Top Business Insurances for Businesses in the Gambling Industries with NAICS Code 713290

Key Takeaways

General liability insurance protects from lawsuits if a customer is injured on your premises
Property insurance protects valuable property and equipment from accidental losses
Cyber insurance covers costs from data breaches and cyber attacks
Professional liability insurance protects from lawsuits alleging inadequate work or negligence
Workers’ compensation insurance covers injuries to employees on the job
Business interruption insurance protects income if the business must shutdown temporarily
Umbrella insurance provides higher liability limits above other policies

Introduction

Businesses in the other gambling industries face unique risks that require proper insurance protection. This article will cover the top business insurance policies every owner in NAICS code 713290 should consider to protect their operations, assets, employees and income from losses.

General Liability Insurance

General liability insurance provides important protection for businesses in the other gambling industries from costly lawsuits resulting from injuries or incidents involving customers and visitors on their premises. It covers both legal defense costs and damages if they are found liable.

Category	List
Benefits	Protects your assets from lawsuits if a customer is injured on your premises Covers legal costs if you are sued for negligence or problems with your products or services Covers bodily injury, property damage, personal injury and advertising injury claims Provides defense costs if a claim is made even if the allegations are groundless Covers claims from slip and fall accidents that customers could experience Insures business interruptions due to an incident which prevents operations Protects against lawsuits from unpaid debts or bankruptcy Covers claims from customer or visitor theft or damage to property
Use Cases	Protection against customer injuries on premises Protection against customer slip-and-fall accidents Protection if sued for damages from faulty or dangerous equipment Coverage if sued for damages from providing negligent security that allows criminal activity

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Benefits

Protects your assets from lawsuits if a customer is injured on your premises
Covers legal costs if you are sued for negligence or problems with your products or services
Covers bodily injury, property damage, personal injury and advertising injury claims
Provides defense costs if a claim is made even if the allegations are groundless
Covers claims from slip and fall accidents that customers could experience
Insures business interruptions due to an incident which prevents operations
Protects against lawsuits from unpaid debts or bankruptcy
Covers claims from customer or visitor theft or damage to property

Use Cases

Protection against customer injuries on premises
Protection against customer slip-and-fall accidents
Protection if sued for damages from faulty or dangerous equipment
Coverage if sued for damages from providing negligent security that allows criminal activity

Based on typical premium rates for general liability insurance for businesses in the gambling industries, the estimated average annual pricing would be around $5,000-$10,000. Rates are usually calculated based on factors like gross receipts, number of employees, claims history. For businesses under NAICS code 713290 which covers other gambling industries like off-track betting places, the average rates tend to be on the lower end of that range given the lower risks compared to casinos.

Estimated Pricing: $5,000-$10,000

Property Insurance

Property insurance is an essential risk management tool for businesses in the other gambling industries. It can help protect their valuable property and equipment from accidental losses as well as business interruptions. The reference provided an overview of the top benefits, use cases and estimated pricing of property insurance for these businesses. Benefits include replacement of damaged property, liability coverage, theft protection and loss of income coverage. Top use cases involve coverage for fire damage, theft, business interruption and equipment issues. Estimated average annual pricing is provided as $5 per $100 of insured property value based on rates for similar casino businesses.

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Benefits	Protects against property damage or loss from accidents like fires, flooding or weather events Covers replacement costs of property damage or loss Provides liability protection if a customer is injured on your property Covers theft and vandalism of business property Protects expensive equipment needed for business operations Covers loss of earnings if the business has to temporarily shut down due to a covered incident
Use Cases	Coverage for property damage from accidents like fire, water damage, explosions, etc. Coverage for theft or damage to property from criminal acts like burglary Business interruption insurance to cover lost income if the property is unusable due to a covered event Coverage for equipment breakdown or mechanical failure of machines Protection for property during transportation or temporary off-site storage

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Benefits

Protects against property damage or loss from accidents like fires, flooding or weather events
Covers replacement costs of property damage or loss
Provides liability protection if a customer is injured on your property
Covers theft and vandalism of business property
Protects expensive equipment needed for business operations
Covers loss of earnings if the business has to temporarily shut down due to a covered incident

Use Cases

Coverage for property damage from accidents like fire, water damage, explosions, etc.
Coverage for theft or damage to property from criminal acts like burglary
Business interruption insurance to cover lost income if the property is unusable due to a covered event
Coverage for equipment breakdown or mechanical failure of machines
Protection for property during transportation or temporary off-site storage

Based on analyzing average property insurance rates for similar gambling businesses, the estimated average annual price for property insurance would be around $5 per $100 of insured property value. This pricing is derived from looking at average rates for casinos (NAICS 713210) which have similar property risks and are around $4-6 per $100. The final estimated price is on the higher side to account for slightly higher risks in this ‘other gambling’ category.

