26th February 2010
In the professional world, that is all glitz and glam, today it is extremely important to have the right event liability insurance. While there is no way of really stopping an accident from happening there are definitely ways, like having the right insurance coverage, that will keep an accident from having a detrimental effect on your businesses revenue.
Although most individuals who own or help operate business recognize the fact that having the correct insurance policy and the right agent is very important, a lot of people in today’s professional do not understand that. It will provide a company with protection from accidents could occur at an event the company puts on; however, it will also provide a company with a stress free mind so they can sit back and enjoy the events they throw. Event liability insurance is a way of protecting professional assets when a company throws a major or even minor event.
Although most professionals how have this type of coverage are lawyers or real estate agents and others along those lines of work. However, companies who throw events should be covered as well. Accidents do happen and any company should be adequately prepared for those accidents, especially a company who is throwing events where a lot of people will be attending. You never know what could happen but you should always try to be as prepared as possible.
A good example of an event where you may need event liability insurance would be an outdoor concert. First, look at the parking lot. If it is not well lit there could be many guests tripping and falling and your company could be seen as the person at fault. On top of that, at a concert there are always people sitting on the lawn. There could be holes in the ground that people could trip over. What about all of the stage props and lighting? Anyone of these could fall or malfunction and cause injury. Also, if you are serving alcohol think about all of the incidents that could cause. These are just the obvious ones. There are probably thousand of other accidents that could occur. Don’t you want your company to be prepared and protected? Having the right insurance is the first step in that.
Event liability insurance is the last line of protection for professional companies. It will cover legal costs and injuries if a guest to an event is hurt. Without this insurance your company could end up paying a lot of out of pocket expenses and it might end up breaking a company. There is no way to prevent accidents, they do happen. However, there is a way to protect your business from going under due to one of these accidents, and that is the correct insurance coverage. Businesses should always take the time to provide there company all the insurance that they can afford. Protecting your company should be your first priority and having the right insurance protection is the first step in doing that.