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Short Term Events Insurance

         

Do I need one day event insurance or general liability insurance?

If you are a company, most likely you have a general liability insurance policy for your every day operations.  If you are hosting a special event, which may include a fundraiser, charity gala, auction or just an open house for your clients to see your new office, most likely your business owners insurance policy will NOT protect you.  A specific special event insurance policy or one day event insurance policy will afford you the protection you require. 

It is really simple if you think about it, an insurance company spends a lot of time underwriting  your general liability insurance policy based on your business and it’s specific needs, what it does not take into consideration what types of things your company is doing that is not related to its core business or does it want to be on the hook for something that may have more exposure than it can collect in premium. 

A really easy example is when your company decides to host the holiday party aboard a boat in the harbor, your general liability insurance carrier most likely does not want to be responsible if one of your clients gets accidentally pushed overboard by one of your overly excited employees or another party goer.  Even though the boat has insurance which protects them in the unlikely event this occurs, you and your company can also be held accountable and even may be found liable.  In this specific example the  most likely place to find insurance protection would be a special event insurance policy.

Insurance companies who underwrite these unique insurance policies follow the underwriting protocol as traditional insurance companies, but since they specialize in this type of coverage they use the law of large numbers to keep the insurance quite affordable. 

Premiums for a one day event insurance policy start at only one hundred dollars, and with liquor they start at one hundred and fifty dollars.  The math is really easy, you have just spent x amount of dollars to provide a memorable experience for clients, colleagues and other guests, isn’t piece of mind worth budgeting for?

Even after all this, if for some reason your company is regularly hosting special events and you have managed to have this unique insurance protection included in your insurance policy, do you really want your insurance premiums to be affected and increase in the event of a claim? 

Hopefully, we have already established the pattern of how these claims occur, usually they have little or nothing to do with your core business, so unfortunately allowing these types of exposures to be on the same policy as your traditional insurance policy is really not a good use of your dollars. 

For a very low annual premium; you can obtain event liability insurance on an annual basis, so if a claim gets filed, it is specifically assigned to this unique insurance policy - thus not affecting your core business general liability insurance.

Our friendly insurance team is standing by ready to assist you with any questions at 888-544-9413.

 

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