Often a critical business expense, events insurance is an important investment which, when in play, can help to safeguard against the unexpected. Here are some important things you should know about it:
What Types of Events Are Covered by Business Insurance?
An insurance policy for events protects your business from unforeseen cancellations and the costs associated with it. Depending upon the type of event, the level of protection can vary, but there are a few common types of events that are generally covered by event insurance:
Business Meetings and Conventions
Corporate Galas
Gala Dinners
Product Launches
Trade Shows
Employee Parties
Company Outings
The Types of Insurance You Should Consider
There are many types of business insurance to consider, but event insurance is designed to protect your business investment and your best interests during your event. It offers coverage in case of unforeseen circumstances that could cause you to cancel or reschedule your event, as well as covering against:
Additional Event Expenses
Cancellation Costs
Loss of Revenue
Disruption of Business Operations
Here are three types of insurance you should have when planning a business event:
1. Business Liability Insurance
This type of insurance protects you against lawsuits resulting from different types of accidents or injuries. This coverage is often required by law for all businesses.
2. Professional Indemnity
If you’re planning an event for your business, you’ll need to make certain that there are no errors or mistakes in planning and executing the event. Professional indemnity insurance will protect you in the event of a lawsuit due to any mistakes that may have been made.
3. Management Liability
This type of insurance can be used for nearly any type of event, but is often purchased for gala dinners and corporate events where large numbers of people are in attendance. This insurance will cover you against any lawsuits resulting from accidents that occur during your event.
Other Insurance to Consider
Contents: This type of insurance is not usually purchased or required for business events, but is recommended. This type of insurance protects you and your business in the event that property is damaged or stolen during your event.
Theft: This type of insurance can protect you and your business in the event that any property is stolen during your event.
Glass: In some cases, such as a trade show, you may want to purchase glass insurance to protect your display items.
Statutory Liability: This type of insurance will protect you from issues such as civil rights violations and employment discrimination issues.
Portable Equipment: If you’re going to be using any type of equipment that can be easily carried away, this insurance can help protect you in the event that any property is stolen or lost.
The Importance of Event Insurance
Not every business will have a need for event insurance, but for those that do need it, event insurance can be an important tool to protect you from the unexpected. This could be coverage for a cancelled business meeting, moving a corporate event due to poor weather, or a product launch that’s delayed. Without event insurance, you could face a number of problems, including additional costs, lost revenue and the disruption of your business operations.
New Wave Insurance offers events insurance on the Gold Coast. We can protect your business from various risks you’re exposed to when conducting an event. Get in touch with us!