Estimated Pricing: $5 per $100 of insured property value

Cyber Insurance

Cyber insurance is a valuable risk management tool for businesses in the other gambling industries. It can help protect them from the high costs of cyber attacks and data breaches by covering forensic investigations, data notification programs, business interruption expenses, and other cyber-related losses.

Category	List
Benefits	Covers costs of any legal liabilities arising from a data breach or cyber attack Covers business interruption costs if systems are down due to a cyber incident Covers costs of forensic investigation, attorney fees, public relations costs to help mitigate damage from a breach Covers costs of notifying customers, credit monitoring and consumer fraud programs if required due to a security incident Provides access to breach response services and experts to help guide incident response Covers theft or loss of money from online fraud or a cyber attack on payment systems
Use Cases	Data breach liability coverage Cyber extortion coverage Network security liability coverage Business interruption coverage Cyber crime coverage Privacy regulatory defense and penalties coverage Cyber media liability coverage Digital asset protection coverage

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Benefits

Covers costs of any legal liabilities arising from a data breach or cyber attack
Covers business interruption costs if systems are down due to a cyber incident
Covers costs of forensic investigation, attorney fees, public relations costs to help mitigate damage from a breach
Covers costs of notifying customers, credit monitoring and consumer fraud programs if required due to a security incident
Provides access to breach response services and experts to help guide incident response
Covers theft or loss of money from online fraud or a cyber attack on payment systems

Use Cases

Data breach liability coverage
Cyber extortion coverage
Network security liability coverage
Business interruption coverage
Cyber crime coverage
Privacy regulatory defense and penalties coverage
Cyber media liability coverage
Digital asset protection coverage

Based on research of average cyber insurance pricing for businesses in the gambling industries, the estimated average annual premium would be around $5,000. This price was calculated based on factors such as typical revenue size of businesses in NAICS 713290 industry, estimated cost of potential cyber attacks and data breaches, litigation and liability risks.

Estimated Pricing: $5,000

Professional Liability Insurance

Professional liability insurance, also known as errors and omissions (E&O) insurance, protects businesses and professionals in the other gambling industries from claims alleging inadequate work, negligence, or errors and omissions during the course of business operations or service provisions. It can help these gambling businesses cover legal costs and damages in the event of a lawsuit related to inadequate work or negligence.

Some common risks these gambling businesses may face include lawsuits from customers claiming inadequate services or losses due to an employee’s mistake. This type of insurance can help cover legal fees and damages if they are at fault. It is also important for these businesses to consider additional coverage for data breaches, cyber liability or regulatory fines given the sensitive nature of their operations and compliance requirements.

Category	List
Benefits	Covers financial losses due to negligence, errors, or omissions Protects assets like equipment, property, and savings Reimburses legal fees and other costs of defending a lawsuit Covers costs of appeals if required to defend the company Provides risk management and loss control services Maintains good reputation and prevents bankruptcy in case of major lawsuit Allows business to focus on operations instead of litigation worries Peace of mind knowing the business is protected from unexpected litigation costs Limits overall costs of responding to lawsuits and paying claims
Use Cases	Coverage for lawsuits alleging errors or omissions Coverage for allegations of wrongful acts Coverage for intellectual property claims like copyright or patent infringement Coverage for breach of contract claims Coverage for data breaches or cyber liability Coverage for regulatory actions or fines

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Benefits

Covers financial losses due to negligence, errors, or omissions
Protects assets like equipment, property, and savings
Reimburses legal fees and other costs of defending a lawsuit
Covers costs of appeals if required to defend the company
Provides risk management and loss control services
Maintains good reputation and prevents bankruptcy in case of major lawsuit
Allows business to focus on operations instead of litigation worries
Peace of mind knowing the business is protected from unexpected litigation costs
Limits overall costs of responding to lawsuits and paying claims

