Special Events—Does Your Insurance Cover You?
You would never think of letting your firm go without professional liability insurance. Workers compensation insurance to comply with the law. A Business Owners Policy BOP) to protect your property and general liability exposures. But for certain special events, there may be no coverage.
Business functions such as client dinners and parties can have a significant impact on firm success. Whether using an event for:
- Rewarding or motivating employees to improve productivity;
- Helping raise your firm’s profile in the community to bring in new clients
- Wining and dining a potential client transforming your firm from a possible option to the firm chosen.
Business functions are also expensive to host and plan. No matter how well your staff or event planner has done, they cannot guarantee that the function will go off without a hitch. Special events insurance for business functions can provide coverage for event cancellation due to inclement weather or a problem with the primary location. It can also prevent losses due to vendors not showing up or not performing as agreed. Finally, special events insurance can protect your firm from liabilities should an accident, bodily injury, or property damage occur during the event—even if caused by alcohol.
Common Types of Events:
- Festivals
- Corporate functions
- Concerts
- Sporting events
- Trade shows or expos
- Fundraisers or galas
Whether the venue hosting your event requires special event insurance or not, special events insurance is vital to ensure that you walk away from the function without a major financial loss when something goes wrong. Special events insurance policies have different coverage options, limits and deductibles, making premiums flexible and affordable. Not just for corporate functions, nonprofits fundraising events can obtain protection.
Typically Covered Perils:
- General Liability-Covers bodily injury or property damage to third parties during the event.
- Liquor Liability (when serving alcohol)-Protects against alcohol-related incidents or lawsuits.
- Cancellation/Postponement-Reimburses non-refundable deposits and other expenses due to event cancellation or delay due to reasons like weather, illness, or vendor no-shows.
- Property Damage-Covers rented equipment, event space damage, or venue liability.
- Injury to Participants or Performers-May include medical payments coverage depending on the policy.
- Additional Insureds-Venues often require an additional insured endorsement naming the venue on the policy and may dictate minimum coverage.
To find out whether your upcoming event can benefit from this coverage contact us today.
Contact Me Today
Lee Norcross, MBA, CPCU
California License # 0D87292
L Squared Insurance Agency, LLC ® DBA in California as L2 L Squared Insurance Agency, License # 0L93416
Managing Director, CEO
Lee@L2Ins.com
616-726-7080
