What Insurance is Needed for a Company Event?

Posted on Sep 28, 2018

What Insurance is Needed for a Company Event

Depending on the type of company you operate, you could find yourself hosting various company events throughout the year. The events could be for a variety of reasons from training to celebrating to simply building relationships within your organization.

Some of the events include things like:

  • Picnics
  • Holiday Parties
  • Retreats
  • Company Outings
  • Training Events
  • Product Rollouts or Launches
  • Team Building Exercises
  • Fundraisers
  • Charity Events
  • Business Dinners

Regardless of the type of event, you’re hosting on behalf of your company; it’s important to make sure you have the right type of insurance protection in case something goes wrong.

Events Coverage Insurance

Whether you’re hosting major events on behalf of your business or job training and team building get-togethers for your employees, special events insurance coverage can help protect you from a variety of potential problems that can arise during the event or after the event.

Some of the items you want to make sure are included in your special event policy include the following:

  • Rental equipment coverage. Protects you from financial fallout if speakers, chairs, tables, video equipment, and other rented items are damaged during the event.
  • Third party property coverage. Offers protection if guests spill cause damage at rental locations by doing things like spilling wine on the carpet.
  • Personal injury coverage. Provides protection from claims against your business for slander, libel, wrongful entry, etc.
  • Employers liability protection. Covers injury to employees that arise during the event and their medical expenses for treating the injuries.
  • Vendors coverage. If your entertainment causes damage to the venue or some other vendors cause damage while setting up, tearing down, or performing services at your event, this protection covers you.
  • Host Liquor Liability. If you intend to serve alcohol at your event, this is a must as it protects your business from liabilities related to intoxicated guests.
  • Cancellation coverage. If you need to cancel or reschedule your event due to unforeseen circumstances (like hurricanes, wildfires, etc.), this provides financial protection for your business.
  • General liability insurance. Protects your business from liability related financial losses when contractors damage the event property.
  • Umbrella liability protection. Provides protection above the standard limits of a special events policy. Some venues will require a specific dollar amount of coverage at the time of booking.
  • Hired and non-owned auto protection. This protection extends to vehicles used for the event itself as well as those being used to deliver, load, and unload equipment for the event.
  • Workers compensation coverage. This is critical if you plan to hire people to work at your event as servers, sound technicians, etc. and can save your business from major lawsuits if staff become injured while working your event.

The primary goal of this type of insurance protection is to prevent financial losses from occurring due to the activities, setting up, and breaking down the process for the event.

Do You Need Special Events Coverage for Your Event?

It only takes a single person to become injured, a fixture to be broken, or an accident to occur during the event to create crippling financial consequences for your business. Consider the costs of protecting your event with insurance an investment in the future stability of your organization.

Obviously, the goal is always to have things go smoothly at your events. But, what if the caterer had an unknown electrical problem and the food served at your event made some of your guests sick?

Insurance is about protecting your business from the unknown. Accidents happen. Sometimes despite the most meticulous planning. Insurance can help turn the tides so that one small disaster doesn’t become a financial tsunami for your business.

Getting the Right Coverage for Your Next Event

The key to remember, when it comes to special events coverage insurance, is that each company offers different policies and practices. Make sure you explore your options for coverage and costs, that you’re comparing similar policies and coverages.

Additionally, work only with a trusted independent insurance provider. This ensures that you’re getting access to the widest range of coverage options, allowing you to find a policy that works best for your organizational needs and to protect your business interests.

Planning a company event? Contact us here at Otterstedt Insurance Agency at 201-227-1800 for your company event insurance needs.

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