Special events insurance protects business owners holding their own corporate events. As a business owner yourself, you can benefit from hosting an event. If you hold a conference, you gain networking opportunities. When business owners celebrate their company successes through parties, they motivate employees. Regardless of the event that you want to host, you need special events insurance coverage if you really want to benefit from it. Continue reading to determine if you need a special events insurance policy or not.
Are You Planning A One-Time Business Event?
To begin, ask yourself if you are planning a one-time business event. If your answer is yes, the simple response to you would be that you need special events insurance coverage. The main reason for this is that most special events policies are short-term. You can apply for coverage for a short period of time, just to cover your business during the time of the event. Companies trying to hold longer term business events might need more advanced insurance policies. Business owners who answered “yes” to this question, need to include special events insurance coverage in their small business event planning strategy.
Are You Renting Equipment For The Event?
Another telling question to ask yourself is if you plan to rent equipment for your upcoming business event. Companies trying to impress their guests usually rent equipment. Others are forced to rent tools and entertainment supplies. For instance, most festivals held by employees involve some form of entertainment. Whether you hire a band or a comedian, you will need to supply them with proper equipment. With renting equipment, comes risk. If a costly piece breaks, you will need to pay for it if you do not insurance. Hence, if you want to offer quality entertainment at your event, you need special events insurance.
Are You Renting A Venue To Hold The Event?
More so, if you are renting a venue to hold your event, you need special events insurance. When companies hold events at venues and do not have the proper insurance, they put themselves at risk. If a fire starts and the property gets damaged, the company is liable. When guests get out of hand and damage the property, the company is liable. You need to protect yourself from paying for hefty expenses due to property damages caused at your event. This form of coverage is just as important as getting renters insurance when getting an apartment. The best way to do so is to get special events insurance.
Do You Plan To Sell Liquor At Your Event?
Many business owners sell alcohol at their events. Specific settings are appropriate for selling liquor. Guests actually expect to drink alcohol at some business events. For instance, guests typically expect to find liquor for purchase at concerts. If you are taking advantage of a company party idea by hosting one, you might want to sell liquor there as well. However, you need to get special events insurance if you want to meet guests’ expectations and sell alcohol. It will protect you from dealing with lawsuits caused by alcohol-related disputes.
Is It Possible For Guests To Get Injured?
Finally, business owners with any fear of guests getting injured at their events need to invest in special events insurance. Unfortunately, the risk of dealing with an injured attendee at your event is always present. Guests slip and fall at events, often injuring themselves. Guests could get in fights, resulting in injuries.The kitchen could set fire, injuring attendees. The possibilities are endless. With this being said, getting special events insurance is essential for every business event.
When business owners host events, they often forget how important it is to get special events insurance. However, if you plan to host an event, it is already a sign that you should get coverage. Business owners renting equipment for events need policies to protect them from paying for broken pieces of equipment. If you are renting out a location to hold your event at, you need this type of insurance as well. When companies sell liquor at events, they put themselves at more risk, meaning that they need coverage. Furthermore, every business even needs this kind of insurance because it is always possible for guests to get injured. Answer the above questions to determine whether you need a special events insurance policy or not.