Insurance Coverage: To Have, or Not to Have?

I thought that this would be a great topic to cover because Fall is officially here and old Mr. Winter will soon be popping his head out; and if this winter is anything like last years' that resulted in numerous event cancellations, you do not want be unprepared!

Whether you are in the special event industry or any other business, it is imperative to protect your business and have insurance coverage especially in today’s litigious society where lawsuits are on the rise with every dawn. We can face potential lawsuits from customers, contractors, attendees, and spectators. Even if the lawsuit is unfounded, the cost of defense will be expensive.

Although the special event planning industry appears to be a glamorous job, it is unfortunately quite the contrary; it is a very hectic, tiring, and occasionally a very trying job. God forbid if some unfortunate mishap ensues and the event planner is sued! It is therefore imperative that everyone in the event management industry carry General Liability and E&O coverage. The latter is sometimes debatable but I personally feel it is essential.

Coverage typically protects against liability claims for bodily injuries, property damage, cancellation, rescheduling, or any accidents that might occur from the set-up time, to during the event, and during the breakdown at the end of the event.

Image from www.intheiropinion.com

However, just as with other insurance policies, event insurance coverage must be carefully selected. Shop around to compare rates and plans and make sure you ask many questions, read through your policies to fully understand your coverage and read the fine print! Be sure that you are covered for the entire management process and/or tailor it to your specific needs. Apply the same steps as you would when purchasing your health insurance, life insurance and/or other benefits. If you cannot afford an annual coverage, some agencies have à la carte options. Whatever package you select, having insurance coverage will not only give you peace of mind but also protect you from setting yourself up for lawsuits that will lead you down bankruptcy lane.