3 Things You Need To Understand About Special Event Coverage

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3 Things You Need To Understand About Special Event Coverage

25 June 2020
 Categories: Insurance, Blog

If your business is putting on a special event, such as a fundraiser, trade show, or even a holiday party, you are going to want to protect your business with special event coverage.

Special event coverage is designed to protect the investment your business makes into the special event, and it is also designed to provide you with liability coverage for the event that your regular commercial business insurance coverage may not provide.

Protects Your Business in the Event of a Cancellation

When you plan an event for your business, you can invest a lot of money into the planning of the event. For example, if you put on a trade show, you are going to put down deposits to reserve the space. You may put down money for catering for the event and invest in equipment rentals for the event.

If the event is cancelled or postponed due to something beyond your control, such a pandemic, natural disaster, or another event, you can get back the money you spent on the event so you can plan the event for a later date if you have special event coverage. You will not be out all the money you investing in the event.

Protects You From Liability Claims

When you hold a special event that is not on the premise of your business, your general liability insurance coverage may not extend to your special event. That is why special event coverage is so important, as it can provide you with liability coverage for your event.

That way if someone is injured while at your event, your special event liability coverage will take care of the costs of the injury and the costs if you are sued.

If something happens to the venue you are renting and it is damaged, your special event liability coverage would provide you with the funds to fix the building without your business having to pay out of pocket for the damage.

Alcohol Liability Coverage

If you are going to be serving alcohol at your special event, you are going to want to carry liquor liability coverage for the event, which you can get with special event coverage. If you are not running a business that normally serves liquor, you are going to want to get this coverage.

When you serve liquor, the chance of something negative happening increases. With liquor liability coverage, you are protected if someone you served alcohol hurts someone else. As you can't control how people behave when alcohol is served, even if you limit what you serve, you should always carry alcohol liability coverage.

If you are hosting a fundraiser, tradeshow, or another special event that your business is sponsoring, you want to get special event coverage for your event. This will provide your business with extra insurance coverage when you hold a special event. You will be covered if you have to cancel the event. You can also carry special liability and liquor liability insurance as well.

Talk to a commercial insurance agency, such as United Counties Insurance Group, for more information.