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Everything you need to know about insuring your big event
Is your business involved in the business of events? Or maybe your company runs events or hosts functions every year? Some businesses host or sponsor exhibits, conferences, and festivals on a grand scale. Maybe there’s a one-time big event your company is planning right now, and you’re worried about the risks. Event liability insurance is the answer.
What is Event Liability Insurance?
Event liability insurance provides financial cover for situations where a company or business can be held liable for damages or injuries occurring at an event they are responsible for, have sponsored, hosted, or run. Sometimes Event Liability Insurance can also cover losses if an event is cancelled, if there is a non-appearance, or if weather disrupts the event. Event liability insurance can often be customised to cover more specific situations or risks.
Obviously the type and scope of your event liability cover depends largely on the event itself. If your company is an events company, chances are your policy needs to be very comprehensive and cover you for a large number of eventualities. If, however, your company is hosting a singular event, the specifics of the policy can be fine-tuned to suit that particular event.
Do I need events liability insurance?
If your business is going to host or sponsor an event and does not have a general liability policy in place, then yes, you will need events liability cover. Sometimes a company’s general liability cover does not sufficiently cover every risk involved in the running of an event, and sometimes there are legal obligations for the company running the event to acquire event liability insurance. The nature of your event and the scope of cover you require impacts the choice to get events liability insurance.
If your company is involved with or planning a large event, additions like liquor liability and cancellation liability cover may be necessary or required. Some owners of venues or event planners and coordinators involved in your event may require specific information be included in your event liability cover.
Speak to a business insurance professional about what may be required of your business or company by law regarding an event. They can also help you assess risks and put in place steps to mitigate unnecessary risks that could lead to legal cases for third party damages, injuries, or fatalities. Thirdly, they can advise customisation of your policy to cover the risks specific to your event.
How to minimise liability risks at my event
As with most liability matters, taking precautions and assessing risks beforehand can lower the chances that a third-party case is brought against your company. The first way to mitigate event liability risks is to find out what your company is legally required to do and obligated to do by law and ensure it happens. Apply health and safety measures and work on procedures and protocols for every kind of risk you may experience at the event.
The more thorough you are in preparing for risks or worst-case scenarios relating to your event, the better. Even though not all risks can be avoided, having a plan in place for every eventuality can lower financial losses. For example, should unforeseen dangerous weather disrupt an event at a coastal venue, having evacuation protocols in place can save lives.
What should be covered in my Events Liability Insurance Policy?
Events Liability insurance should include cover for accidental injuries, damages, or fatalities at your event or the event you’re sponsoring. You can also include extra cover for different situations that might occur, like cover for cancellation due to weather a no-show, or other unforeseen situations.
Optional extras to consider:
- Liquor Liability Insurance Cover
- Emergency medical expenses Cover
- Spread of Fire Cover
- Cancellation Liability Cover
- Wrongful Arrest Cover
- Collapse of temporary structures Cover
- Defamation Cover
Liquor Liability Cover
If you’re planning to provide drinks and charge for them at the event, you will need liquor liability cover. A standard liability policy doesn’t include cover for this, nor does an insurer typically provide this type of cover for only one event.
Cancellation Liability Cover
A great optional extra that some insurers provide is the choice to cover situations where your event needs to be cancelled. A standard cancellation policy includes cover for natural disasters, fire, explosions, government intervention and even tech issues. This cover can often be extended to include riots, strikes, no-shows, and other liabilities that may only apply to specific events.
Be sure to compare event liability insurance plans to find the one that suits you best. A professional business insurance advisor can help guide you to the option that suits you best. Not all event liability insurance is the same. Some cannot be customised as much as others, and some insurers only allow event cancellation liability insurance as a separate policy.
Don’t allow occurrences beyond your control to impact your company financially or ruin your event. Even though accidents can happen at any event and there are a lot of things that could go wrong that result in third-party claims, you can protect your company with event liability insurance.