Friday, May 21, 2021 | NYC Business Group

Types of Event Insurance

Event organizers have many things on the to-do list. They have to select suppliers, pick the appropriate venue and the date suitable for all invited attendees. At the top of that list is event insurance.

Understanding Event Insurance.

When hosting an event, the possibilities that things can go wrong are rife. Hosting a group of people, décor, alcohol, and a dance floor can mean fun and a good time. However, it carries some unseen risks that you should probably anticipate. Some common concerns include attendee injuries, stage failures, and petty brawls, among other risks.

Legal fiascos are a nightmare for companies and event managers, making event insurance a worthwhile investment. However, it cannot be evident to find the right insurance for your event. Organizers should therefore know the kind of insurance they want and how it protects their events.

What Are the Types of Event Insurance?

1. Public Liability/General liability

As an event planner, public liability insurance covers many aspects. It targets the third party accidental injury and damage to property, among other policies. Even after planning and ensuring the venue set up is safe for visitors, accidents have a knack of happening.

It may be a slip or someone tripping on wires and injuring themselves or others at your event. Unsecure stages can also cause harm to the performers and people close by. Generally, public liability cover protects you from incurring legal costs if someone sues you for public endangerment.

The policy covers the legal costs and damages if you are found liable for the accidents and occurrences of your event.

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2. Employers’ Liability

While you should focus on the safety of the attendees, the people working for you on the day of the event need to be safe also. Employers’ liability cover ensures that the staff is protected if they suffer injuries while working for you. If the accident happens because of the event planner’s negligence, a legal battle may ensue.

The employer’s liability insurance protects you from the costs of defending you in court and settlement if you are found to be liable. The insurance compensates the employee.

As an event organizer, remember that you are responsible for anyone working for you on the day. Whether they are volunteers or paid employees, the exemption to liability is when the workers hold public liability insurance as bonafide sub-contractors.

3.Cancellation Coverage

Event organizers have so much to think about, including finances. The cost of hosting an event then canceling a show once everything is committed can be overwhelming. As an event planner, you are likely to pay a deposit for services and amenities of the day. Sometimes you pay the total amount.

In most instances, this money is non-refundable, and suppliers, security, speakers, and performers will benefit from a canceled event.

An event cancellation insurance ensures that you don’t suffer losses from your pockets if the event is postponed or canceled. However, before taking such a cover, ensure that you understand the terms of the insurance policy. For instance, the clause might cover cancellation because of adverse weather and not a non-speaker appearance or failure of a critical supplier to deliver.

4. Equipment Coverage

Event planners work with many people who have all kinds of equipment. For instance, a music festival will require a stage, lighting, sound, and other technical equipment. Regardless of the size of the event, always ensure that you have the proper protection against all equipment.

Most equipment cover insures against theft, loss, or accidental damage to equipment. When taking the cover, ensure that you understand if it includes hired equipment and other valuable items.

Also, ensure that you never undervalue the equipment. In case of damages or theft, undervaluation could mean that you may never recover the total value.

We have many markets that will help protect your Special Event!

5. Liquor Liability Coverage

There is no claim from accidents derived from alcohol sales in your event in a public liability cover. It means that if any of your attendees consume alcohol and hurt themselves, you will be liable for the punitive damages.

If you intend to sell alcohol in the event, consider taking a liquor liability cover. The cover is for the person that has a liquor license and sells alcohol at the event. If you are the event planner and hold a liquor license, you can negotiate to include this cover under the General liability cover. However, if you hire a vendor, they should buy a separate policy or have it in their public liability cover.

Conclusion:

Even though there are many types of event insurance, finding the most critical to your event is vital. Ensuring public safety and protection of the property is a significant concern for all event managers. Taking up an event insurance policy is an essential part of risk management and awareness of general safety.

NYC Insurance Blog