Essential Guide to Event Planning Business Insurance: Protecting Your Passion and Profits

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Event Planning business insurance

Successful event planners always keep what’s important to them protected. Yes, I’m talking about event planning and business insurance.

While running an event planning business, always expect the best out of your business. But, never deny the possibility of all of it going southwards.

Whether arranging a wedding or a corporate event, having your business insured is critical. Because you never know when your clients will come running with unsatisfied customer claims. Or, what if one of your attendees or employees gets injured at the event venue? How will you manage the expenses?

That’s what several of the event planning insurances are for.

Event Planning Business Insurances to Get

Read this blog post to learn about the most essential insurance for your event planning business.

Event Planning Liability Insurance

Liability insurance for event planning business is one of the safekeeping shields that you must have. This becomes immensely useful when you are sued for personal injury or property damage at the events you are managing.

Conditions under which it’s applicable: This is applicable when you are sued for someone’s injury at the event or when one of your staff members damages some property by mistake. The liability insurance coverage for event planners helps cover the lawyer’s fee and the plaintiff’s money awarded to the defendant. Here are some conditions under which you can use it –

Property damage: helping cover for the property damage caused at the venue or to the retention equipment.

Injuries: Covering the medical bills for guests.

Lawsuits: Covering the costs related to any lawsuit brought to your event planning business.

Lost Business Income: this helps cover the lost business income.

Note: If you are in the corporate event planning business, having a legal team to back you up for the proper coverage is a good decision. Successful corporate event planning businesses often use it as a tactic to safeguard their business while continuing to work in different corporate events.

Professional Liability Insurance

Running any business requires you to tread terrible waters. If your client sues you due to certain dissatisfactions, it can drain your event planning business financially and put your business reputation in distress. That’s why it’s critical to have this event planning business insurance.

Professional liability insurance is also called ‘malpractice insurance.’ It’s not uncommon for some of your clients to dislike a little detail of your service and file a lawsuit claiming you didn’t fulfill the promises in the contract.

Although this isn’t always the case, you never know the kind of emotional strain a specific thing can have on your client. That’s why it’s important to stay clear about such difficulties. Under scenarios like this, the client can file a lawsuit saying they lost money in the process. Having this event planning business insurance can help you cover such financial distress.

Event Planning Business Liquor Liability Insurance

If you are serving liquor at the events you manage, you must have liquor liability insurance.

This is an event planning business insurance that safeguards you from property damage done under the influence of liquor at the event. If your event attendees get into a fight after consuming alcohol, any injured person can put a personal injury claim against you. That’s when this insurance comes in handy.

This also applies to situations where your attendees damage others’ property under the influence of alcohol. For the liquor liability insurance, businesses can opt for one of the two different policies provided –

Full Policies: venues like bars and restaurants where alcohol is served frequently could benefit from this. 

Host Policies: the ideal policy for the event planners who may or may not serve alcohol at the event venues.

As an event planning business owner, it’s best to choose the host policies of liquor liability insurance.

Non-owned and Hired Auto Insurance

It’s a common area of work that requires protection when running an event planning business. In the event planning business, you are bound to have employees who are driving non-owned vehicles for their work.

Personal injuries related to such vehicles will require coverage. Thanks to this event planning business insurance, you can stay protected and pull yourself out of that financial crisis.

If your employee is driving for work and is in a vehicle not owned by the business (buses, rental cars, or their personal vehicles), this insurance will cover those vehicles.

This also applies to the business owner as well. Yes, you might have your own personal injury or vehicle insurance. But, if you get injured while driving your own car to work, you can use this insurance to cover the expenses.

However, there are several ways of minimizing those risks –

  • When hiring your employee, run a pre-hiring background check and run their MVR report (Motor Vehicle Record). This will help you ensure that your employees are safer drivers.
  • Set an age requirement for people who’ll be driving to work.
  • A driver’s safety manual with specific rules mentioned can help a good driver stay a good driver. What we mean by this is that this manual includes safety meters for high speed and safe distance and tips for minimizing distraction while driving.

Workers’ Compensation Insurance

Even the smoothest events can get ugly at times. In cases when employees get caught up in an accident, the event planners are supposed to cover the medical expenses related to it.

The initial medical expenses right after the accident go to the event planners. Under such cases, workers’ compensation insurance helps cover the injury expenses. This insurance helps businesses shoulder costly medical bills that would otherwise put a potential dent in the business is not insured.

Workers’ compensation insurance helps cover expenses related to –

  • Ambulance and emergency care expenses.
  • Other ongoing medical expenses.
  • Wages lost during the recovery time.
  • In case of death, funeral expenses are also covered.

How do You Find Event Planning Business Insurance Plans?

Despite your good intentions, unforeseeable events may occur, and you must treat them as unforeseeable. That’s where you logically decide to opt for event planning business insurance. Although slightly discomforting to you and your client, it’s important to stay clear about event planning and business insurance.

But how do you choose the right insurer? In case you were wondering, here are some things to consider when opting for a good insurer –

Accessibility

It helps to look for a provider with an office you can walk into. Also, ensure they have a front desk agent or attendee who can always address your concerns. Before choosing an insurer, make sure how accessible they are.

Expertise

Look for an agency that covers small businesses if you are operating your event planning business at the earliest level. However, most insurers offer services to the event planning industry in the US.

Service Cost

It’s not hard to choose a service regarding their pricing. You must go for the ones with premiums that don’t hurt your budget.

Review

Explore the customer reviews and the testimonials of other users who are using their services. Several consumer review sites keep the reviews transparent about an insurance provider. Review sites taking payment from the company aren’t bad in this respect. Your intention should be to have a clear and transparent review of the insurer.

Word of Mouth

Talk to customers who are already using the services provided by a specific insurance provider. Word-of-mouth recommendations also help you understand the experience you can anticipate from the insurer.

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