Tuesday tips for planning safe events: get the right insurance

It’s time for another edition of Tuesday tips for planning safe events!

Today’s tip is to have the right insurance. We discuss what type of insurance is needed, what it will cover, and how you can get it.

What is event insurance?

Event insurance is a necessary safeguard for planners looking to keep themselves and their clients out of legal disputes. According to BizBash, a publication for event planning news, ideas and resources, insurance associated with events covers and protects planners in several specific areas. Here are some types of insurance you may need to consider for your event:

• General Liability Insurance—this protects a company and all parties involved in the event of losses due to bodily injury or property damage caused by the insured’s employees or agents.
• Liquor Liability Insurance—this protects a company from losses arising from the intoxication of a person; the accidental furnishing of alcoholic beverages to a person under the legal drinking age, or any statute, ordinance, or regulation relating to the sale, distribution, or use of alcoholic beverages.
• Cancellation Insurance—this protects a company if an event must be cancelled for unforeseen circumstances such as weather or damaged venue.
• Third-party Damage Insurance—this covers damages to a location while it us under your control, protecting you from having to pay for repairs.
• Hired/Non-owned Auto Liability Insurance—this provides liability coverage for vehicles rented specifically for the event, and auto-related injury to third parties or damage to their property.

Choosing the Best Insurance Policy

Choosing an insurance policy that makes the most sense for you will depend largely on the type of event you are hosting. Most planners purchase general liability insurance for their event, which provides broad coverage for both personal injury and property damages. After purchasing general liability insurance you can then consider the importance of including other coverage at an additional cost, depending on the nature of your event.

How do I get event insurance?

There are several steps you should take when determining how to insure your event:

• Do your research—Look at a variety of insurance companies that offer coverage for Special Events and compare them based on cost and what they will cover
• Speak to an expert—Speak to an insurance expert to determine what type of insurance you are required to have by law. For example, Liquor Liability coverage is often a requirement if you are serving alcoholic beverages at your event.
• Select your insurance provider carefully—Be sure the insurance carrier you choose is financially stable and has a well-defined program for special events insurance.
• Obtain a copy of the Insurance Policy—once you have chosen an Insurance company and decided which policy to purchase, obtain a copy in advance to verify that all coverage is taken care of before the event takes place. It is also a good idea to have a copy of the insurance policy on hand during the event.

No matter the size of your event or how well prepared you are, unforeseen incidents do occur. Having the proper insurance can make a huge difference when it comes to protecting you and your client’s from legal dispute over accidents that may occur during your event.