Essential Things You Need to Know about Events Insurance
Now, as anyone who's ever put together an event, get-together, and anything of the like know, things happen. You can do your best to prepare everything, anticipate every possible hiccup, and yet things might still go sideways. Maybe a couple of gatecrashers will arrive. There might be a technical malfunction. There are at least a hundred things that could go wrong, and while you can't predict them all, you can always protect yourself, the brand, and your guests.
Here's everything you should know about events insurance:
What is Events Insurance?
Generally referred to simply as “events insurance,” it’s a type of business insurance covering individual events and groups of related events. As the name implies, it covers the cost of events, from simple dog shows to fashion shows to massive festivals and liability and property damage.
Why Do You Need It?
You need it because, as the event planner, you're liable for everything that happens at the event. That means that if someone is injured and you are at fault, you're responsible for their medical bills, as well as anything else they might want compensation for.
Because of this, you need to purchase event insurance to keep yourself and your guests protected.
The Types of Events Insurance
There are two main types of events insurance, general liability insurance and property damage insurance.
General Liability Insurance
Company-wide general liability insurance is mandatory for anyone that hosts events. It protects anyone responsible for the event, from the event planner to the venue staff.
If something happens, that is not directly related to the event itself, such as someone getting injured on their way to the event, this would fall under general liability insurance.
Property Damage Insurance
This covers any damage inflicted to the venue, both inside and outside. For example, if there is a fire in the kitchen, which spreads to the DJ’s equipment and the walls and some of the decorations and tablecloths, everyone will be covered.
Of course, you’re also covered if you need to replace an expensive prop or appliance that was damaged.
How Much Does it Cost?
The costs vary from event to event and from provider to provider, but they're all generally in the hundreds, if not thousands, of dollars. A lot of it depends on the size of the event, the number of people attending, and the amount of the venue you're renting.
As an event organiser, you'll usually receive this insurance for free through your company or your venue, so don't forget to ask if it's included in the rental or if you need to purchase it separately.
What are the Requirements?
Generally speaking, your event insurance requirements will depend on the venue itself. Most venues will require you to purchase their insurance, usually included in their price, but you'll need to ask in advance.
If you're using a venue you've rented, you'll need to check with them to see what kinds of insurance you're required to carry.
The Bottom Line
While you may have no control over the weather or how and when other guests show up, you have control over the safety of your event. Knowing the kind of event insurance you need will help you plan accordingly and thoroughly, and it will ensure that you and your guests are protected in case something unexpected happens.
If you are looking for a reliable place to get event insurance, we’re here to help you. New Wave Insurance is a company located in Gold Coast, AU. Our goal is to help you find the right insurance for your assets, business, vehicles, events, and more. Make sure to protect yourself with the right insurance. Book a free consultation online to get started today!