Insurance for Convention and Trade Show Organizers
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What Insurance Do Convention and Trade Show Organizers Need?
Covers your products, materials and equipment that are transported over land (truck or train), or while they're in a warehouse. If involved in a collision, mishandling or cargo theft, Inland Marine Insurance covers the transported goods.
Commercial Auto Insurance covers your cars, trucks, and vans used in your business. It covers the costs from vehicle damage in collisions, theft, vandalism and weather damage. It also covers medical expenses for to injured parties.
Business Owners Policy (BOP) protects you from business liability and property damage at a lower cost. BOP covers claims resulting from fire, theft & disasters. BOP also covers claims of bodily injury or property damage during your business operations.
Workers Compensation covers your employees' medical costs and lost wages while recovering from a work-related injury or illness. The employee gives up the right to sue your company in return for receiving cash and benefits from Workers Compensation. In some states it’s mandatory for businesses!
Frequently Asked Questions
Why do Convention and Trade Show Organizers need insurance?
This industry is involved in the management, organization, and promotion of meetings, shows, and conventions. Establishments in this industry may also market and promote convention sites and assist organizations utilizing the convention spaces.
You need insurance to protect your business from a variety of risks that could potentially destroy your business financially. An employee could become injured on the job, your property could be damaged by a fire or vandalism. It could suffer a contractual breach.
For these reasons, it is important that you protect your business assets and one of the ways to do that is to make sure that you are insured.
What risks do Convention and Trade Show Organizers face?
We live in a society of unforeseen situations resulting in lawsuits and liability claims. Without insurance, your business could fold. All it takes is just one accident to put all your business and personal finances down the rubble. Here are some of the risks your business could face:
- Your property could be destroyed by fire, vandalism, flood and natural disasters.
- A disgruntled employee could file an employer malpractice lawsuit for discrimination, failure to promote and even failure to hire.
- A customer could slip on site, during your event, suffering serious injury. They could file a slip-and-fall claim when they feel medical compensation is not enough.
How much does insurance cost for Convention and Trade Show Organizers?
There is really no fixed cost for a business insurance policy. The insurance carrier needs business details to understand what insurance policies will be essential. Without taking into account the size of your business, the number of employees you have and other factors, below are the average costs of a business insurance:
- General Liability insurance costs around $500 in the annual premiums.
- Commercial Property insurance cost $500 in the annual premiums.
- Business Owners Policy (BOP) is around $900 in the annual premiums.