When people talk about getting insurance it’s usually to cover life, health, cars and homes. And sometimes women go as far as insuring their jewellery and handbags. It’s a necessary part of life, right?
So why then are people still sceptical about insuring their public entertainment events? In our opinion, applying for event public liability insurance is excellent business practice.
When you apply for insurance you’re financially preparing for any unforeseen eventualities that may happen to the item covered. And let’s face it; a lot could go wrong when it comes to a public entertainment event. You may have control of the budget, but you certainly have no control over what happens—or doesn’t happen— at the event where you can’t predict people’s actions.
What is Event Insurance?
Event insurance is aimed at covering planners for specific areas depending on the package you apply for. We list some of the common items covered below.
All Parties Involved in the Event
Many service providers determine whether an event will be a success; from the planner to caterers and ushers. The venue also falls under this category. By getting event insurance, all the afore-mentioned partners are protected from losses which can be caused by:
- Bodily injury
- Property damage in the case of the venue
- Vendors negligence
Liquor liability also falls under event insurance. Again, we’ll mention that there are certain aspects of the event you can’t control including what a patron does when he or she has had a little too much drink. In this case, insurance covers matters pertaining to the handling of liquor at the event such as broken bottles.
The same cover also protects parties involved in accidents that may occur as result of excessive intoxication of patrons. But note that the person drinking must be of legal drinking age for your claim to be valid.
What if the Event Doesn’t Happen?
Imagine investing a substantial amount for an event to take place and it simply doesn’t happen. Do you then lose out on the money you spent on the venue, food and performing acts? You don’t have to if your event is insured.
You may have planned everything “down to the tee”, but nature might have other plans. A hurricane or storm can easily force you to cancel an event because the venue is now deemed unusable. You don’t have to suffer an entire loss; your insurance will provide you with money to reimburse any deposits or costs already paid.
Did You Hire Any Vehicles?
You may have hired vehicles to give your VIP guest the exclusive treatment they deserve. Event insurance will also cover these vehicles for physical damage. In addition, auto related injury to third -parties in the hired cars are also protected—including damage to their valuable items.
What About the Workers?
Employees working during the time of the event are covered by what is known as worker’s compensation. Here the workers are provided with medical benefits as well as salary compensation for injuries sustained during a particular event.
Acts of Terrorism
If you’re handling high-profile events with prominent individuals, you need to protect them against any potential acts of terrorism. Though uncommon, terrorism insurance is worth considering if you’re going to host important people such as government officials.
A lot of responsibility—and accountability—is placed on the event planner even if some incidences aren’t entirely your fault. Case in point: an intoxicated patron may want to sue you for an accidental fall during your event. By having event insurance, you protect yourself in cases such as these.
Which Policy Must You Pick?
Event insurance policies aren’t a one-size-fits-all, much like most other types of insurance. They’re categorised depending on what they cover.
How will you know which is the right policy to pick for you?
We strongly advise that you prioritise general liability insurance which offers a broad coverage. It’s designed to cover incidences such as patrons slipping, faulty products and property damage at the event.
You can then consider purchasing other coverage which is normally available at an additional cost such as personal insurance. Some planners even decide to cover the person they’re planning the event for.
Make sure you get insurance from a reputable financial institution that has a well-defined program for event insurance. Also, pick an insurer who is financially stable. The last thing you need is to be given the run-around when it’s time for a pay-out.
Also, remember that certain aspects such as liquor aren’t covered in the basic policies. You have to pay additional amounts to include such policies. And the costs will differ depending on the policy you decide on.
Whether you’re planning an intimate cocktail or an extravagant event, it’s in your best interest to apply for event insurance. It’s better to be safe than sorry.