Accidents can happen at any type of event regardless of how many protective measures are taken in order to keep guests and property safe. When something does go wrong, typically the host is, at the very least, partially liable for injuries sustained by their guests and/or damage to others’ property. When a business hosts an event, whether it’s a charity fundraiser, a local community event or an employee appreciation banquet, regular liability insurance coverage just isn’t going to offer adequate protection. It can be especially devastating to a business to lose money from putting on an event that they aren’t even benefiting from financially.
Special events insurance is a type of liability coverage that can be obtained by businesses to apply to claims by third-parties for bodily injury or property damage sustained during an event sponsored by the policyholder. It is an essential coverage for any business that is planning to host an event for their employees or for the general public, whether that event is held on the business’s property or on an offsite location owned by someone else, such as a banquet hall, a restaurant, a park or a conference center.
Many venue owners will not consider renting their facilities and amenities to an event host without proof of special event liability insurance. Without coverage, the event host would be left to pay for any third party claims out of their own pocket, and the average business owner can’t afford to do that. Special events insurance can be tailored to offer more than just the broad coverage of bodily injury and property damage coverage. Some of the other options that event hosts can utilize for even more protection from unforeseen losses include:
Liquor Liability Insurance
Offers financial protection for claims of negligence in regards to the sale, service, gift or use of alcohol. As an example, if an event guest under the legal drinking age obtained an alcoholic beverage, the event host could be held liable for furnishing alcohol to a minor as well as any third party injuries or damages caused by the guest, resulting from their intoxication. Liquor liability insurance can help cover defense costs and settlement agreements for such scenarios.
Event Cancellation Coverage
Offers protection for potential financial losses that can occur when an event has to be postponed or canceled due to circumstances out of the host’s control, such as extreme weather or natural disasters, vendors not showing up to the event or the venue closing down suddenly. This type of coverage is not available under standard liability policies but is often offered as an add-on, or as part of an event insurance package. It typically pays for any lost deposits or other non-refundable costs related to hosting an event.
So much planning and expense goes into putting on an event, making special events coverage essential in addressing the potential financial loss an event host might suffer if something were to go wrong. It must be purchased before an event takes place, but it is relatively inexpensive, widely available and customizable to fit almost any type of affair. A special event is usually intended to be fun and carefree festivity, and it can be – even when an accident happens – thanks to the protection offered by special events insurance coverage.
Formed in 2013, AmSuisse, Inc. has quickly distinguished itself as a wholesale operation that specializes in working very closely with our agents and broker partners to develop responsive, individualized service for each client. Our unparalleled writing support, industry-specific expertise, marketing support, responsive proposals and quotes, strong customer service, and strong relationships with our carrier partners have all helped us to provide the best possible coverage for our clients. To learn more about our available coverage, contact us today at (800) 485-0229 to speak with one of our representatives.