What is Event Insurance and Why Would I Need One?
Event insurance can make a difference for any company. The presentation of a new product, a fair, an exhibition, an anniversary party, a meeting between partners (add weddings?) … No matter the nature of the event, nobody is safe from unexpected setbacks. Event Insurance is the type of insurance that covers your responsibility as the organizer of any particular event. It is a type of insurance that must be tailored, as each event is different, and its risks are too.
We have heard it on countless occasions: “Prevention is better than a cure.” Therefore, as part of the planning of any event, the organizers must have personal liability insurance for events which will cover possible third-party lawsuits during their development.
In what situations should I have insurance for events?
The organization of events has become the main professional activity of many self-employed individuals and companies alike. Dedicated exclusively to this type of special celebration, these individuals need to cover their backs with professional personal liability insurance. Even the simplest of events are exposed to risks. A professional failure that results in an accident may endanger not only the assistants to the event but also the continuity of the business. Some examples are:
- At a public event, the platform was not well put together. In the middle of the presentation, it collapses on the public, causing physical injuries to the staff and some of the attendees, as well as material damage. Event insurance covers the event organizing company in response to the demands of both the venue where the presentation was held and that of the people injured.
- Excess capacity allowed at an event – Due to a miscalculation, the organizing company has sold more tickets than available seats for the event. As a consequence, some of the people who bought the ticket in advance cannot access the event, wasting time and money. The company, through its event insurance policy, may pay the corresponding compensation.
If the event organizers do not purchase a specialized event policy for it, they may be responsible for all these monetary and non-monetary damages.
When choosing insurance for events, people must take into account a series of mandatory coverage:
- The event insurance policy must cover both the company and each of its workers in the face of complaints or claims from third parties.
- Legal costs, attorney fees, and possible compensation.
- Common risks, professional misconduct, errors or omissions, and negligence; data loss; infringement of intellectual property rights, etc.
Therefore, when organizing any event, you’ll have to describe in detail the type of event to the insurer. To do this, you will have to indicate:
- How many people will attend?
- Where it will take place?
- On what dates?
- If other people will work in the event (catering, waiters, restaurant, hotel, photographer, musicians, hostesses, etc.).
- What exactly will you do at the event?
The event insurance will guarantee coverage for any bodily and material damages that may be caused during the work, preparation, assembly, and disassembly of the event or show. Because you or your company, as organizers, will be ultimately responsible for the following damages:
- Damage to the premises
- Theft of personal property
- Other damages to third parties (owners of the premises, assistants, guests, participants, and artists).
Also, professionals or companies that you hire to perform any of these jobs must have their own current personal liability insurance. In the event of an accident, it may be your insurance policy that will respond first before any other policy comes into play.
This can turn into a complicated situation, so it is best to always hire this type of insurance through a professional company like the Rafail Insurance Agency who can advise you in case of an accident.
It is also convenient that you know that there are insurance policies that can guarantee the economic losses that would cause you to cancel an event.
If your company is engaged in this professional activity and you have not yet chosen your insurance for events, it is time to take this step. Know the event insurance policy options offered by Rafail Insurance, gain peace of mind and protect yourself from third-party demands.
Contact our experienced insurance agents at 713-429-1790. Get in touch with us immediately so we can recommend the right coverage for your home or business.