Small business owners sometimes wonder if they really need to purchase special event business insurance, and if so, how much they need and what they should insure. Whether you are throwing an outdoor or indoor event, dinner party or a black-tie benefit, things can still get out of your control costing you.
When you Need Event Business Insurance
There are many functions that will require you to get this type of insurance. There are different insurance packages you can obtain that will offer your business coverage quality, affordability and purchasing convenience. Some types of events that will require special event business insurance include:
- Business Meetings
- Business Dinners
- Non-Profit Functions
- Company Private Parties
- Fundraising Events
The more participants and activities you have at your event and the longer it is will increase your risks and therefore you should definitely look into this type of insurance. In some instances, you might be required to provide evidence that you are insured for your special event.
Ways Special Event Insurance Will Protect your Business
Just like there are different functions that will require you to obtain insurance, there are also different ways that this insurance will protect your business from property damage and bodily injury liability claims. These types of claims could arise from:
- Personal injury liability
- Completed operations and products
You can protect your business by having a solid general liability insurance policy in place. This insurance will protect all parties involved in the event including the planner, caterers, venue and other losses.
Risks of Special Events
Even though business events are important to boost employee morale and enhance public relations, they do carry with them some risks. Before you sponsor any special event, it’s essential that you evaluate your potential liability and decide if your current policy will cover the risks or if you will need separate event coverage to protect you from a lawsuit or claim.
There are various risks that come with sponsoring special events and can range from anything from personal injury and accidents to cancellations because of nonappearance of a featured performer or bad weather to theft and fraud. You need to consider things like this when you are planning your strategy of protecting your organization. Depending on the vendors you use and the type of events you plan, there are even more risks to deal with. This is true even if you are only holding a short event.
Call your independent insurance agency to discuss your risks and the details of your insurance policy to cover both your one-day and annual events. It only takes a single injured person or damaged piece of property that can result in a substantial legal liability.
Get your special events insurance quote from BOLT Insurance Agency today.