Protection is essential since anything can go wrong while hosting an event. A special event insurance policy is a type of liability coverage applying to claims made by third parties. Event insurance services cover birthday parties, concerts, weddings, trade shows, and other important events. You must purchase the coverage from event insurance agencies or event insurance companies before an event takes place.
What can go wrong during a special event?
Accidents can occur in any event. For example, a fight could break out between attendees, resulting in casualties. Also, a guest might sustain injuries from falling. Guests who become intoxicated might auto accident while driving home, or a stage could collapse, leading to injuries to your guests and performers. In addition, one of your employees might accidentally cause damage to property belonging to the venue owner. These incidents might result in claims against you or your company.
Importance of an event insurance
Buying event insurance is a requirement by many event venues. Still, the need for coverage is essential for any individual or business planning to hold an event and is prone to suits and claims by attendees injured during your event. In addition, legal claims can be costly for small businesses since you will have to pay if you are not insured.
Event insurance coverage options
Event cancellation coverage.
This coverage will help reimburse you for loss due to event cancellation, postponement, abandonment, interruption, relocation, or curtailment due to unforeseen circumstances. These circumstances include severe weather, terrorism, earthquakes, hurricanes, labor strike, and non-appearance of critical people, infectious diseases, and unavailability of event venues due to power outages, fires, or floods.
What does it cover?
Event liability insurance
It is designed to protect the event owner from unforeseen incidents that may lead to costly lawsuits. In addition, it will enable you to clear long-term planning, protect deposits paid in case the event is canceled by the venue while providing complete security for the host when the event is underway.
What it covers
The policy is not for professional event planners. However, it provides coverage for property damage, bodily injury, and medical reimbursement for the injured.
The weather determines the success of an event. However, you cannot rely on luck alone when your event rides in such unpredictable conditions. These conditions include snow, wind, fog, rain/ thunderstorms, and extreme temperatures. Weather insurance will protect your expenses or revenue due to bad weather that alters the expected results of an event.
This is an insurance policy for promotional events where companies award winners with attractive and expensive prizes. The policy helps the companies offload the risk of paying out the reward if there is a winner. Typical prizes awarded in such events include vacation, cars, or large cash payouts.
The premium on the prize indemnity is calculated based on the likelihood of winning and the price value. Therefore, if the prize value or chances of winning are high, the premium will be high.
Please contact TWFG Insurance at 713-388-6681 to receive a free quote today.