When it comes to renting a party rental in Los Angeles, CA, there are certain types of insurance that are necessary to protect your business. Commercial property insurance is essential for both any building owned by the rental company and the equipment they rent. Business Owner Policies (BOP) are a great way to obtain this type of coverage. Renters insurance is also a smart option for those renting an apartment, house, or college dorm in California.
It can help protect against financial losses related to theft, water damage, certain natural disasters, and more. Nationwide offers renters insurance that fits your lifestyle and budget, so no matter where you're renting in the Golden State, you're covered. When it comes to renting a car in California, liability insurance is required. Liability pays for the other party's expenses if you cause an accident. Most rental companies offer the minimum liability insurance coverage required by the state as part of their standard contract.
However, it's important to note that you must have separate liability coverage when you rent a car in California. A general liability policy offers fairly comprehensive protection, but it may not cover all of the risks associated with running a party rental company. The rental company is responsible for paying for any damage that occurs to the vehicle while it is in your care. If your own policy or credit card doesn't include damage and collision coverage, consider requesting a loss and damage exemption from the rental company. Whether someone is looking for a party tent to celebrate an outdoor wedding, a cement mixer to place concrete, or an overhead lift for projects where the sky is the limit, an equipment rental company is often the first option. Party rental companies must be protected against situations such as personal injury and breach of contract.
If your personal auto policy has comprehensive and collision coverage, it will generally extend to your rental car. Additionally, if your personal policy includes personal injury protection or MedPay, you won't need personal accident insurance from the rental company. Allied Insurance Brokers has been providing rental insurance for large and small business organizations for 30 years. They can create an equipment rental insurance plan that addresses specific needs and can help a party rental company survive a lengthy recovery from a disaster if they don't have significant cash reserves. It's important to work with an equipment rental insurance company to create an insurance coverage plan that protects all types of party supplies. General liability insurance is one of the most important policies for party rental companies.
It's essential to obtain business insurance before opening because of the specific risks faced by party rental stores.