Use Cases

Coverage for lawsuits alleging errors or omissions
Coverage for allegations of wrongful acts
Coverage for intellectual property claims like copyright or patent infringement
Coverage for breach of contract claims
Coverage for data breaches or cyber liability
Coverage for regulatory actions or fines

Based on research of average pricing for professional liability insurance for businesses in other gambling industries such as bingo halls, I estimate the annual pricing to be around $3,000 – $5,000 per year. Pricing is usually calculated based on factors such as annual revenue, number of employees, claims history, and types of gambling activities. For a typical business in this industry with annual revenue of $500,000 and 10 employees, and no prior claims, the estimated annual pricing would be $3,500.

Estimated Pricing: $3,500

Workers’ Compensation Insurance

Workers’ compensation insurance provides critical protections for employees and employers in the gambling industries. It ensures employees receive guaranteed medical and wage replacement benefits should they become injured on the job, while also protecting businesses from costly liability lawsuits. Having workers’ compensation demonstrates a commitment to safety and compliance with state laws. Common risks in these industries include potential injuries from security, maintenance, and event staff jobs. Average estimated rates are around $3.50 per $100 of payroll based on industry risk factors and claims history.

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Benefits	Covers medical expenses if an employee is injured on the job Pays lost wages if an employee cannot work due to a job-related injury or illness Protects the business from lawsuits by employees who are injured on the job Complies with state workers’ compensation laws Provides rehabilitation services to help injured employees return to work Demonstrates a commitment to employee safety and well-being
Use Cases	To provide coverage for employees injured on the job To protect the business from liability if an employee is injured and files a lawsuit To comply with state laws requiring businesses to carry workers’ comp insurance

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Benefits

Covers medical expenses if an employee is injured on the job
Pays lost wages if an employee cannot work due to a job-related injury or illness
Protects the business from lawsuits by employees who are injured on the job
Complies with state workers’ compensation laws
Provides rehabilitation services to help injured employees return to work
Demonstrates a commitment to employee safety and well-being

Use Cases

To provide coverage for employees injured on the job
To protect the business from liability if an employee is injured and files a lawsuit
To comply with state laws requiring businesses to carry workers’ comp insurance

Based on national average workers’ compensation insurance rates for casinos and other gambling industries, the estimated average pricing for a business in the Other Gambling Industries (NAICS 713290) would be around $3.50 per $100 of payroll. This rate is derived from general industry risk factors as well as claims history data and takes into account the risks generally associated with businesses in the gambling industry such as potential workplace injuries and accidents on premises.

Estimated Pricing: $3.50 per $100 of payroll

Business Interruption Insurance

Business interruption insurance provides coverage for lost income and ongoing expenses if a business has to temporarily shut down due to an unforeseen event like property damage, equipment failure, utility outage or other disruptions. It helps protect a company’s cash flow and survival during unexpected closures or loss of revenue.

For businesses in the NAICS 713290 ‘Other Gambling Industries’ industry such as casinos, arcades and betting pools, business interruption insurance is especially important. These types of businesses rely heavily on foot traffic and have high fixed costs. Even short-term closures can result in major lost revenue and difficulties recovering financially. Business interruption insurance provides critical protection for their cash flow and ability to weather unexpected disruptions.

Category	List
Benefits	Covers loss of income if your business has to temporarily close due to an insured event like fire, flooding or power outages Reimburses ongoing expenses like payroll, rent and utility bills to help keep your business afloat during closure Protects cash flow so you can restart operations quickly after an interruption and retain customers Helps mitigate financial risks from unexpected events outside your control like natural disasters, accidents or power failures Allows you to meet financial obligations like debt payments during the recovery period Provides the financial backup needed to weather unexpected downtime and bounce back stronger
Use Cases	Loss of revenue due to property damage from natural disasters like hurricanes, floods or earthquakes Loss of revenue due to equipment or machinery breakdown or failure Loss of revenue due to utility outages or failures from third-party carriers Loss of revenue due to closure from disease outbreak or pandemic like COVID-19

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Benefits

Covers loss of income if your business has to temporarily close due to an insured event like fire, flooding or power outages
Reimburses ongoing expenses like payroll, rent and utility bills to help keep your business afloat during closure
Protects cash flow so you can restart operations quickly after an interruption and retain customers
Helps mitigate financial risks from unexpected events outside your control like natural disasters, accidents or power failures
Allows you to meet financial obligations like debt payments during the recovery period
Provides the financial backup needed to weather unexpected downtime and bounce back stronger

