Event planning involves booking talent, arranging catering, providing security, and obtaining event liability insurance. General liability insurance may also provide coverage for third-party losses. Specific event liability insurance can cover risks unique to an event, and cancellation insurance can protect against unforeseen circumstances. Insurance agents can help determine legal requirements and necessary coverage, but the financial strength of the insurance company should also be considered.
Organizing events may involve booking talent, arranging catering, providing security, and working out rain dates and contingency plans. An important part of event planning may also be event liability insurance. This form of public insurance may be a legal insurance requirement depending on the type and location of your event. It may be an optional purchase to help mitigate event liability risk. Event organizers should determine what their legal obligations and risk tolerance are to determine whether they need event liability insurance.
Other insurance policies in addition to event liability insurance may provide event liability protection. For example, general liability insurance provides coverage for the event organizer as well as vendors and other partners involved in the event, protecting them from liability for third-party losses. These may include lawsuits and claims filed by event attendees if they suffer bodily injury or damage to their property. Typically, the venue will require the organizer to have a certain amount of this type of insurance.
An event liability insurance policy, on the other hand, can be specifically crafted to meet the risk of a particular event. Liability insurance may be acceptable to protect venues and event planners from random mishaps such as slips and falls of guests. An Event Liability insurance policy can be added to cover risks specific to particular events, such as Liquor Liability if you are serving the Event or Non-Owned Car Liability if you need to rent vehicles for the Event . Another additional public insurance policy to consider is cancellation insurance, which protects the organizer if an event cannot be organized for various reasons.
To determine whether you need an event liability insurance policy, and to determine exactly what coverage you need, the first step is to contact your insurance agents or brokers. They will be able to help you analyze your event contract to determine if you have a legal insurance requirement and if so, what it is. They can also help decide what liability insurance will be required in addition to your general liability insurance.
Insurance agents can also help event planners get the cheapest insurance protection, although the cheapest event liability insurance isn’t always the best. Another consideration is the financial strength of the insurance company. When an insurance company has a strong rating, they are more likely to be willing and able to pay if something happens at your event and you need to make a claim on your event policy.
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