At Burton & Company, we encourage experiences! We step outside the box, engage our clients and ask questions to discover what matters most to them. So they know we have their backs. As an insurance agent, a large part of the profession is fielding and asking questions. Without a doubt, the question I hear most often is, “Why are my Costs So High?” This is a legitimate question and certainly one that is very important. Especially today when the simple fact is how and where we spend our money is at a premium. That choice can make the difference in paying the bills, planning for our financial futures, providing for our families and living the lives we dream of having. So, I have decided to dedicate myself to seeking out these elusive answers to what I know are complex questions. Over the coming months, I will be exploring different industries and lines of insurance to understand what the reasons are for these costs and what are the things that matter to you. My goal is to provide insurance insights to your questions and locate the resources you need to help you be successful. I look forward to this journey and ask you to please comment, follow, like, subscribe and share.
We circle it on our calendar. These are days that we get extra excited to wake up for. It may be your wedding, a concert with friends, a festival with the kids, a sporting event with the guys or a celebration with the family. Special events are just that, Special. Full of great memories, fun, and laughter. But, if you have ever been on the other side of planning or hosting one it may feel less like fun and more like an all-consuming stressful in devour. The bigger the event the larger the mountain is to climb. Everyone wants everything to go perfectly, but we know that doesn’t always happen. That is why Special Event policies are so important. It lets you focus on those key details (like your seating chart for your wedding) and keeps your mind off your uncle tripping over the gift table and breaking an ankle. Here are some of the key things to look for so you are not tripped up when selecting the coverages you need for your special day.
Special Event General Liability
A special event general liability policy offers protection for situations in which an event holder or concessionaire must guard themselves against lawsuits or pay damages for bodily injury (BI) or property damage (PD) to third parties. These events may be no longer than an afternoon (like a sporting event) or may last several days. (like a festival) If you are holding your event at a location where you do not own the property, the proprietor may ask to be listed as an additional insured. It is common to see an additional insured endorsement to these policies which provides protection to the venue and sponsors of the event. Beyond liability, there are three other key areas of most special event packages that you should look for.
Property, Cancellation & Liquor Liability Insurance
Depending on the event you may have lots of things you are worried about getting damaged (i.e. a wedding) or very little (like a charity basketball game) A property insurance policy protects equipment at events ranging from complex and expensive sound systems to your plastic folding tables. These items can be owned, borrowed or rented specifically for the event. Property policies generally cover property while in transit (that is to and from the event) and during your events hours of operations, but what if the event gets canceled? Great question.
Cancellation policies are important to preventing serious monetary losses in the case of an event’s cancellation. These policies can be beneficial even when the event is not entirely canceled. Expenditures due to unanticipated circumstances (like alternate forms of transportation to an event because of inclement weather) are usually covered. These policies typically cover all risks that are outside the control of the event’s host. This includes inclement weather, equipment breakdown, strikes or disease outbreaks. A single policy can cover multiple events. (Be sure to let your agent know up front if you are planning for multiple events.) Policies are less expensive if they are purchased in advance, so if you know you are going to need a special event policy contact your agent early in the process. Costs range depending on the time of year, type of event and the level of environmental risk in the surrounding geographic area as well as alcohol consumption.
Speaking of alcohol, liquor liability coverage is necessary if you are charging for alcoholic beverages at an event or if a liquor license is mandatory to distribute them. You may be held responsible for an event for several circumstances including causing or contributing to the intoxication of a person. Providing alcoholic beverages to an individual under legal drinking age or under the influence of alcohol. It is important to remember violating any statute, ordinance or regulation relating to the sale, gift, distribution or use of alcoholic beverages places you at risk for legal liability.
What is best for you?
The value of any special event policy depends greatly on the nature and size of the event. Being aware of your responsibilities, obligations and obtaining the policy that best suits your needs will help protect yourself, your family or business from financial hardships. Contact Burton & Company to evaluate your event needs and learn more about which coverages are best for you. I hope you enjoyed this post and encourage you to please comment, follow, like, subscribe and share anything you find helpful on @BurtonandCoIns If you have more questions or would like to speak with one of our specialists, please contact one of our Burton & Company locations. Check back soon for newer & exciting content! Until next time…