Use Cases

Loss of revenue due to property damage from natural disasters like hurricanes, floods or earthquakes
Loss of revenue due to equipment or machinery breakdown or failure
Loss of revenue due to utility outages or failures from third-party carriers
Loss of revenue due to closure from disease outbreak or pandemic like COVID-19

Based on typical revenue and profit margins for businesses in the ‘Other Gambling Industries’ with NAICS code 713290, the estimated average annual pricing for business interruption insurance would be around $15,000. This was calculated using an estimated average annual revenue of $2 million and an estimated profit margin of 10% for these types of businesses. Business interruption insurance pricing is usually based on covering projected lost profits for the covered period, usually 12 months, in the event of an insurable disruption to the business.

Estimated Pricing: $15,000

Umbrella Insurance

Umbrella insurance provides additional liability coverage above a company’s standard policies like general liability or auto. It protects both the business and its owners from costly lawsuits by providing higher liability limits and coverage for claims not covered under other policies.

Some key benefits of umbrella insurance for businesses in the other gambling industries include protecting against claims that exceed standard liability coverage, negligence claims from injuries on premises, lawsuits from employee or customer injuries on site, lawsuits related to defects in gaming equipment, and claims from improper security practices resulting in customer harm. Pricing for umbrella insurance for these industries averages between $2,500-$5,000 annually.

Category	List
Benefits	Provides additional liability coverage above the limits of the underlying policies such as general liability, auto, etc. Protects personal assets from large lawsuits and claims May provide additional protection for named insureds such as owners, executives, employees Covers lawsuits that pass through or exceed the limits of the underlying policies Additional protection for legal defense costs and damages for which the business may be liable Less expensive than increasing limits on each underlying policy separately Coverage for incidents that aren’t covered by other insurance policies like general liability
Use Cases	Protect against liability claims from customers that exceed standard liability coverage limits Provide protection from negligence claims from employees or customers slipping/falling on premise Cover potential lawsuits from employee or customer injuries on site Cover lawsuits related to product defects in gaming equipment/machines Protect the business from lawsuits related to improper security practices that result in customer harm Cover lawsuits alleging intentional harm from employees towards customers

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Benefits

Provides additional liability coverage above the limits of the underlying policies such as general liability, auto, etc.
Protects personal assets from large lawsuits and claims
May provide additional protection for named insureds such as owners, executives, employees
Covers lawsuits that pass through or exceed the limits of the underlying policies
Additional protection for legal defense costs and damages for which the business may be liable
Less expensive than increasing limits on each underlying policy separately
Coverage for incidents that aren’t covered by other insurance policies like general liability

Use Cases

Protect against liability claims from customers that exceed standard liability coverage limits
Provide protection from negligence claims from employees or customers slipping/falling on premise
Cover potential lawsuits from employee or customer injuries on site
Cover lawsuits related to product defects in gaming equipment/machines
Protect the business from lawsuits related to improper security practices that result in customer harm
Cover lawsuits alleging intentional harm from employees towards customers

Based on research of typical pricing for umbrella insurance policies for businesses in gambling industries, the average estimated pricing would be around $2,500 – $5,000 annually. This price range takes into account the higher risk nature of the gambling business compared to other industries. The final price would depend on factors like the business’s annual revenue, number of employees, claims history, and other insurance policies already in place.

Estimated Pricing: $2,500 – $5,000

Conclusion

Choosing the right mix of business insurance policies is crucial for businesses in the other gambling industries to manage risks effectively. The insurance references provided an overview of key benefits, uses cases and pricing estimates of general liability insurance, property insurance, cyber insurance, professional liability insurance, workers’ compensation insurance, business interruption insurance and umbrella insurance – the top policies every owner in NAICS code 713290 should consider for comprehensive risk management.

Top Business Insurances for Businesses in the Gambling Industries with NAICS Code 713290

Key Takeaways

Introduction

General Liability Insurance

Property Insurance

Cyber Insurance

Professional Liability Insurance

Workers’ Compensation Insurance

Business Interruption Insurance

Umbrella Insurance

Conclusion

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