26th February 2010
When you have event insurance coverage you are providing accurate protection for your invent. These policies are there to back up the host in case of a claim because of an accident, some type of injury to a guest of the event and if there is an alcohol related accident. No matter what type of party you are having, (large, small, work related or just family to name a few), having the right coverage is the basis to having a nice, relaxed, fun filled gathering.
When you are looking for the right event insurance coverage you need to consider and try to have the following things added.
First you should have some type of public liability coverage. This will take care of any type of claim a public guest of the event has against you. The amount of insurance you need in your policy is determined by the number of people who attend the event. If you are having a small family gathering then it is not essential; however, if it is a large event with a lot of public guests it is definitely something you should have.
Next you should be sure that you have at least a small amount of property insurance. The actual amount you need, will depend on the place you throw your event. Even if it is a small venue you should have at least a little protection.
You should also have a type event insurance coverage called employer’s liability. This will take care of any claim brought against one of your employees. As with property insurance the premium you will have to pay will directly coincide with the number of employees you have working for you.
The last thing you should think about including in your event insurance coverage is a cancellation clause. This will protect you if, for a weather related reason, you have to postpone or abandon the event completely. This insurance as a whole can run from a small inexpensive cost to an outrageously high price. However, no matter what the price it is important.
Most often this type of coverage will protect the owner of the business, or host or hostess, of the event whose name the insurance policy is under. If you are throwing a family function you can also have up to two other honourees protected under the policy. You should keep in mind that while the insurance will protect you, it will not protect your vendors, such as DJs, photographers, caters, or florists. In order for the policy to be in effect it has to be purchased at least 24 hours before an event or party. However, it can be purchased up too two years before the event takes place.
Event insurance coverage is an important aspect to any event. It will provide a peace of mind to the host or hostess of the event and will help provide a more relaxed atmosphere at the event. So, even if it does seem like a useless investment, remember it is your last line of defence in the case of an accident.