By hosting special events like parties or fundraisers, businesses face risks and liabilities that may lead to expensive problems; that’s why businesses need special event insurance to protect them if various issues arise. Special event insurance may cover the business in case of third-party property damage and bodily injuries, liquor liability claims and cancellation fees. Take a closer look at how this coverage may protect your business in these scenarios.
Third-Party Property Damage
If someone else’s property gets damaged at your event, your special event coverage may be able to compensate them. Consider a scenario where an attendee knocks over a table holding dishes, glassware and buffet warmers belonging to the host venue, which causes property damage worth several thousand dollars. Special event coverage may help the business compensate the venue for the damage.
Third-Party Bodily Injuries
If someone sustains an injury at a special event, special event coverage may help the business compensate the injured party. For example, while attending a nonprofit dinner, a guest may trip, fall and break a leg when visiting the buffet. If they sue the nonprofit, special event insurance may help cover the organization’s legal fees, settlements and other expenses.
Suppose you host a special event for your advertising company’s clients and provide an open bar. One of the attendees overindulges, trips and sustains a head injury, which causes them to sue the business. In this case, special event coverage may provide liquor liability protection to cover your business’s legal fees, settlements and other expenses. Coverage may also pay if an intoxicated partygoer causes injuries or property damage to someone else, who in turn sues the business.
Special event coverage may reimburse your business if you must cancel an event due to circumstances beyond your control. For example, suppose you plan to host a company party at a local hotel. However, before the event occurs, the hotel experiences a fire, which forces you to cancel the event. Cancellation coverage may provide reimbursement for the money spent on the venue and other costs.
Ready to Get Special Event Insurance?
All in all, special event insurance can help protect your business in case of unexpected problems at special events. And even if you are only hosting an event for one night, this coverage is often essential to have. To learn more about how this coverage may be able to help your business, contact Keats Insurance Agencies today.