From receptions and conferences to festivals and exhibitions, businesses host all types of events. While these events may have an important purpose, they also pose certain risks. To protect your investment, it is important to have the right insurance policies under your belt. You may be asking yourself, “What kind of insurance do I need for a special event?” To cover your business’ special events, consider special event insurance. After examining the unique specifications of your business, an experienced insurance agent will help you find the best coverage that meets your needs and budget.
Your Business’ Specific Needs for Insurance
All businesses that host events face certain risks. Regardless of how many attendees you have or the purpose of the event, an accident could occur at any time. A guest could slip, fall and sustain an injury. Two attendees could get into a fight causing property damage to the venue. Bad weather could force you to cancel your event before it even started, resulting in money loss.
When deciding what type of insurance you need to protect against these types of risks, it is important to consider your business’ specific coverage needs. Some events will require more coverage than others, such as events with a large number of expected attendees or events hosted with rides or pyrotechnics.
What General Liability Doesn’t Cover
A general liability insurance policy goes a long way toward protecting your business. Most general liability policies will protect your business against third-party bodily injury, third-party property damage and advertising injury. However, general liability insurance does not cover everything. Most general liability policies do not cover commercial auto accidents, employee injuries or illnesses, property damage or errors in services.
To protect against these non-covered liabilities, it is important to have other coverage options in place. For example, your business requires workers’ compensation insurance to cover work-related injuries or illnesses that could occur to your employees. If the event is held on your business property and property damage occurs, your commercial property insurance will typically cover these claims. If an employee gets into an accident in a personally-owned vehicle while using it for work purposes, a commercial auto policy would help cover these costs.
Commercial Property and Premises Coverage
While you never expect property damage to occur to your venue or the premises of a special event location, property damage is more common than you may realize. In fact, property damage is so common that most venues will require you to already have a policy in place when you reserve a space for your business event.
Commercial property and premises coverage may be included as an option under your general liability insurance policy or may act as its own stand-alone policy. With commercial property and premises coverage, your business can maintain comprehensive protection for scenarios in which your company must protect itself against lawsuits for personal injury or property damage to third parties. Depending on the specific needs of your business, you can typically request higher limits than the standard.
Worker’s Comp Insurance to Keep Everyone Safe
General liability insurance does not usually cover injuries or illnesses sustained by employees. Therefore, it is necessary for companies to maintain workers’ compensation insurance for their staff working special events. Workers’ compensation coverage provides coverage for medical, disability, or death benefits to an employee who becomes ill or injured while performing work-related duties.
Workers’ compensation insurance is not just a suggested coverage, but it is actually mandatory in most states. In addition to covering employees, most workers’ compensation policies will also cover independent contractors that you may hire to work the event. There is typically a no-fault provision in workers’ compensation statutes that provide employees with protection in the event that they are injured on the job, regardless of how the injury occurs. Workers’ compensation can also provide business owners with the peace of mind that their staff is protected.
Locate the Beginning and End of the Maze with JMG
Owning your own business comes with certain risks. When you choose to host special events within your workplace or in a third-party venue, these risks may follow you and new ones may develop. Special event insurance can help minimize these risks and provide employers with the protection they need to avoid financial ruin. Special event insurance can provide coverage for sports teams, leagues, clubs, camps, sporting events, festivals, recreational activities, zip lines, equipment, watersports, snow sports, inflatables, party tents, portable rock walls and so much more.
There are special event insurance policies for everyone. At JMG Insurance Agency, we offer a wide range of policies for sports and special events. For more information about choosing insurance for your special event or for an insurance quote, contact the experienced insurance agents at JMG Insurance Agency today.