Insurers will look for any way to deny a claim, and they are known to do this even when the business is legitimately damaged.
Workers’ Compensation
Casinos require a great deal of property and employees to operate, so insurance is an essential part of any casino’s plan. This coverage will help to protect your business in the event of a fire, water damage, or theft.
Workers’ compensation insurance provides cash benefits and medical care for injured workers who sustain a work-related illness or injury. It also pays for their dependents’ medical and wage losses.
A New York court recently ruled that workers’ compensation benefits should be awarded to a Harrah’s Casino employee whose car was hit by a driver while leaving the casino. The judge determined that the claimant had been on the premises when the accident occurred and therefore should be allowed to receive temporary and medical benefits.
Workers’ compensation is a mandatory insurance program in most states that covers the injured worker and their family members. It is designed to eliminate the need for litigation by providing fixed monetary awards.