How to Insure The Ghostbusters
All businesses need the right protection, especially when they perform operations as risky as The Ghostbusters do. This paranormal-fighting group needs coverage that’s just as tough as they are so they can continue defending the city. There are all kinds of risks that need protecting for a unique team like this one, and here’s what an independent insurance agent would keep in mind when finding the right coverage for The Ghostbusters and other unique businesses.
What Would It Take to Insure The Ghostbusters?
Considering all their pricey and one-of-a-kind gadgets and equipment, it’s difficult to figure out where you’d even start when attempting to insure this team. To begin with, you’d have to take all of The Ghostbusters’ unique risks into account, including:
- Equipment and property damage risks: Like their proton packs, goo-resistant uniforms, the firehouse used as their headquarters, and more. Since The Ghostbusters’ equipment would probably be expensive to repair or replace out of pocket, coverage would be crucial.
- Team member risks: The Ghostbusters themselves are up against numerous spooks and other baddies during their routine operations, but they’ve also got to consider the safety of their other workers, like their secretary.
- Business risks: The Ghostbusters may be a comical paranormal-fighting group, but they’re also a profitable business. The income the team earns from their upper-class clients in New York City needs to be protected from risks like unexpected business interruptions and more.
- Liability risks: One of the biggest risks The Ghostbusters face is liability-related issues. When hunting ghosts and other spirits, it’s all too easy for property like fancy hotels to get damaged in the process, or for them to accidentally injure innocent third parties, AKA humans.
After identifying all the team’s obvious and more specific risks, an independent insurance agent would then consider the types of coverage that would protect against all potential hazards.
Important Coverage for The Ghostbusters’ Priceless Property
When thinking of The Ghostbusters, the largest and most obvious piece of property that needs adequate coverage is their headquarters. A business insurance policy includes the necessary property damage coverage to protect the converted firehouse from disasters such as:
- Wind and hail
- Accidental damage
- Sinkhole collapse
- Most explosions
- Riot/civil commotion
- Aircraft/vehicle damage (if operated by a third party)
Since The Ghostbusters need this space to take business calls, regroup, and ready themselves for their next venture, they’d want it to have all the protection it needs. An independent insurance agent would help the team get set up with the right property coverage, and they can help you do the same for your unique headquarters (or other office space).
Critical Coverage for The Ghostbusters’ Liabilities
No matter where they’re working, something always tends to end up damaged or destroyed when The Ghostbusters are on the scene. Because of the extremely risky nature of their routine business operations, The Ghostbusters would need liability coverage as their top priority. Liability coverage included in a business insurance policy would protect the team from getting sued over injuries or property damage to third parties. Coverage pays for legal fees, fines, and restitution.
Example scenarios of when The Ghostbusters would need liability coverage:
- Destroying several rooms and pieces of property in a fancy hotel while trying to catch a particularly evasive ghost.
- An innocent bystander getting bitten by the demon dog the team was chasing after.
- A test subject getting traumatized by Dr. Venkman’s quirky experiments.
- The mayor of NYC slipping on a patch of ghost residue on the floor of the team’s headquarters.
- A disgruntled customer reporting missing property after the team successfully removed a spirit from their apartment.
Special types of liability coverage The Ghostbusters would require to be adequately protected include:
- Premises liability: Coverage would protect against costs associated with third-party injuries and property damage sustained on The Ghostbusters’ business premises, such as someone trying the old fire station pole in their headquarters and hurting themselves.
- Advertising injury: Coverage would protect the team from claims of libel, slander, copyright infringement, invasion of privacy, and more when recording and airing their commercials about how they’re ready to believe you.
Though you might expect that The Ghostbusters would receive nothing but gratitude and appreciation for their efforts, the opposite was often true. The team faced plenty of liability risks on a routine basis, so having coverage from a legal standpoint would certainly not be optional. If you run a business, talk to your independent insurance agent about getting set up with all the liability coverage you need to protect against unnecessary and costly lawsuits.
Inland Marine Coverage for The Ghostbusters’ Fancy Equipment
While commercial general liability (CGL) insurance provides the important protection the team would need for damage done with their equipment, they’d need another policy to protect damage to their gadgets. Inland marine insurance is designed to protect expensive specialty equipment like computers, photography gear, medical devices, and more.
The Ghostbusters would need inland marine coverage for their proton packs and ghost traps, which would be both difficult and pricey to replace. However, inland marine insurance does not protect against equipment malfunction or breakdowns. It would be up to the team to keep their gear in working order to prevent a loss in that way.
Hard-Working Coverage for The Ghostbusters’ Team Members
The Ghostbusters’ main team consists of four men, but they’ve also got a valued secretary to defend, as well as any possible future additions to their crew. While their CGL insurance would cover the team members from a legal standpoint, additional coverage would still be necessary to fully protect them.
