Some prefer casinos over amusement arcades. Gambling, though not recommended for many, can be quite fun. A casino can make millions per day. But it's also possible for a casino to make losses that almost equal these profit margins. So how can you sustain your casino business? Read on to learn more about the casino insurance coverage you should purchase, their coverage limits, and the add-ons which you should purchase under each. Moreover, you’ll also learn about the best carriers to work with.
| CoverWallet | NEXT (Best) | Thimble | Hiscox | The Hartford | |
|---|---|---|---|---|---|
| Per occurrence limit | $1,000,000 | $1,000,000 | $1,000,000/$2,000,000 | $300,000/$1,000,000 | $1,000,000/$2,000,000 |
| Aggregate limit | $2,000,000 | $1,000,000/$2,000,000 | $1,000,000/$2,000,000 | $300,000/$2,000,000 | $1,000,000/$2,000,000 |
| Products and completed operations aggregate limit | $2,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |
| Advertising injury coverage aggregate limit | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |
| Tenant’s legal liability coverage limit | $100,000 | $100,000 | $5,000 | $100,000 | $1,000,000 |
| Waiver of subrogation included? | Yes | No | Included | Can be included | No |
| Hired/non-owned auto liability coverage included? | Yes | No | Excluded | Can be included | Can be included |
| Equipment breakdown floater included? | No | Yes | Yes | Can be included | Can be included |
Commercial general liability insurance for casinos protects your business against claims arising from the use of your products and services. Under this policy, your insurer provides you with coverage for the following claims and costs:
Copyright infringement claims
Reputational harm and advertising injuries claims
Third-party bodily injuries and property damage liabilities
There are two types of coverage limits for general liability insurance for casinos. The first one is the per occurrence limit which is approximately $1,000,000 and the second one is the aggregate limit which is $2,000,000.
Liquor liability coverage–If your casino business sells, serves, or distributes alcohol to its clients, then we recommend that you purchase this add-on as it can protect from bodily injury and property damages liability that your intoxicated client causes after serving them liquor
Product liability insurance–Under this add-on, your insurer protects you from any financial burden your casino business may be subjected to in the event the products you sell, manufacture or distribute causes your customer's bodily injuries or property damages
| CoverWallet | NEXT | Thimble (Best) | Hiscox | The Hartford | |
|---|---|---|---|---|---|
| Per occurrence limit | $1,000,000 | $1,000,000 | $1,000,000/$2,000,000 | $1,000,000 | $1,000,000 |
| Aggregate limit | $2,000,000 | $2,000,000 | $1,000,000/$2,000,000 | $1,000,000 | $2,000,000 |
| Name additional insureds? | Yes | Yes | Yes | Yes | Yes |
| Waiver of subrogation included? | Yes | No | Yes | Can be included | No |
It’s also called errors and omissions insurance. This casino insurance is a specialty insurance policy that is designed for those who earn their living through their professional expertise. Under this policy, your casino insurance carrier of choice covers you against incurring the legal expenses of the following lawsuits:
Alleged acts of negligence
Breach of contract
Failure to meet the set deadline
Gross professional misconduct
Provision of misleading or inaccurate information
Undelivered services
It’s approximately $1,000,000 per occurrence limit and $5,000,000 aggregate limit.
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| CoverWallet | NEXT (Best) | Thimble | The Hartford | Hiscox | |
|---|---|---|---|---|---|
| Building coverage limit (minimum) | $50,000 | $320,000 | $25,000/$500,000 | $75,000 | $25,000 |
| Contents coverage limit (minimum) | $50,000 | $35,000 | $25,000/$500,000 | $75,000 | $15,000 |
| Outdoor signs | Excluded | $2,500 | Excluded | Excluded | Included |
| Accounts receivable | Excluded | Excluded | $5,000/$10,000 | Excluded | Included |
| Money and securities | Excluded | $2,500 | $1,000 | Excluded | Included |
| Lock and keys | Excluded | $2,500 | Excluded | Excluded | Included |
| Business interruption floater | Excluded | Included | Included | Excluded | Included |
| Equipment breakdown floater | Excluded | Included | Excluded | Excluded | Included |
| Inland marine insurance floater | Excluded | Excluded | $10,000 | Excluded | Excluded |
| Employee dishonesty floater | Excluded | $5,000 | $2,500 | Excluded | Excluded |
This casino insurance protects you from incurring the costs of repairing either your rented or owned commercial building in the event it gets destroyed by fire, or some weather-related events such as windstorms, theft, and vandalism.Â
This business insurance also exempts you from incurring the costs of replacing or repairing your casino's physical assets such as furniture, supplies, and inventory which get destroyed in your commercial premises. Important to note is that this insurance policy doesn’t provide you with coverage in the event your commercial property gets destroyed by pest infestation and floods.
