INSURANCE for Special Events
A lot can go wrong
with a special event - damage to the venue, natural disasters dis-
rupting your attendees’ travel plans, event
staff getting injured. Thankfully, with a
special events insurance policy, some of that risk can be mitigated.
by Michael Giusti
A lot can go wrong with a special event - damage to the venue, natural disasters disrupting your attendees’ travel plans, event staff getting injured. Thankfully, with a special events insurance policy, some of that risk can be mitigated.
Special events insurance is a liability insurance policy that protects you over and above what your commercial general liability policy might offer. That is important because many business general liability policies have exclusions that could leave you liable - especially if it is being held somewhere away from your regular place of business or involves something not considered your typical line of work.
Whether you need special events insurance really is a case-by-case decision. For example, if you are hiring a convention-planning firm, they may already have a policy to which you can be added. But the important thing is to be sure you are covered before disaster strikes.
So, the first step to make sure you are covered is to work with your existing agent to find out how much your current policy does and does not cover. Then you can start moving into the process of finding a customized policy that works for you.
Say your event was being held in the Mid-Atlantic Region - you could either see if your existing agent is licensed to write policies in the state where the event is being held, or you can reach out to a local agent who specializes in special events coverage. It is important, though, to make sure that the agent you choose is established licensed, and reputable.
A special events insurance policy can range in price from just a few hundred dollars for a basic event to many thousands more if your event involves more risk, such as if it has a physical activity portion or include free alcohol.
Before you sign the contract for your event space, the venue will more than likely require proof that you are adequately insured. And even if your general business liability policy might cover the event, that doesn’t mean it would have liability limits sufficient to meet your venue’s needs - some of which range as high as $3-million.
It also is essential to ensure that all of your vendors who attend the conference each are carrying their own liability policies. While that doesn’t replace the need for you to have a policy, it does help lighten your total liability risk.
No matter what, putting on a special event carries risk. And even if you are sued and eventually win, simply defending yourself in court could lead to tens of thousands of dollars in legal fees.
Ensuring that you are properly insured goes a long way to keep that risk from turning into financial disaster.
Michael Giusti is a senior writer at
InsuranceQuotes.com. He has worked as a journalist for more than 20 years, and specializes in business, technology, finance, insurance, automotive and industry-focused writing.
Mid-AtlanticEvEnts Magazine 73
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