The Importance Of Event Insurance In Massachusetts
Whether your event is private like a wedding reception or public like a film production or performing arts venue, accidents can happen, and this may result in some major legal issues. However, when you think ahead and take out Special Event Insurance, you avoid many common problems that can lead to financial disaster.
Let's look at an example or what could go wrong. Marge planned the perfect wedding for her daughter. It took her a long time and she arranged for the perfect ceremony, and every little detail was taken care of, down to the favors and invitations. It would have been the event of the year in the neighborhood, except for one thing that no one saw coming.
Marge held the wedding reception in her back yard and it was beautiful. Everyone had a great time, but toward the end of the evening, a tipsy guest slipped and fell, seriously injuring himself. Needless to say, this put a damper on the entire evening. Marge asked her husband Henry if their homeowner policy would cover the man's medical expenses and he said no. For a moment, Marge was devastated. Then her husband told her to relax. Henry had the foresight to talk to his insurance agent a few days before the event and opted for Event Liability Insurance, and it took care of all the medical bills.
What is Event Insurance?
When you insure an event, you are taking out a liability insurance policy that covers occurrences during the course of the event. This could include a number of things depending on your event. For the most part, injuries from accidents are covered, and this may include damages caused by guests.
What is a Typical Event Liability Policy?
Your policy covers lawsuits for damages as a result of something that occurred during your event. A typical policy is about one million dollars in coverage. Payment may be made for medical care or for damage done to the premises during the event.
You may wish to raise your general liability insurance amount to as much as three million dollars if you feel you need additional coverage. If this is a one-time event, you can get coverage just for that event. However, insurance is also available for recurring events that can be purchased as an annual policy.
Event Cancellation Insurance
What if your event had to be cancelled? Think of the problems that would create and you could end up owing a great deal of money. Event cancellation coverage will take care of things if something happens to cancel your event. Maybe it's an outdoor event and the weather makes it impossible? You never know what is going to occur.
Liquor liability may be standard or optional with some policies. There are two types of coverage for alcohol related incidents. If you serve a guest alcohol and he or she causes problems or drives intoxicated and someone is injured, you could be responsible. This would require liquor host insurance. If you sell someone liquor at an event and problems result, you would need liquor liability insurance. Although their two coverages are similar, one is basically for individuals and the other for businesses.
Rental Auto Liability for Businesses
If you are renting vehicles in Massachusetts for your event, you should invest in rental or non-owned auto liability. This provides coverage for you or someone driving a vehicle you rented, if damage from an accident occurs.
Inland Marine Insurance
If you must haul supplies or items to your event, you may wish to insure them for transport. Inland marine insurance will take care of this.
Who Needs Event Liability Insurance?
Anyone holding an event with several people should consider this coverage. After all, anything can happen. Event planners, event sponsors, vendors, exhibitors, non-profit fundraisers, theater productions, and political dinners, are just a few examples of events that should be insured. In fact, if you rent a building (like a reception hall) the owner will require you to have proof of coverage. Businesses should also invest in liability coverage when they hold events like trade shows or special promotions.
You know how important it is to insure your home, car, and health. However, many people fail to realize the importance of private events and you never know when the unexpected will occur. Something as simple as a party with a few guests or a small wedding reception can end in disaster if you fail to plan ahead. The same thing goes for business owners. Every event you hold must be protected or you could lose your business.
It is always best to err on the side of caution when it comes to events and that is why special Event Insurance was created. This gives you important peace of mind, knowing if someone is injured or if something gets damaged, you will not be responsible. All you have to do is contact your insurance agent, and the matter will be promptly taken care of.
When you need Special Event Insurance in Massachusetts you can count on us to provide you with everything you need. We are an independent agency that has been serving individuals and businesses in the Boston area since 1949. We have extensive experience with insurance for arts & entertainment events, as well as private events. When you insure with Risman Insurance Agencies, your entire event is covered, including the load in and load out dates. (These are times before and after the event, where vendors and other people are setting things up or removing things.)
Contact Risman Insurance Agencies today and we can go over your needs with you and customize your event policy. We offer quick response and turnaround times with the option to pay online. Keep your finances safe and sound with Event Liability Insurance. Call us at 617-728-9898. Or simply fill out the easy to use online quote form.