It's approximately $100,000-$1,000,000. The market value of your casino's physical assets, its size and the safety measure you have put in place to prevent the occurrence of the insured peril are some of the coverage limits determining factors.
Business interruption insurance–You can use this add-on in the event you lose income or you are unable to pay rent or your employees' payroll due to an imminent and sudden stoppage of your casino’s revenue-generating activities
Flood insurance–If your casino business is located in areas that are prone to flooding, then we recommend that you purchase this add-on as it will cover you from incurring the costs of repairing, rebuilding, and replacing your commercial buildings and the assets in it following their destruction by floods
| CoverWallet | NEXT (Best) | Thimble | Hiscox | |
|---|---|---|---|---|
| General liability aggregate limit | $2,000,000 | $1,000,000/$2,000,000 | $1,000,000/$2,000,000 | $300,000/$2,000,000 |
| Commercial property coverage limit | $50,000 | $320,000 | $25,000/$500,000 | $75,000 |
| Optional policies can be added? | Yes | Yes | Yes | Yes |
| Name additional insureds for free? | Yes | Yes | Yes | Yes |
| BOP discount? | Yes | Yes | Yes | Yes |
This is a bundled comprehensive coverage that merges general liability insurance, commercial property insurance, and business interruption insurance into one convenient policy. It's not only cost-effective but also time-saving.Â
Some of the perils your casino is insured against are fire, theft, vandalism, and some weather-related incidents such as hailstorms and windstorms. Important to note that this casino insurance will not provide you with coverage in the event your business becomes subject to a cyberattack or is destroyed by floods or terrorist acts. Under this policy, your casino business is covered against the following lawsuits and costs:
Third-party bodily injury and property damage
Advertisement injuries
Copyright infringement lawsuits
Loss of income
Costs of repairing and rebuilding buildings that have been damaged
Insurers will pay you approximately $1,000,000 as the coverage limit for this policy. The size and the levels of risk your casinos are exposed to are some of the factors that influence how much an insurer will pay you in the event an insured peril occurs.
Premises pollution liability insurance–Casino operations cause a number of environmental pollutions with air, noise, and sometimes land pollution (deposition of non-biodegradable waste materials on the land surface) being the common types of casino-related environmental pollution. Thus, in the event your casino becomes liable to pay for land reclamation services, cleanup costs, legal expenses, and third-party bodily injury and property damage liability, then you can use this add-on for your benefit
Employee dishonesty coverage–In the event your casino employees commit fraudulent acts such as forgery and embezzlement, then you can use this add-on to shield your casino business from any financial losses
| NEXTÂ | Thimble | Hiscox | The Hartford | |
|---|---|---|---|---|
| Aggregate limit | $3,000/$10,000 | $2,500/$5,000 | $15,000/$25,000 | $5,000-$10,000 |
| Covers hired and borrowed equipment? | $3,000/$10,000 | $2,500/$5,000 | No | Yes |
| Miscellaneous equipment also covered? | $5,000/$10,000 | No | Yes | Yes |
| Offered as an endorsement to general liability insurance? | Yes | Yes | Yes | Yes |
| Deductible | $500 | $500 | $0 | $0 |
This is a business insurance policy that exempts you from incurring the costs of repairing or replacing your casino's tools and equipment in the event they get lost, stolen, or damaged by an insured peril. The commonly insured perils under this policy includes fire, vandalism, and lightning.Â
It's important to note that this policy will not provide you with coverage if you intentionally damage your tools and equipment or if they get destroyed by floods. It also doesn’t cover the general wear and tear of tools and equipment. Most often, insurers will only provide coverage to tools and equipment that are moveable and less than 5 years of age.
It's approximately $5,000 per insured item. The deductibles influence how much an insurer will pay you as the coverage limit under this policy.
Earthquake insurance–In the event your casino's tools and equipment get damaged or destroyed by an earthquake, then your chosen insurer will cover the repair and replacement using the coverage limits for this add-on
Inland marine insurance–This add-on protects you from any financial consequence your casino business may be subjected to in the event the tools and equipment you use get lost, stolen, and damaged by the insured peril during their transportation
All the states in the USA except Texas require employers to purchase this insurance policy and include it in their casino insurance programs. Workers compensation insurance covers the medical expenses, lost wages, dismemberment, and disability benefits of an employee who has been subjected to a work-related injury or illness.Â
It also provides a deceased employee's named beneficiary with death benefits. These death benefits are usually in the form of burial expenses. If your employee accepts to be compensated for their work-related injury and illness under this policy, they automatically lose their right to sue you for acts of negligence.
There are no set coverage limits on how much an insurer will pay you for workers compensation insurance for casinos.
