From world-renowned Calgary Stampede to smaller community festivals, a lot can go wrong when planning and organizing an event. They could fall prey to mass cancellations, adverse weather, non-appearance of guest speakers or performers, and injuries to attendees. Whether you host food, art, music, or any other event, it’s best to have festival insurance coverage to help protect your business from unlikely and unforeseen accidents and injuries.
This article will walk you through the festival insurance policies you need before hosting an event.
What Coverage Does Festival Insurance Offer?
No matter the event type, it should have insurance coverage, especially if attendees have some exposure. This is because even the best-scheduled and planned festivals may need to be revised.
Festival insurance policies can help you cover various issues at your event, from last-minute event cancellations and on-site injuries to property damages. Knowing how to manage these situations and getting the lost money back is increasingly vital for event organizers and others to ensure seamless business operations.
Listed below are a few types of insurance coverage you need when hosting a festival, whether music, art, or sporting event:
Event Liability
One of the most common types of insurance that event organizers need when hosting festivals is event liability coverage. Like other liability insurance, event liability helps protect organizers and businesses from liability claims for property damage or injuries caused during the festival, like guests tripping and falling on-site.
Many professional venues or events require liability insurance coverage before hosting the festival. This policy covers various costs, including medical expenses, when injuries happen at the event. Moreover, event liability insurance covers the equipment replacement or repair cost if you host a music festival and musical equipment gets stolen or damaged.
Event Cancellation
Event cancellation or postponement is any organizer’s worst nightmare. There are many instances where festivals get canceled at the eleventh hour or delayed due to bad weather, causing severe problems for event organizers.
Fortunately, you can mitigate delay or cancellation risks by taking cancellation insurance. The event cancellation policy protects your business from any irrecoverable expenses or costs you incur because of cancellations you can’t control.
Here are some instances where you can take event cancelation insurance:
- Your guest speaker or performer won’t come due to injury or illness
- Inaccessible venue due to safety concerns, closure, or fire
- Cancellation due to unforeseen weather conditions
Event cancellation insurance may cover the following:
- Loss of profit or revenue
- Your irrecoverable expenses and costs
- Any additional fee to mitigate losses when you experience event cancellation or re-arrangement
Workers Compensation
If you’re planning a festival with workers, get worker’s compensation insurance to avoid unforeseen workplace illnesses or injuries. This policy provides lost wages and medical costs to workers injured during employment. No matter the event type, workers’ compensation is a must if you have event staff.
From employee slipping and falling to getting injured while transporting equipment, ensure you’re covered fully for various situations. Not many festival insurance policies include workers’ compensation. So, it’s best to talk to an agency about their options before deciding.
Auto Liability
Many festivals require vehicles to help with event planning, from setting up and tearing down to anything in-between. If the vehicles you use for your event are non-owned or rented, you may need auto-liability insurance to protect yourself from damage or accident.
This policy offers entertainment businesses the much-needed insurance required for vehicles they rent for specific events. It includes medical costs (personal injuries) and reimbursement for the losses (property damage). In addition, the insurance may cover legal costs such as compensatory payments, attorney fees, and administrative costs.
Who Is Festival Insurance Coverage Meant For?
Festival insurance policies aren’t only for headline-grabbing multi-day events like Tomorrowland or Glastonbury. You may need this insurance coverage for various festivals, including comedy, antiques, film, arts and crafts, concerts, food, beer, wine, or literature festivals.
In addition, many other events, such as weddings, anniversary parties, birthday parties, religious celebrations, and baby showers, can also benefit from festival insurance.
Need help determining whether your festival is covered? Contact your insurance brokers.
Find The Right Festival Coverage With MFE Insurance
Are you planning to host an event or a festival? If so, consider having a reliable festival insurance policy to ensure smooth, hassle-free operations. Wondering what coverage you’ll need to protect your employees and business? Choose special event insurance – a one-stop coverage to protect your business while hosting a corporate or private event – from MFE Insurance.
We’re the go-to insurance agency for businesses that need tailored insurance solutions. Our entertainment insurance brokers can help you choose the right coverage based on your event and attendees. For more information, visit our website or contact us directly – we help companies make events and festivals successful.