For guests of special events, the occasion is often full of happiness and joy. However, for the companies that set up and run these events, the prospect of something going wrong always lingers. To protect themselves and minimize risks, many entertainment companies rely on special events insurance. Special event insurance is designed to protect investments in a wide range of occasions, such as weddings, parties, and other types of special gatherings. Learn more about special events insurance, what it covers, its benefits, and when to see an entertainment insurance broker.
What Does Special Event Insurance Cover?
Even the best scheduled events may not always go as planned. It is important to have some level of protection for when things go awry. Special event insurance is designed to provide coverage for various types of issues that could happen at a special event hosted by your company, such as property damage, last minute cancellations, or injuries that occur on-site. It is not only important to know how to handle these types of situations but also how to get any lost money back. Here is a look at some things that the average special events insurance policy covers.
Event Cancellation: Due to various complications, there may be times when an event is cancelled at the last minute. Other times, there may be a need to delay a function, such as in the event of bad weather. Event cancellation coverage will reimburse you for any lost deposits or fees that you incur due to these cancellations. You should not be responsible for cancellations or delays that you cannot control. Event cancellation insurance coverage ensures that you do not take the hit. When shopping for insurance, be sure that your policy offers this type of coverage.
Event Liability: Another important component of special event insurance is event liability coverage. Event liability coverage is designed to protect entertainment companies in the event that property is damaged or someone becomes injured during the event. Most professional venues require that you have liability insurance before you are allowed to host any type of party. Event liability covers a wide range of costs, such as medical costs in the case of an injury. If you hire a band and a piece of equipment is damaged or stolen, liability insurance will also cover the cost of repair or replacement.
Liquor Liability: If alcohol will be served at your event, you will also want to invest in liquor liability insurance. Liquor liability insurance not only covers accidents made by drunken attendees but also any bartenders that you hire for the event. This type of insurance can be useful in a wide range of situations, such as when property is damaged due to drunken attendees, when two drunken guests get into a fight causing injuries to one another, or a similar situation. It may also cover the legal fees that accumulate if a bartender is caught serving a guest under the legal drinking age.
Auto Liability: There are many times when vehicles are needed to help set up for an event, tear down an event, or provide services in between. Whether the vehicles you are using for the event are hired or non-owned, you may want some type of auto liability to protect you in case of an accident or damage. Auto liability provides entertainment companies with the coverage they need for vehicles that they have rented for a specific event. This type of insurance may also cover any injuries that occur while in the vehicle.
Workers Compensation: Having workers compensation is essential if you have employees who will be working at your events. Workers compensation offers medical benefits and salary compensation to employees who become injured during their employment. In many areas, workers compensation is mandatory. Whether one of your employees slips and falls, gets into a fight, or is injured while moving equipment, you will want to ensure that you are fully covered for any type of situation that occurs. Not all types of event insurance contain workers compensation. Speak with an entertainment insurance broker to see what options are available to you.
What Events Does Special Events Insurance Cover?
While each policy is different, special events insurance may cover a wide range of special occasions. Generally, eligible events are private and may include weddings, birthday parties, anniversary parties, baby showers, and religious celebrations. In some instances, it may also cover other types of events, such as fundraisers and private corporate parties. However, special events insurance does not typically cover public events like sporting events, dance recitals, and exhibitions. Bachelor and bachelorette parties are often excluded too. If you are not sure if your event is covered, speak with an entertainment insurance broker.
Who Qualifies for Special Event Insurance?
While qualifications vary from carrier to carrier, pretty much any event promoter/producer can qualify for special event insurance. The nature of the event, numbers of attendees, and if you’ve experienced any claims are some of the deciding factors brokers use to approach certain insurance carriers. There may also be other qualifications that you must meet, such as having a multiple day event be consecutive with the event continuing for no more than 10 consecutive days excluding the set-up and tear-down.
Contact an Entertainment Insurance Broker
If you are hosting a festival in the near future, you may be wondering what type of coverage you will need to keep your business and employees protected. Special events insurance is specifically designed to safeguard your company when hosting a wide range of private and corporate events. The first step to finding out more about special events insurance is to contact your local entertainment insurance broker. An entertainment insurance broker can provide you with a range of insurance choices based on the type of event you are hosting, as well as other details like the number of guests expected to attend. The right insurance can help ensure a successful event.