Paul Sanchez
Events can be a great way to attract new customers, foster loyalty from existing customers, and build employee morale. However, they can also be a recipe for disaster. Event insurance is a type of liability insurance that protects you against financial consequences if someone is injured or property is damaged during your event. It can also protect you in the case of unforeseen circumstances that cause you to cancel the event.
| Characteristics | Values |
|---|---|
| Type | Event insurance, special event insurance, professional liability insurance, business equipment protection, event cancellation insurance, workers' compensation |
| Purpose | Protects the event holder from claims made against them due to injury to guests and/or damage to the venue |
| Cost | Depends on the type and size of the event. For example, a small wedding can start at $66, a trade show expecting 250 people will cost around $125, and a concert with 2500 attendees will cost around $400 |
| Coverage | Includes general liability insurance and liquor liability coverage. Additional coverage can be purchased for wedding cancellations, gifts, and attire |
What You'll Learn
Event liability insurance
In addition to event liability insurance, you can also purchase event cancellation insurance, which will reimburse you for any lost deposits and non-refundable amounts if you have to cancel or postpone your event due to unforeseen circumstances.
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Wedding cancellation insurance
When purchasing wedding cancellation insurance, it is important to carefully review the policy to understand what reasons for cancellation are covered. For example, cancellation due to bad weather or sudden illness is typically covered, while a change of heart by the couple is usually not. Additionally, there may be a waiting period for purchasing this type of insurance, such as a requirement to buy it at least 15 days in advance.
In addition to wedding cancellation insurance, there are other types of event insurance that can be considered, such as special event insurance, professional liability insurance, business equipment protection, and workers' compensation. These types of insurance can provide protection for different aspects of the event, including financial consequences of claims, legal defence, and medical costs.
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Liquor liability insurance
In addition to providing financial protection, liquor liability insurance can also help businesses manage risks by implementing employee alcohol training and serving water with alcoholic beverages. Some insurance companies offer discounts for businesses that proactively manage these risks. Overall, liquor liability insurance is an important consideration for any business that serves alcohol, as it can help protect against financial losses and manage risks associated with alcohol service.
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Professional liability insurance
There are two types of professional liability policies: claims-made and occurrence. A claims-made policy provides coverage for incidents that occur and are reported within the policy's timeframe, while an occurrence policy provides lifetime protection for incidents that occur while the policy is active, even if the policy has been discontinued.
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Business equipment protection
The cost of business equipment protection depends on the value of the equipment being insured. Basic tools and equipment coverage can start at around $12.50 a month, while more expensive gear can cost upwards of $23 a month to insure. Policies typically have a low deductible of around $500, and some providers offer different coverage limits to choose from, such as $1000, $2500, and $5000.
When purchasing business equipment protection, it is important to note that this type of insurance usually does not cover vehicles or smartphones, or general wear and tear on equipment. Additionally, it may only be available as an add-on to a general liability insurance policy or a commercial property policy.
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Frequently asked questions
Event insurance is a type of liability insurance that protects you from the financial consequences of claims related to organizing or participating in an event. It covers you in case someone gets injured or damages the venue's property.
There are several types of event insurance, including special event insurance, professional liability insurance, business equipment protection, event cancellation insurance, and workers' compensation.
Event insurance is important because it protects you financially if someone gets injured or damages property during your event. It also helps reduce the venue's liability and is often required by venues to protect themselves from potential damage.
Event insurance typically covers liability claims for injuries or property damage. It can also include cancellation coverage, which reimburses you for lost deposits and rescheduling fees if you need to cancel or postpone an event due to unforeseen circumstances.
The cost of event insurance varies depending on the coverages selected, the number of attendees, and the duration of the event. For example, it can start at $66 for a small wedding and go up to $400 for a concert with 2500 people.
