What is the Purpose of Event Insurance?

According to a recent study of small business owners conducted by Insureon, over a third (35.2 %) had an occurrence last year that may have resulted in an insurance claim. The purpose of event insurance is to ensure that if there were a claim the organizer would not have to pay out of pocket.

Event Insurance – offers comprehensive coverage for the organizers of private or public events such as festivals, concerts, conferences, trade fairs, athletic events, and all types of celebrations, to mention a few. Property insurance, employers liability insurance, cancellation insurance, and general liability insurance, are all available.

What is covered in Event Insurance?

Event responsibility includes what you would be legally accountable for if someone died, was injured, or became sick as a result of your actions. It also includes coverage for property loss and damage. Your broker will be crucial in helping you through the complexities of your unique event and assisting you in determining the appropriate insurance amount.

Event insurance is pretty comprehensive. What can be covered is anything from host liquor liability to event cancellation.

Why Does Your Business Need Event Insurance?

Your business needs event insurance because after what you put into it, you do not need to lose it all because of an accident. You also do not need to lose a large chunk of your money to settle the costs of the event having to be canceled.

It also ensures that sponsors and other supporters will support your event because they know you are covered and that you are running a professional event. When you are sponsored by big sponsors you draw more attention, which means a larger profit, which can help cover the event insurance cost.

Event insurance may sound like an additional cost you can do without, but can you really run the risk of not having that cover? Event insurance is that final bit of assurance that provides you and your sponsors with the knowledge that your investment is protected.