Such a policy is really affordable and in many cases; regardless of the scope of the event, there is very little difference in the one-time premium. These policies are also typically non-refundable.
Here is a quick highlight of 5 of the coverages you can expect to have when you purchase an Event Liability Insurance:
General Liability insurance protects all parties involved in the event-the planner, venue, caterers (if listed as additional insureds), for losses due to bodily injury or property damage caused by the insured’s employees or agents. Venues generally require $1,000,000 of liability coverage.
Liquor liability insurance is sometimes necessary, especially if you are in a venue in which the bartenders are not covered . It provides coverage for injury arising from the uncontrolled behavior of an intoxicated person or accidental furnishing of alcohol to an underaged attendee.
Third-party damage insurance covers damages to a location while it is under your control, protecting you from having to pay for repairs.
Cancellation insurance will protect you in case of unforeseen situations such as inclement weather, including hurricane, if a venue is deemed unusable, or something else that requires you to cancel an event. This helps you cover many of the costs and deposits already paid.
Terrorism insurance (optional) while not as likely as someone getting injured at an event, In this day and age, terrorism insurance should be considered; it is specifically excluded under a policy package unless you purchase it.
Worker’s compensation provides medical benefits and salary compensation to your employees for injuries sustained while in your employment so if your company is hosting the event and putting employees to work, remember that the Organization’s Workers Comp policy is in use at the event.
I have seen many venues around the city require Hired/Non-owned Auto Liability in other words the truck used by your caterer to deliver food and drinks and ice any related injury to third parties or damage to their property need to be insured. Make sure to require evidence of their Commercial Auto Liability and ask to be placed as an additional insured temporarily for the event.
Lastly, be advised that despite the range of coverages listed above, an event Liability insurance is not a panacea for all mishaps, for instance organizers and promoters are still exposed financially including contractual liabilities, lost revenues and ticket refunds. For these exposures there is Contingency Insurance which also has to be purchased separately.
So as you get dressed this summer for different festivities remember the policy that helps make these events happen. And if you need a quick quote for an upcoming event, reach out to us at 212-568-5700 or visit our event website at http://www.alphadrct.com/ to see a list of the types of events we insure.