There are many requirements you have to deal with when entering into a booth rental but undoubtedly, one of the most important requirements is insurance. Whether you're the booth owner or the booth renter, you must make sure that you have got your back covered, whatever happens. Insurance will keep you safe from any legal problems and will make sure that your business efforts and money won't go to waste.
If you're in the salon industry and you're entering into a booth rental agreement with a stylist, make sure that he shows you his Liability Insurance. This insurance should be effective from his first day of work until the booth rental contract ends. Get a photocopy of his insurance certificate. Also, you should have your own insurance coverage as salon owner. Accidents could happen in a salon and if clients get injured or if your property gets damaged, you want to be assured that you're amply protected.
If you're hosting a trade fair and you're renting out booths to exhibitors, you should encourage the exhibitors to acquire extensive insurance. You must specify that you will not be held liable for any liability arising from the acts of the exhibitor and his employees, whether intentional or negligent. If there is any damage to or loss of the property of the exhibitor, or any injury to him or to his employees, you should emphasize that you will not be held liable for such.
You should also state that if the booth space becomes unavailable or the trade fair does not push through, and the reason is not attributable to you, then you will not be held accountable by the booth renter. You should refund to the exhibitor his proportionate share of the rental and exhibit fees received, after deducting reasonable fees that you have incurred.
However, you should also obtain your own insurance, for those instances when damage, loss or injury happens because of you, your employees or your agents. There are insurance providers which you or your exhibitors can turn to, such as exhibitorinsurance.com. It offers an all-risk coverage with low premiums. It provides insurance all over the country.
If your booth rental business offers booths for special occasions, such as weddings, birthdays and baptisms, you should also get insurance to address possible injury to clients and your crew, or damage to your property. Never take anything for granted and be ready for any possibility. However, let your client know that you will only be responsible if the incident could be attributed to you or your crew.
As you can see, insurance requirements are essential when dealing with a booth rental. You should also consider state-specific laws on insurance and make sure you comply with these. Good luck!