Event insurance is a necessary safeguard for event planners and hosts looking to keep yourself and your clients-out of court. Whether it’s an intimate cocktail party or a black-tie benefit, an indoor or outdoor event, a passive or interactive experience, some things will be always out of your control, no matter how well you plan. Simply put, things can and will go wrong, given enough time. If you have ever been unsure of whether to purchase event insurance, and exactly what they need to insure, read below.
At a minimum, General liability Insurance protects your company and all parties involved in producing your event – the planner, venue, caterers, etc., if someone gets hurt or if property is damaged as a result of your employees or agents. Most venues require that you have this insurance in order to hold your function at their location.
You can also add on additional coverage to protect you from other things that could go wrong:
- Liquor Liability covers problems arising from causing or contributing to the intoxication of a person; the accidental furnishing of alcoholic beverages to a person under the legal drinking age or under the influence of alcohol, or any statute, ordinance, or regulation relating to the sale, gift, distribution, or use of alcoholic beverages.
- Cancellation Insurance will protect you and help to recover many of the costs and deposits already paid in case of unforeseen situations such as inclement weather, (including hurricanes), if a venue is deemed unusable, or if something else happens that requires you to cancel an event.
- Third-party Damage Insurance covers damages to a location while it is under your control, protecting you from having to pay for repairs.
- Hired/Non-Owned Auto Liability provides liability coverage for vehicles rented specifically for the event, and auto-related injury to third parties or damage to their property.
- Hired Auto Physical Damage covers any damages to vehicles you rent.
- Worker’s Compensation provides medical benefits and salary compensation to your employees if they are hurt while in your employment.
In a society where litigation runs rampant, it’s always best to protect yourself from ever having to deal with those worst-case scenarios, especially if you’re the one in charge. Typically, it’s the small things that cause the most problems if you’re not properly covered. So even the most basic coverage policy could prove to be a big help in the long run. Having the proper insurance can make the difference between a minor bump in the road and a complete detour.
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