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Hosting special events such as weddings and parties comes with a unique set of risks. From last minute cancellations to third party damage and intoxicated patrons, there are plenty of exposures that this niche market faces, which require specific Special Events Insurance policies. In this article, we’ll cover some of the most important features of this program that you should include in your client’s insurance portfolio.
General Liability insurance protects a company and all parties involved in the event (the planner, venue, caterers, etc.) for losses due to bodily injury or property damage caused by the insured’s employees or agents. Venues and agents will usually require liability for $1,000,000, explains Biz Bash.
If the event location is going to host parties that serve liquor, this is a necessary component to add to their insurance package. In particular, if the venue employs bartenders themselves, this coverage is required and will protect the host from incurring fines related to alcohol related accidents or injuries.
In the event inclement weather approaches on the day of the event, or the party cancels it, this coverage can help refund any deposits that were made.
Third Party Liability
If anyone causes damage to the venue or its property while under the control of your client, this coverage will prevent them from having to pay for damage repair and replacement.
Worker’s compensation provides medical benefits and salary compensation to employees for injuries sustained while under employment. This coverage is required in most states, depending on where they operate. Provide some insight and guidance to your special events clients to ensure they get the coverages they need to be completely protected.
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, contact us today at (877) 426-2866.