Whether you are throwing a grand party or hosting a special event, there is always a risk of a lawsuit. Special event insurance is a smart way for event planners to safeguard their events and achieve the peace of mind that comes with special event insurance. This type of specialized insurance is in place to protect your interests in the event that you are sued for injuries, accidents, or property damage that occurs during your event. Learn more about special event insurance and why you may need it.
What Is Special Event Insurance?
Many businesses sponsor special events like receptions, conferences, festivals, and exhibitions. While you never expect anything bad to happen at such events, there is a risk of claims against event sponsors. That is why many businesses choose to acquire a type of liability coverage known as special event insurance.
You can find special event insurance readily available through your local entertainment insurance broker. It is usually inexpensive and well worth the price to ensure that your business remains protected. However, the insurance must be purchased before the special event takes place if you want to use your benefits.
What Exactly Does Special Event Insurance Cover?
Special events often pose a variety of hazards that you might not have even considered. A fight may breakout between two guests resulting in injuries to either party or to a bystander. An attendee could slip on a spilled cocktail and fall, injuring themselves or others in the area. Equipment may be damaged or stolen, or a stage could collapse, injuring dozens of people. You cannot always anticipate these types of accidents and it is already too late by the time someone has made a claim against your business.
Depending on the type of event you are hosting, special event insurance can cover a range of event losses. Some of the most common policies associated with special event insurance include:
- General liability
- Defense coverage for slip and fall accidents
- Event Cancellation Insurance, which covers costs and fees if you must cancel your event due to weather or an accident
- Liquor liability
- Workers Compensation
- Accident Medical
When shopping for special event insurance, you will want to carefully read through the various policies to ensure that you are choosing the right one for you. Know that special event insurance only covers specific types of losses that are outlined in your policy. If you are concerned about specific losses, be sure to get a policy that addresses your concerns.
Why Do I Need Special Event Insurance?
You may be asking yourself if you really need special event insurance. While it is not always required for all events, it is often a wise idea to make the investment. In some instances, liability insurance may be required by the venue owner before he or she will rent a space to you. Either way, you want to avoid having to deal with claims yourself.
If you encounter property damage or an injury during an event and do not have special event insurance to protect you, these costs will likely come out of your own pocket. If you already have some coverage under a general liability policy, you may still want to consider getting a special event policy depending on the nature of the event and the degree of protection your current insurance provides.
For example, your general liability insurance may not cover liquor liability. If you are selling or serving alcohol, liquor liability insurance coverage can protect you from a lawsuit if one of your employees or attendees drinks too much causing property damage, injuries, or accidents.
How Do I Get Special Event Insurance?
If you have decided that you do indeed need special event insurance, you may be wondering how to get it. While some insurers offer this type of insurance online, it is best to go directly through a trusted entertainment insurance broker to ensure that you are getting the best deal. When you work directly with a live person, you also get the opportunity to ask specific questions and have the broker address any concerns you may have. You can also contact your broker whenever an issue arises.
To obtain a special event insurance policy, you may be required to provide a variety of information. First, you will need to provide the name of your company, a description of your company, and your business address. You will also need to give the insurer a detailed description of the type of event you will be hosting, as well as details like date, time, and the duration of the event. You may also be asked other important questions, such as the expected number of guests and their age range, the type of entertainment you will have, and what type of structures and seating will be provided.
Should I Hire an Entertainment Insurance Broker?
You should consider hiring an entertainment insurance broker if you are hosting any type of special event in which employees or other guests will be attending. This may include a wedding, anniversary party, birthday party, baby shower, religious ceremony, or other type of celebration. Certain types of public events, such as sporting events, dance recitals, and exhibitions, cannot be insured under special event insurance. However, some business functions like private corporate parties or fundraisers may be eligible.
Talking with an entertainment insurance broker should be one of the first things you do after you begin the event planning process. Many policies have restrictions that you must follow to be eligible for benefits, such as acquiring the insurance no soon then two years before the event and no later than two weeks prior. You will also want to ask the venue owner you are using if they require you to have some type of special event insurance. Some vendors will also require you to have liability insurance. Learn more about special event insurance by contacting an entertainment insurance broker at MFE Insurance Brokerage today.