How to Protect Your Party Supply Rental Company

How to Protect Your Party Supply Rental Company

August 11, 2022 / 5 mins read

There’s always a reason to throw a party. A wedding, a birthday, an anniversary, or a corporate event or celebration. Your Ontario party supply rental company makes it happen.

You need to protect your party supply rental company with insurance because there are potential risks of someone getting injured from using the equipment you have rented to them, or the equipment being damaged or stolen.

Ask your Western business insurance expert about insuring your Ontario party supply rental business.

Western is proud to be the provider of a specialized insurance program with risk management services in partnership with the Canadian Rental Association to insure your party supply rental company. We have the knowledge and expertise to guide you through this process whether you are in the Greater Toronto Area, Aurora, Kitchener, or Parry Sound.

What does party supply rental insurance cover?

As a party supply rental business, you may rent out such things as tables, chairs, tents, dishes, cutlery and glasses, cookware, linens, heaters, as well as party games and other equipment.

Ask your Western business insurance expert about the coverages for your party supply rental business:

Commercial General Liability Insurance: It protects you as a business owner if you are found legally liable for bodily injuries or property damage to a third party caused by unexpected accidents or negligence. It also helps protect your full-time employees.

If your business is sued, CGL insurance usually covers damages awarded against you and helps pay your legal defense costs, regardless of the lawsuit’s outcome.

Here are two examples of how commercial liability insurance can protect you:

A child breaks an arm when a mechanical ride malfunctions. Your commercial liability insurance would help you with the costs you that may result from the accident.

As the owner of party supply rental company, a client sues you for damage to their property while you are working there. Your CGL insurance would help with the legal costs and any damages resulting from a lawsuit.

Without commercial liability insurance, you would be responsible for paying any liability costs out of your own pocket.

Commercial Umbrella Insurance: This type of insurance provides another level of liability protection, particularly for expensive claims. Once an underlying policy’s limit is reached, umbrella insurance may offer additional protection. Accidents involving certain rented equipment can result in serious or even death, and the lawsuits resulting from such accidents are usually very costly.

Commercial Auto Insurance: You need to protect the vehicles that help run your party supply rental business. Your personal car insurance doesn’t cover your business vehicles.

Commercial auto insurance will cover damage to your business vehicle if you or one of your employees gets injured in an accident and your liability to others.

It also provides replacement car coverage if you need to rent a temporary car for your business after a covered accident.

If you own 5 or more vehicles, you will need fleet coverage.

Business Interruption Insurance: If your party supply rental business doesn’t have substantial cash on hand, this coverage supports you when your business cannot operate as a result of a covered loss. Bills like repairs, inventory, rent, and payroll keep rolling in even if your business is forced to close.

Some examples of losses that can force your business to shut down:

• Your rental business is damaged by fire or vandalism

• A disruption in your supply chain

Business interruption insurance can help with expenses such as payroll, rent, utilities, property taxes and relocation of your business. It can mean the difference between temporarily closing and permanently closing your business.

Commercial Property Insurance: Commercial property insurance can cover losses due to fire or lightning, including removing property to protect it from further damage. Beyond extended perils, you can include vandalism and malicious mischief in your commercial property insurance.

You can insure a broad variety of business property including: equipment, inventory and supplies, computers and electronics, personal property of employees while on-site, customer property at your business site, and tools and equipment in transit or used off-site for business purposes.

Be sure to get the specifics from your Western insurance expert to protect your party supply rental business.

Western Insurance has licensed BUSINESS INSURANCE EXPERTS to get your Ontario party supply rental business the right coverage at the right value. Our experts are available now to help you navigate the business insurance journey that will give