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Business owners often host or sponsor events that are designed to draw a crowd, such as conferences, exhibitions, fundraisers, festivals and other similar gatherings. In some cases these events might be held on the company’s property, and in other cases they may be held at an offsite location owned by someone else, such as a banquet hall, restaurant, public park, hotel or conference center. Or, individuals may put on large-scale events, such as weddings or other parties. Regardless of what the event is and where the event is held, the sponsors or hosts of the event can be held liable if something were to go wrong.
Special Events Insurance is an insurance product that is designed to provide liability protection for an event host who has to defend themselves against claims of bodily injury or property damage to third parties. The policyholder may choose to add any additional event sponsors to the insurance policy as well. In many the cases, the venue may even require that they be added to the policy in order to protect themselves from any claims that may arise due to the event.
Special Event Insurance Protects Business Owners
Special event insurance is a must for any business that is planning an event, and many venue owners will not consider renting their facilities without proof of liability insurance. Without it, the event host would be left to pay for any third party claims out of their own pocket. While general liability event insurance offers the broadest coverage, there are other options that event hosts can utilize as well, to offer them even more protection from unforeseen losses.
- Liquor liability insurance provides protection against claims of negligence in regards to the sale, service, gift or use of alcohol. For example, if a guest that is under the legal drinking age was able to obtain an alcoholic beverage during an open bar, the event host may be liable for furnishing alcohol to a minor. Liquor liability insurance would help cover defense costs and settlement agreements for such claims.
- Cancellation insurance protects the event host in the case of cancellation due to circumstances out of their control, such as bad weather, natural disasters, vendors not showing up or the venue closing down unexpectedly. It typically pays for lost deposits and other non-refundable costs related to an event.
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 (855)-248-1480.