When people think of gaming businesses, their main thought will more than likely concern the content that will be available to play. However, one of the most important components of a gaming business, or any business, is insurance and ensuring it’s in place and valid.
When running a gaming business, you could say the clue is in the name in terms of the type of insurance needed because it’s, of course, business insurance. And this applies whether it’s a big organisation with thousands of employees or a smaller one, or the demographic the business appeals to, be it desktop gamers or those playing casino games on a mobile device. So, for any gaming operation, there must be business insurance in place, and it must be valid. But, believe it or not, it’s a doddle to get set up, and it’s more affordable than many may think.
Essentially, what makes getting gaming insurance for a gaming business easy to do and affordable is that it is broken down into individual policies. So operators can then choose the ones that apply to them, rather than a one-size-fits-all approach with a fixed price, even though it may be overkill for some.
Policies of interest to gaming companies include:
Professional Liability Insurance/Errors & Omissions – This product is there to guard against a customer suggesting a mistake made by the company has somehow cost them money.
General Liability Insurance – A general insurance cover that is in place should non-employees suffer injury or have damage happen to their property.
Business Owners Policy / Property & Liability Insurance – This is for liability issues and damage to company property.
Workers’ Compensation Insurance – A requirement if people are employed to protect them against illness and injury.
Cyber Insurance – A big one for those operating online, as if fraud occurs or sensitive data such as credit card information is in place, this will protect the company. So make sure the right policy is chosen.
Umbrella Insurance – If a liability policy is in place, but a company is liable for more, this policy kicks in and protects by allowing the difference to be made up.
Of course, there are more policies and products out there, so it’s important that companies do their research and find the products that work for them. Otherwise, they could end up paying for cover that they don’t need. And, when policies are in place, having the necessary certificates is going to be critical, as they can be requested at any time.
It’s also best to work with a business insurance company, but one that is reputable and knows the field. By getting assistance from an experienced insurance company, they will likely be able to establish which policies are needed and which aren’t very quickly. This means a gaming business will not only be in a strong position in terms of being covered, but they’ll have done it all in an affordable way, which is never a bad thing.