While it can be confusing at times, special event insurance is an essential safeguard for any planners who are trying to keep their clients, and themselves, out of expensive legal litigation. It can be difficult to determine if you should purchase this type of insurance, and to determine what actually needs to be covered. No matter if you are having an interactive or passive experience, outdoor or indoor event, black-tie benefit or cocktail party, there are some things that are simply outside of your control.
What Exactly is Special Event Insurance?
Insurance that is related to events will cover and then protect planners in a number of different areas. Event insurance will provide a general liability for certain types of events. Planners will be able to purchase extra coverage that will protect them from things such as event cancellation and liquor liability.
Types of Event Insurance
When you purchase general liability insurance, it will provide protection for a company, as well as all other parties that are involved in the event, such as caterers, the venue, planner, etc., for any loss because of property damage or bodily injury that is the result of the insured’s agents or employees. In most cases, agents and venues will require a liability of $1,000,000.
Another type of insurance for event planners you may want to consider is liquor liability insurance. This is necessary if you are in a venue where the bartenders will not be covered, or if you are directly employing any bartenders for the event. This type of insurance will cover any issue that arises from alcohol related issues.
Cancellation insurance is another popular type of event insurance that will protect you in the instance of an unforeseen situation, such as the appearance of inclement weather, an unusable venue or anything else that will cause the cancellation of your event. This will help you to be able to cover any of the costs that are related to repaying deposits that have been made.
The fact is that there are a number of insurance options for events, and each one can provide you with protection when you need it. This will reduce the chances that you will be held liable for damages or injuries that are caused by an event that you are hosting, catering or if you own the venue. This offers essential protection that you really cannot afford not to purchase.
