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Insurance for Sports Equipment Rentals
Sports equipment can be expensive, especially equipment such as high-end mountain bikes, skis, and snowboards. Many people who love to participate in sports, especially while they’re on vacation, prefer to rent their equipment rather than buy it outright. This makes sports equipment rentals a lucrative market for those already in the sports industry or looking to start a business. It also makes insurance for sports equipment rentals vital.
Once you’ve purchased your equipment, all you have to do is rent it out and maintain it for an effective way to make money. Risk, however, is a disadvantage of owning a rental business.
While the rental shop itself isn’t particularly high-risk, it’s what happens while your customers are using the equipment that you have to watch out for. If a customer has an accident that results in injury, the rental company is at risk of being considered liable. Being found liable for injury or damage can be extremely costly and even put you out of business. Fortunately, you can protect yourself from liability claims with insurance for sports equipment rentals.
Owning a Rental Service Can be Risky
- Over one million individuals end up in the emergency room every year due to slip and fall incidents. The average cost of these claims is $30-$40,000.
- 5 million under 14s require medical attention from sports injuries each year. Some of these injuries were likely due to faulty equipment
- An estimated 600,000 people are injured on ski resorts each year. Consider that statistic and the potential for unforeseen faults with your skis and snowboards.
- In 2015, there were 13,832 surfing accidents, 7,335 water skiing accidents, and 5,280 water tubing accidents. Any of these could have happened with rented equipment.
When you look at the likelihood of an accident occurring during a sports activity, you realize the risk you and your business face from liability claims.
Ways to Minimize Risk
It’s important to do as much as possible to minimize your exposure to risk. A responsible rental shop owner ensures that:
- The shop is tidy and free from trip hazards
- Equipment is properly maintained
- Faulty or broken equipment is disposed of
- Only equipment suited to the renter’s experience level is made available
- The renter understands how the equipment works
- Equipment is not rented to anyone unwell or intoxicated
- They have insurance for sports equipment rentals
XINSURANCE: Insurance for Sports Equipment Rentals
Renting specialist equipment requires specialist coverage. There is never a “one size fits all” solution. Each person has needs that are unique to their circumstances, therefore, we operate an all-in-one approach that considers a person’s experience level and operations to offer excellent solutions to insurance for sports equipment rentals.
XINSURANCE is powered by Evolution Insurance Brokers, LC (“EIB”), an excess and surplus lines insurance brokerage. For the last 40 years, we’ve been perfecting our liability insurance. This means we can offer you solutions to insurance for sports equipment rentals that provide coverage for the following rentals:
- Canoes, kayaks, surfboards, and other water sports equipment
- Skies and snowboards
- Mountain and road bikes
- Field sports equipment
- Ice skates
- Bowling shoes and balls
- Gym equipment
- Snow tubes
- Water tubes
- And much more
As well as 3rd party bodily injury and 3rd party property damage, XINSURANCE can provide other liability coverages suitable for your requirements.
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Protect your business and your career the right way by getting insurance for sports equipment rentals. The peace of mind is worth your time.