Keep posted, keep informed.
It’s that time of year again when everyone’s schedules fill up with holiday parties and events. While these gatherings help bring people together to celebrate a common interest and have fun, they don’t come without their own unique challenges. But whether you’re hosting a private holiday party, a charity fundraiser, an annual community event, a wedding or a big neighborhood block party, they all share at least one common factor – special event liabilities.
Accidents can happen at any type of event no matter how many safety measures are in place and the host is typically at least partially liable for injuries sustained by their guests. Special events insurance – sometimes referred to as just “event insurance” – is a must-have coverage for anyone planning a holiday party or event. This type of coverage applies to claims by third-parties for bodily injury or property damage sustained during an event hosted by the policyholder.
More Than Just Liability Protection
Special events insurance can offer more than just bodily injury and property damage coverage. It can also offer event cancellation coverage – protection for the potential financial loss that can occur when an event has to be postponed or canceled. This coverage is not available under standard liability policies and is usually offered as an add-on, or as part of an event insurance package through a wholesale insurance broker than specializes in special events insurance.
When planning an event, special events coverage should be close to first on the list of things to obtain. Many venues will not rent to someone until they can provide proof of liability coverage. In some cases, having a general liability policy may be acceptable from the venue owner’s perspective, but it may not offer enough financial coverage to adequately protect the event host from liability claims. And in certain – but common – scenarios, general liability may not protect the event host at all.
When alcohol is involved, additional coverage is needed. An event host can be held liable for claims of negligence in regards to the sale, service, gift or use of alcohol. So whether the event has an open bar, a cash bar or is BYOB, the host is subject to liquor liability laws. Liquor liability insurance can be added on to help cover defense costs and settlement agreements for such claims.
Special events insurance can be tailored to fit a wide range of budgets and cover nearly any kind of event. So much planning and expense goes into putting on an event, so this coverage is essential in addressing the potential financial loss an event host might suffer if something were to go wrong. With a comprehensive special event insurance package, your clients can relax and enjoy their holiday event, knowing they’re covered if something does go wrong.
About Mavon Insurance
At Mavon Insurance, we pride ourselves on our unique approach to insurance. We focus on integrity, communication, professionalism, respect and gratitude to help our clients succeed and place business in specialized markets. For more information about our products or to become an agent, please contact us today at (855) 248-1480.