For your event to succeed, there are certain preventive measures you have to implement beforehand. For example, everyone’s safety at the venue should be a top priority. However, unforeseeable mishaps can still occur despite your meticulous planning. Keep reading to understand how event insurance can protect you against liability.
What Is Event Insurance?
Event insurance is a form of general liability coverage for special occasions. It can provide liability protection for parties involved in planning, managing, or executing an event. You should purchase at least $1,000,000 in event insurance to maximize your protection against loss-causing occurrences beyond your control.
Why Does Having Adequate Event Insurance Matter?
Event insurance covers unforeseeable occurrences during an event for which your company may be held liable. Having the coverage gives you peace of mind. The out-of-pocket cost for personal injuries, property damage, and other unexpected hazards that may occur at your event would be less.
Why Should I Purchase an Event Insurance Plan?
Event insurance can prevent heavy financial losses from a broad array of unexpected mishaps. The potential unfortunate events below make it important to have insurance coverage for your special occasion:
Event cancellation: Factors like bad weather or ill health may force you to cancel or postpone an event, causing vendors, caterers, and other involved parties to incur losses.
Guest injuries: Concert or festival attendees may sustain accidental fall injuries due to slippery surfaces or defective chairs or tables.
Property damage or loss: Property belonging to guests, such as smartphones, may be stolen or damaged at the venue.
Which Event Insurance Policies Should You Get?
Whether you’re hosting a nightclub event, live music concert, or open-field festival, you need certain insurance policies for the occasion. Here are some of the event coverage that merits serious consideration:
General liability: You need this policy for protection against property damage, losses, and personal injuries that third parties like guests may incur.
Products of completed operations: Guests can sue you if, after leaving your establishment, they develop health complications medically linked to the meals or beverages you served them.
Liquor liability: Get this insurance if you’re serving alcohol at your event. The policy may cover injury, death, and similar claims associated with the actions of your intoxicated guests.
Assault and battery: This policy may cover bodily injury and property damage caused by your security personnel, including when intervening in fights involving patrons.
Excess liability: You can use this optional policy to extend your general liability, liquor liability, and assault & battery coverage. It covers you against liability claims bigger than your standard coverage limits.
Workers’ compensation: Your events company should have this policy according to state law. It’s necessary because your employees are constantly exposed to many on-the-job risks, including slip and fall injuries and violent attacks by intoxicated patrons.
When Should You Pay for Rentals’ Damage Waiver?
Some of your equipment suppliers may require that you obtain a damage waiver for a fee. Paying for this waiver helps maximize your protection if the items you borrowed for the event are lost or damaged.
How Should You Process an Event Insurance Claim?
You should initiate the claims process as soon as possible after the reported injury or incident. Immediately call your insurance broker or agent to report the claim. You would be required to supply this information in your report:
- Your name and contact details
- Business name
- Type of coverage and policy number
- A detailed description of the accident or claim
To help fast-track the claims process, provide as much detail as possible about the incident. Include relevant records and evidence such as:
- Phone or email correspondence
- Contracts
- Photographs
Without a proper safety net in place, a serious liability claim against your events company can cause devastating financial loss. Contact us at RMS Insurance Brokerage, LLC today for help maximizing your protection with event insurance. We provide a host of practical specialty solutions for businesses in the hospitality industry.