Seven Event Insurance Coverage
Even though general liability coverage is the essential event insurance, it’s still more expensive than a private event. However, you can do a few things to protect your event. First, be sure to wear non-slip shoes. Secondly, report accidents and injuries immediately to your insurance company. Finally, keep a log of every incident.
Special event insurance protects you from mishaps.
There are many reasons why you should have special event insurance, including the liability risks involved in running your event. Even if you don’t have a general liability insurance policy, venue owners may require you to show proof that you have liability insurance. In addition, claims by injured attendees can cost you a lot of money. If you don’t have special event insurance, you could be left paying claims out of your pocket. The amount of protection you need will depend on the nature of your event, whether you have any existing coverage, and what kind of coverage you’d like.
General liability is the essential coverage.
Event insurance has many different types of coverage, but general liability is the most important. It protects you against lawsuits from participants or spectators for personal injury, property damage, or accidents. Public liability insurance by Thimble also pays for attorneys’ fees if you need to file a lawsuit. General liability claims are common but can also be costly. For example, a slip-and-fall claim can cost more than $20,000, while a case for reputational damage can cost as much as $50,000. Unfortunately, you’ll be stuck paying for all those costs yourself without liability insurance.
Commercial events are more expensive to insure than private events.
When it comes to insurance, it’s easy to see why commercial events are more expensive than private events. After all, a commercial event is usually a large gathering of people with many things going on. Business fairs, for example, have dozens of vendors, but most of them are covered under a business owner’s policy. Nonetheless, the cost to ensure the entire event is significantly higher. And since many private events serve liquor, the insurance cost for these events can be much higher than for a small gathering of people. For example, statistically, ninety-two percent of weddings are served with alcohol, and the average price of alcoholic beverages is well over $2,500.
Cancellation insurance helps you cover costs.
Event cancellation insurance can help you cover the costs of hosting an event and the cost of paying participants and vendors. You can also ensure the clothes and gifts you purchase for the event. If you are having a small gathering, the cost of these items may be a bit higher than the costs of a larger party. However, event cancellation insurance is still valuable coverage to consider. Even if the event goes well, unexpected circumstances can ruin your plans.
Property damage is more common than you may realize
When buying event insurance, don’t forget to consider property damage. You may incur damages to rental properties and equipment during a party, event, or gathering. This is especially true in the winter, when unpredictable winter weather can cause various issues. While it’s unlikely that you’ll face physical damage from the weather, you may still find yourself responsible for the damages caused by event attendees. To protect yourself from such claims, choose an event liability insurance policy with a deductible of $2,500 or higher.
Workers’ compensation is mandatory in most states.
In most states, employers must carry workers’ compensation insurance for their employees. This insurance protects employers from lawsuits and reduces liability, which can cause a substantial financial loss. In the case of an accident or illness arising, employees should seek medical attention as soon as possible. The medical provider will write a report and submit it to the employer’s insurance company.
Inland marine event insurance covers transport.
Inland marine event insurance is a type of insurance that protects businesses against risks relating to the transport of products and materials. It is often available as an add-on to an existing policy. Inland marine event insurance will also cover your valuable artworks and other items while in transit.