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Special Events Insurance covers your small business that organizes special events for clients. Whether you'll be organizing weddings, work parties, birthdays or any other celebration, Special Events Insurance covers you for when things go wrong.
Special Events Insurance means that you and your business are covered in the event a guest drinks too much and drives home, injuring themselves or someone else and/ or vehicle damage.
Cancellations of caterers or live performers are common in special events. Insurance will cover you if this happens when organizing a party, helping you to find an alternative.
If the venue where you'll be hosting the event turns out to be inappropriate, unavailable or damaged, Special Events Insurance will give you financial protection and help you find anothervenue.
Equipement fails and malfunctions are also covered by Special Events Insurance.
What Does Special Events Insurance Cover?
Who Is Covered by Special Events Insurance?
Your Business and Employees If your business is going to host a special event, you know that there is increased risk of bodily injury and property damage. Your business and its employees will be covered for this liability.
Your Other Insurances Special event policy will be primary, so if something does go wrong no matter how much you plan for it not to, this policy will provide coverage first which will keep your other insurance premiums down.
Do I Need Special Events Insurance?
Special Events Insurance will come in handy if:
What Are the “Limits” on an Special Events Insurance Policy?
A special event policy covers specific types of protections in addition to what your General Liability Insurance covers. Each of these protections will have coverage upwards of a given amount.
If your policy provides coverage upwards of $1 million, then this will be the limit. As the types of coverage needed for Special Events vary greatly, each will have a different amount.
If you choose a policy that does not cover the full value, then you will be protected upwards of a given amount.
How Much Does Special Events Insurance Cost?
The costs associated with Special Events Insurance vary in accordance with the specific policy you have chosen. Each policy is created based on the specific aspects of your event.
The scale of the event will be a determinant of the types of services necessary to be contracted. Each type of contractor on site will need a specific type of coverage.
Special Events can range from a small private employee or client appreciation party to a corporate funded festival. Some events may have food while others don’t. Events with alcohol have specific liabilities that may require a greater amount of coverage.
Overall, the cost will be contingent upon the type of the insurance policy you choose and how much protection it affords. You may choose a policy that includes one, several or all of the aforementioned protections, each of which have their own costs.
Regardless of the protections, you invest in; you will likely find yourself paying a small percentage of that amount in the form of a premium.
What does “Named Insured” mean?
Named Insured is the person or entity listed on the policy who will be given the insurance coverage. The named insured will be listed on any claim check that is awarded should there be one. It is usually the person or entity that needs to have the insurance coverage and is often the one paying for it.
Do event planners need insurance?
Event planners absolutely need insurance. An event planner is giving advice and planning things for people or businesses that depend on them. If something goes wrong, the event planner can be sued for their liability, both general and professional.
Do I need Public Liability Insurance for an event?
Not only do most venues require you to have Liability insurance if you are having a public or private event, but it is a critical insurance policy to have.
Due to the number of people attending your event, the risk that something unfortunate and unforeseen will happen is higher than normal. Even more so if you are serving or allowing alcohol at your event.