Will the summer season in full swing you may be planning on hosting an event or festival to showcase your business, if that’s the case you definitely need to make sure you have the right insurance. Special Event insurance is a type of insurance that businesses or individuals can purchase to cover liabilities when organizing a specific event. This type of insurance policy serves as protection against several issues that may arise before or during the event.
As a business owner, there are several reasons why you would want to host a special event for your staff and/or clients, or to sponsor events like conferences, carnivals, galas, exhibitions, etc. If this need arises, event insurance coverage is essential to ensure that your company is protected against event liability.
No matter how seasoned you are at hosting events, you’ll face a lot of risk before and during an event, many of which will be out of your control. For example,if you own a venue and your clients cancels or postpones their event. There are even worse case scenarios where a client sustains bodily injury due to a slip and fall or their is property damage during an event. This can generate claims against the event planner, host or sponsors. To protect yourself and clients from an expensive lawsuit, you should get liability coverage such as Special Event insurance.
Here are more reasons why you need special event coverage:
If you are planning, hosting or sponsoring an event and you don’t have General Liability insurance, then Special Events Insurance is very important. You need to be covered against mishaps that could occur as a result of the event. This insurance ensures you have financial coverage in the event that your event gets cancelled, even after preparations have been made.
Depending on the specific coverage that suits your needs, each policy offers coverage for different kinds of situations to protect against unforeseen circumstances. There are various types of Special Event coverage, some of which are:
However, if your insurance policy covers a lesser amount than the total value of the financial loss associated with your special event, the outstanding amount will not be covered. Ensure you check your policy to know what types of situations you’ll get protection for.
Examples of the events that Special Event insurance covers include private functions like weddings, birthday or anniversary celebrations, baby showers and religious functions. Corporate functions such as galas, conferences, and fundraisers may also be qualified. You can contact your insurance agent to know the kind of events that are eligible for special event coverage.
The cost of Special Event insurance depends largely on your choice of insurance policy and how much protection you choose. A specific event may have more risks that may require a greater amount of coverage. This may require that you choose one or all of the aforementioned policies, each having their own costs. Regardless of the event insurance cover you decide to invest in; you are likely paying a small percentage of that amount in the form of a premium.
What Other Things Should I Consider before Purchasing Special Event insurance?
Here are useful tips to put into consideration before purchasing your Special Event insurance:
Your special event may turn out perfectly, just like you’d hoped, however having Special Event insurance will help keep your mind off what could go wrong and give you room to enjoy your special occasion.