Event Promoter Insurance
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What Insurance Do Event Promoter Need?
Professional Liability Insurance (or E&O Insurance), protects your small business from claims of mistakes, negligence or malpractice made when providing your services that caused sobody financial loss. PLI covers your legal defense costs, damages and settlements.
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!
General Liability Insurance protects your small business against claims of third-party bodily injury and property damage, reputational harm and advertising injury. It covers medical bills, repair costs & legal fees.
Business Interruption Insurance protects your small business if impacted by a covered risk. It'll cover the costs in replacing lost income and paying for additional expenditures. Also known as Business Interruption Coverage, this policy is usually part of your BOP (Business Owners Policy).
Frequently Asked Questions
Why do Event Promoters need insurance?
This industry includes individuals and businesses who promote and manage events. Promotions and management can include sports, agricultural fairs, air shows, arts festivals, beauty pageants, boxing events, and more.
As event promoters, you know that the more people you are available to invite to festivals and events, the more you are at risk of the many liabilities that could take place throughout the event. Purchasing insurance means that you are protected from the liability risks, property, personal injury, and other risks that your event may encounter.
What risks do Event Promoters face?
The more people who gather at the event you are promoting, the more risks you will encounter. Here are some:
- An attendee could slip and fall. They suffer an injury and could file a slip-and-fall claim against your business.
- The equipment and property used in the event like the stage, the speakers, mic and music equipment and any other equipment could get damaged by the patrons, by fire, or a natural event like an unexpected storm or earthquake. As an event promoter, you are responsible for the repair or replacement of the damaged property and equipment.
These are just some of the many risks your business can face.
How much does Event Promoter Insurance cost?
The cost of your insurance varies based on the size of your business, the number of business properties you own, the number of employees you have and many other criteria. To get the cost of your insurance policy, simply take our online assessment or give our customer service representatives a call.