Protect Yourself - Not Every Event Is 100% Fun!Special event liability insurance is specialty insurance that helps indemnify the host from claims arising from accidents that might take place during an event. The host would be protected for damage to the facility caused by any guest or vendor. It also provides bodily injury to guests and alcohol-related accidents they are found responsible for (so long as liquor coverage was included in the policy). Event liability insurance can cover class reunions, birthday parties, house warming parties, private holiday parties, memorial services, retirement parties, Quinceanera and Sweet Sixteen parties, and any other special event you can think of. When it comes to business functions, event liability insurance will cover non-profit functions, corporate parties, fundraising events, business dinners and meetings and any event a company would feasibly hold. Event liability insurance has to be purchased at least one full 24-hour day prior to the day of the event. It can be purchased in advance by 2 years. Further, up to two honorees can be added to the event liability insurance policy so they can't be held liable for something that might occur at the event. In other words, if you throw a party for your son who graduated college, you can add him to the policy so he is not held liable for any damages. The venue you hold your event at can also be added as an insured to the event liability insurance. You cannot add vendors, though, so your caterers and bartenders and musicians are on their own. Whomever signs the event contract with the entity where the event will be held is the person whose name is on the event liability insurance policy as the named insured. There is most likely no deductible for the general liability coverage, but as far as third-party property damage goes, there is usually a $1,000 deductible. This is important coverage to have. It protects you and/or your company from difficulties arising from careless guests and careless venues. The last thing you want when you throw an event the magnitude of a large wedding or retirement party is to find out later on down the road you are being sued because of someone falling on the water spilled by the caterer during dinner. Keep in mind that today, people sue for so many different reasons that it is best to have the best event liability insurance you can afford. This way you are protected, your venue is protected and your host is protected. |