When it comes to events such as concerts, weddings, conferences, and other special functions, it is important to protect yourself and your business against the numerous risks associated with hosting or organizing such events. In this article you can find information about what “Event Planner Insurance” is, the kinds of coverages it may consist of, who may need this coverage, and how much it may cost.
Event planner insurance is a type of insurance policy that can help to protect you and your business from certain unexpected losses that may occur while you are hosting an event. For example, if you or one of your employees negligently injure a guest or damage their property during the course of hosting a function, event planner insurance could help to provide coverage in the event the guest decides to pursue a claim.
If you operate an event venue or your business otherwise involves planning, hosting, or providing services to group gatherings, then you may want to consider event planner insurance. Examples of functions that may be a good fit for this type of coverage include, but are not limited to:
While each business has its own particular risks and needs that it must consider when selecting insurance coverage, the following is a non-exhaustive list of some basic coverages that all companies should seriously consider. It is a good idea to speak with a licensed insurance producer early on in the process, as they can provide you with useful information and help you explore your options.
General liability insurance helps to provide your event venue with protection for certain third-party liability claims related to your business’s operations, such as a customer getting injured as a result of an accident at your venue. Some general liability policies also include coverage for certain types of personal and advertising injuries, such as claims for defamation or copyright infringement.
Professional Liability Insurance can help protect your event venue in the event a customer claims that they suffered damage or loss due to a mistake that you made in the course of performing your professional work. It generally helps you pay for legal defense costs and legal judgments.
Whether you own the venue your business operates in or you lease your space, commercial property insurance can be a smart investment. The following are some of the assets commercial property can help insure:
If your business sells or serves alcohol, having liquor liability coverage is something you ought to seriously consider. Liquor liability coverage can help provide your venue with coverage for claims of bodily injury or property damage for which it may become liable as a result of serving alcohol to an intoxicated customer. This type of policy may cover settlements, legal costs, and medical expenses. Having general and umbrella liability insurance is also a very good idea.
An event venue consists of many moving parts – from ticket sales representatives, to security, and event coordinators, in every instance organizing and hosting an event takes more than one individual. Whether you’re a smaller or larger venue, having workers’ comp to help protect employees may be legally required. Worker’s Comp can help cover medical bills for employees who are injured or become ill because of work related events. It can also help cover a portion of lost wages.
If your business uses vehicles to transport equipment or uses them for other business-related errands, a commercial auto policy is recommended. A typical commercial auto policy may include:
The scope of the coverage you need depends on the type of driving you and your employees do, and how your vehicles are used.
Just as each event you may host is unique, so too are the costs associated with insuring an event venue. There are a variety of factors that go into how much you could pay for insurance. Some of these include, but are not limited to:
At Cross Insurance we work with many different insurance carriers, from local companies based out of New England to nationally recognized names. To get a picture of what it could cost to insure your event venue, you can request a quote from us, or if you prefer to call someone to start the quoting process, you can find a list of phone numbers to all of our offices here.
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This article is for general informational purposes only and is not to be relied upon or used for any particular purpose. Cross Insurance shall not be held responsible in any way for, and specifically disclaims any liability arising out of or in any way connected to, reliance on or use of any of the information contained in this article. The information contained or referenced in this article is not intended to constitute and should not be considered legal, insurance, accounting or other professional advice, nor shall it serve as a substitute for the recipient obtaining such advice. The views expressed in this article are that of its author and do not necessarily represent the views of Cross Financial Corp. and its subsidiaries and affiliates (“Cross Insurance”) or Cross Insurance’s management or shareholders.
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