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.
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.
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
NEXT | 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.
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.
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.
Excess liability insurance for casinos works as a backup financial protection insurance that gets used in the event the coverage limits of your primary policy get exhausted. For instance, if a customer sues you for bodily injuries caused by the use of your casino products, and they want to be compensated $2 million yet your product liability insurance coverage limit is $1.7 million only, then you can use this policy to cover the remaining claim balance.
An insurer should pay you a coverage limit of $10,000,000. However, it’s important to note that this coverage limit is subject to change depending on the specific primary policy and the insurance provider.
Cost per Month | Cost per Year | Deductible | |
---|---|---|---|
General liability insurance | $49 | $588 | $0-$500 |
Professional liability insurance | $56 | $672 | $500-$1,000 |
Excess liability insurance | $59 | $708 | $500-$1,000 |
Commercial property insurance | $102 | $1,224 | $1,000-$2,000 |
Business owner’s policy | $150 | $1,800 | $500-$2,000 |
Commercial auto insurance | $79 | $948 | $1,000-$2,000 |
Workers compensation insurance | $116 | $1,392 | $2,500-$5,000 |
The average casino insurance cost is $49 per month or $588 per year for a $1 million general liability insurance. Factors that affect the cost of premiums are claims history, business history, policy limits, location, deductibles, revenues, and number of employees. Here’s a table showing the cost of a $1 million general liability insurance from the best casino insurance companies:
Company | Monthly Cost | Annual Cost | Best for |
---|---|---|---|
NEXT | $29 | $348 | Best overall; Fastest general liability insurance for casinos |
CoverWallet | $31 | $372 | Comparing casino insurance quotes online |
The Hartford | $33 | $396 | Established and large-scale casinos that own or deal with costly or expensive to replace and repair business assets |
Tivly | $35 | $420 | Comparing casino insurance quotes over the phone |
Thimble | $38 | $456 | Casinos that operate seasonally or those that are in need of short-term casino insurance coverage |
Hiscox | $41 | $492 | Casinos that are located in high-risk areas or casinos that are exposed to high levels of risk. |
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Below is a list of some of the best casino insurance companies. Read some of the reviews below to know their pros, cons, and average rate for a $1 million general liability insurance.
Best overall
Issues an online proof of insurance instantly
Fastest general liability insurance for casinos
Great customer service and reputation
Excellent rates
Outstanding value for money
Get a 10% discount if you buy two or more policies
Couldn’t find any
NEXT is a privately owned insurance carrier that specializes in selling business insurance policies to small-scale business owners. This 7-year-old 100% digitally operated insurer, whose headquarters are located in Palo Alto, USA provides its clientele with customizable and affordable online casino insurance coverage options. As of today, AM Best has independently rated NEXT, as an A- online insurer.
Best for: Best overall; Fastest general liability insurance for casinos
Average cost: $29 per month
Our rating: 10/10
HNOA coverage included in general liability insurance
Compare quotes over online
Compare quotes quickly
Easy online policy management
Not an insurance company but an insurance broker
CoverWallet is an AON-owned insurance provider that works with its 29 partnered insurance providers to facilitate its clients with the easy and convenient purchase of commercial/business insurance policies. Through its website, both veteran and novice policyholders are provided with coverage recommendations that best suit their needs. Liberty, Starr, Progressive, Chubb, Atlas, and Hiscox are some of the insurers that work in partnership with this BBB B-rated insurance carrier.
Best for: Comparing casino insurance quotes online
Average cost: $31 per month
Our rating: 10/10
It underwrites both personal and commercial insurance coverage
You can benefit from its lifetime renewable auto policies
Renowned company for workers compensation insurance
Limited add-ons to general liability insurance
The Hartford was founded in 1810 by a group of local merchants. This financially stable insurance carrier has its headquarters located in Hartford, Connecticut, USA. The AM Best rates this 13th largest property and casualty insurer grade A+. This USA-based insurer provides its coverage options to all 50 states. It also provides its members with financial services.
Best for: Established and large-scale casinos that own or deal with costly or expensive to replace and repair business assets
Average cost: $33 per month
Our rating: 10/10
Compare quotes over the phone
A partner of reputable insurance companies
Grants coverage regardless of your risk profile
You need to call to get a quote
Previously known as CommercialInsurance.net, Tivly, an A+ AM Best-rated insurance policy, was founded in 2009 by Chad Jaquays. Through its website, you can purchase the following casino insurance coverage: business owner's policy, general liability insurance, workers comp insurance, and commercial auto insurance policies. Call now to compare quotes over the phone.
