SPECIAL EVENTS NEED EVENT INSURANCE
You have been tasked with planning the event of the year for your company. You have been working on this for almost a year. You have the entertainment, the A/V, the caterer…and then the venue reminds you that you will need to show “proof of insurance”. Proof of insurance?! “What’s that?!”, you ask…
Events have a life of their own and there are many criteria which determine under which category they fall under, in relationship to getting event insurance. The top things to take into consideration when you have or are planning any event, is the following:
- 1. Location of your event
- 2.Number of attendees
- 3. Will you be serving alcohol?
- 4. Is your entertainment venue private or public?
- 5. How long do you need the coverage?
Every licensed insurance agent will ask these types of questions to help you determine what type and how much liability insurance you or your company will need to be protected against any lawsuits or claims from third party for bodily injury and property damage derived from your event.
1 through 5, and more…
Event insurance underwriters rely on many factors to determine what your liability insurance premium will be for your event. One is where the location is taking place. If you’re planning an outdoor event like a live concert or a festival that anticipates hundreds versus a backyard birthday party for 50 guests, you can anticipate a higher premium for the festival.
AVERAGE EVENT INSURANCE POLICY COVERAGES
On average, an event insurance policy covers $2 million with a $5 million aggregate limit. This means that one the limit per individual is $2 million in coverage with a total limit of $5 million in totality. This may seem a lot until you factor in what or who you may be protecting yourself from. The more at stake, the more insurance you should consider.
If you’re having a party and are interested in knowing more about event liability insurance, give us a call and we’ll get you some pricing to get you protected.