The Ghostbusters’ team members would need the following add-on coverages:
- Workers’ compensation: If anyone on the crew got ill or injured, or died from work-related activities (which would certainly be possible), this insurance would cover the financial ramifications. Coverage is mandatory in New York where The Ghostbusters are, as well as in most other states.
- Crime insurance: This insurance would cover instances of employee theft from the business. Coverage includes protection against workers stealing cash or credit directly from the premises, as well as other property, inventory, or gear.
- Employee practices liability: This coverage would take care of legal fees if any team members were involved in harassment cases against other coworkers or the public.
Without its team of brave workers, The Ghostbusters’ operation wouldn’t be successful. That’s why it would be so important to have this coverage for their team members, and why your business also needs to protect its hard-working crew.
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Umbrella Coverage for The Ghostbusters
Whether they destroyed a large section of a ritzy hotel or traumatized an individual during a typical day on the job, The Ghostbusters were always at risk of an exceptionally pricey lawsuit. Umbrella insurance stacks on top of the liability coverage provided by a business insurance policy to increase its limits. Umbrella policies most often come with liability coverage limits of $1 million, but can also be purchased in increments of $5 million or $10 million.
If The Ghostbusters’ business insurance policy provided $1 million worth of CGL insurance and they added a $10 million umbrella policy, they would have increased their liability coverage to $11 million. Umbrella coverage tends to be very affordable for the amount of additional protection it provides. Even if you don’t run an operation as risky as The Ghostbusters do, your business could still benefit from the additional liability protection provided by umbrella policies.
Modern Business Coverage Concerns for The Ghostbusters
After The Ghostbusters secured protection for their property, liabilities, and crew, they’d still have more risk areas that required additional coverage. Though they may not have been performing routine business operations over the Internet in the ‘80s, today The Ghostbusters would absolutely need a cyber liability insurance policy to protect them against cyberattacks and data breaches, and to protect their digital property.
Cyber liability coverage would protect The Ghostbusters in the following ways:
- Damaged reputation: A cyberattack or data breach impacting The Ghostbusters could wind up in the media and further harm their credibility, and not just for skeptics. Cyber liability insurance provides public relations protection to keep the media quiet.
- Legal expenses: If personal or sensitive information was stolen from The Ghostbusters’ database and sold to third parties, such as customers’ credit card information, lawsuits could arise. Cyber liability coverage pays for attorney, court, and settlement fees.
- Lost income: Cyber liability policies also help to recover stolen funds due to cyberattacks and data breaches, and provide reimbursement if business operations get temporarily suspended.
- Hired professionals: If a serious data breach or cyberattack occurred, The Ghostbusters probably wouldn’t hesitate to call in a professional programmer to help them recover. A cyber liability policy would cover fees for hiring a professional to help fix computer systems and patch holes in security.
With cybercrime being a growing threat in today’s world, The Ghostbusters would need cyber liability protection. Talk to your independent insurance agent about the importance of covering your own business against cyber risks.
Additional Business Coverage Needs for The Ghostbusters
The Ghostbusters were certainly a one-of-a-kind operation, but they still had numerous common concerns that relate to most businesses today. The team would be likely to purchase the following coverages to add on to their business insurance policy:
- Commercial auto coverage: In order to protect their business vehicle, the Ecto-1, The Ghostbusters would need commercial auto insurance to cover it from perils like natural disaster damage, collisions, theft, vandalism, and more.
- Boiler & machinery: Also known as "equipment insurance," coverage applies to electric equipment in the building (e.g., AC units and boilers) that breaks down due to power surges, etc.
- Business income: Coverage takes care of the financial loss suffered while a business is closed due to fire damage or other disasters.
An independent insurance agent would be able to help get The Ghostbusters’ team equipped with all the coverages necessary for them to perform their routine operations, and they can do the same for your business, no matter which category it falls into.
How an Independent Insurance Agent Would Help
If you were to actually insure The Ghostbusters, your first stop would be to call up an independent insurance agent. these agents search through multiple carriers to find providers who specialize in business insurance and more, deliver quotes from a number of different sources, and help you walk through them all to find the best blend of coverage and cost.
You Can’t Actually Insure The Ghostbusters, But…
It may not be possible to insure a paranormal-fighting team like The Ghostbusters, but it is possible to insure that — whatever "that" is for you. Whether it’s an office or retail outlet in need of business insurance, a team of workers that need protection, property coverage or liability concerns, our independent agents are here for you. Start by finding an independent insurance agent in your community here.
TrustedChoice.com Article | Reviewed by Paul Martin
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