Best for: Comparing casino insurance quotes over the phone
Average cost: $35 per month
Our rating: 8/10
Offers short-term general liability insurance
Numerous add-ons available
Easy to customize policy limits
Commercial auto insurance is provided through a partner
In 2016, Eugene Hertz and Jay Bregman founded this USA-based insurance carrier. Thimble is a privately owned insurer whose headquarters are located in New York, USA. The AM Best has rated Thimble as an A-grade online insurance company that provides its customers with on-demand, temporary, or short-term coverage.
Best for: Casinos that operate seasonally or those that are in need of short-term casino insurance coverage
Average cost: $38 per month
Our rating: 8/10
It's dependable as it has been in operation since 1901
It deals with both personal and commercial insurance policies
Offers worldwide coverage
You can get a 5% discount incentive if you buy more than two of its insurance policies
It's yet to provide its coverage options to Alaska
Hiscox is a globally operated and renowned public insurance company that has been in operation for the last 112 years. This A-grade AM Best-rated insurer has its headquarters located in Bermuda, UK. As of today, Hiscox enables its clientele to conveniently acquire pocket-friendly commercial and personal insurance coverage.
Best for: Casinos that are located in high-risk areas or casinos that are exposed to high levels of risk
Average cost: $41 per month
Our rating: 8/10
Use anyone except Employers. Period. They are non-transparent and shameful. After I complained long enough to warrant a call from a supervisor, the supervisor called back from a PRIVATE NUMBER (no caller ID), left a message that they are not reversing their decision (without any communication with me), and failed to leave a phone number for me to call back. She was hiding! They also fact find via email and phone calls, which is terrific for speed and communication. However, after setting a precedence of email or phone calls, they send time sensitive information via email, without any heads up... they are hoping you miss it and forfeit via expiration. Evil policies. Go elsewhere.
This place is an absolute joke of a company and should be ashamed of the way they conduct business. I was hurt on the job at the end of July and it took them just shy of 7 weeks to issue out a paycheck to me. Yes the amount was back dated but still. Not many have the luxury of not receiving a paycheck for almost 2 months. To top it all off, the original adjuster marked me down for the wrong state which caused a problem from the get go, I've had 3 different adjusters now since each one can't seem to figure out the simplicity of my claim. All my paperwork which includes, my job, house, and drs visits all are from the same state and city but yet some how I have been filed under a completely different state 1500 miles away. They do not answer your phone calls or emails no matter how many you leave. I've had to escalate my frustrations to the supervisors of each of these individuals in order to even get some kind of response. I've had more communication and information given to me about my claim from the customer service representatives then the actual adjusters.......... please tell me how that works?! A serious overhaul needs to happen here in order to serve your clients the way they deserve to be taken care of. 10/10 do not recommend this company to a single soul on earth
I have never had the displeasure of working with a more incompetent and disrespectful person in my life. I’m an injured worker and the adjuster that was assigned to my case was named Carrie Furgeson. In the past 6 weeks that I’ve been injured and out of work I have only been able to get ahold of her twice, not for lack of trying. I have left countless voicemails, countless emails, and she ignores them all. When I am finally able to get ahold of her I’m greeted with terrible customer service. She is rude, she talks over me and I’m hardly able to get a word in edgewise. She spelled my name wrong on my documents even after I spelled it for her properly countless times, this caused a whole new issue with my bank. I have bill collectors from the hospital calling me demanding payment and Carrie Furgeson won’t do a single thing to help, or to get them paid. All of my documentation is in Colorado, my job is in Colorado, my address is in Colorado, all my Dr offices and appointments have been in Colorado and Carrie still managed to hold my claim because she wasn’t sure what state she needed to file it under. It’s been 6 weeks since my Injury and my company still hasn’t received the wage paperwork to fill out so they can get me my correct wages. When she’s not ignoring me she’s answering my questions with “I don’t know” well I don’t know how she got this job, because apparently she doesn’t know anything about it. She is a disgusting morose individual inside and out and I genuinely wish her the worst in all of her future endeavors. I highly recommend you don’t use this company. Please if you are a business owner and your looking into this company please don’t use them. I’m sure they have the cheapest payment and that’s why companies use them in the first place, but you will be doing your employees a grave disservice by forcing them to venture into this absolute dumpster fire of a company. I would rate 0/5 if possible but 1 was the lowest I was allowed.
Their general liability insurance purchase process is simply the best online experience I've ever had in my life!
As long as they cover your line of business, you're literally covered! best rates, best coverage, best online experience, best professionals, can't be happier that I chose them!