An Introduction to Event Insurance Essentials

Ask any seasoned event planner, and they will tell you to expect the unexpected on the day of the event. While certain occurrences can be handled by quick thinking and taking preventative measures, other things that could go wrong may require insurance. As a result, it’s important for event and meeting planners to have a good grasp of basic insurance principles to ensure that they have the proper coverage for their events.

Key Insurance Terms

In order to gain an understanding of insurance for events, it’s important that you understand the jargon. Here are some key terms you should know:

• Insured – The person or organization purchasing the insurance and that will be named on the policy.
• Broker – The “middle man” who has a relationship with a number of insurance companies and can get you (the customer) multiple quotes for insurance for your event.
• Underwriter – An individual who works for an insurance company and provides quotes either directly or through a broker.
• Additional Insured – A party who has asked to be named as an “additional insured” on your policy to ensure that they’re also covered if an accident happens. This could include your venue, suppliers, etc.

Examples of Exposures at Events and Meetings

The following describes certain types of exposures you could face as an event planner:

• Cancellation of the event due to a pandemic, natural disaster, or other catastrophe
• Loss of revenue due to adverse weather conditions that affect ticket sales, concessions,
  parking, etc.
• Damage to the venue by attendees
• Injury to someone at the event
• Lawsuit due to negligence
• Theft or damage of rented equipment
• Accidents related to alcohol consumption
• Accident or damage caused by a vendor or exhibitor

Special Considerations for Event Insurance

It’s recommended that event and meeting planners consider the following to ensure their events are properly covered with adequate insurance:

• Make sure you have insurance for all your exposures. Consult an insurance professional to determine where you might be at risk or exposed.
• Ensure that your vendors and subcontractors have their own liability insurance and name you as an additional insured on their policy.
• Have a contingency plan in case something goes wrong. If you can’t have a viable back up plan, consider what insurance you may need to mitigate any risk.

Types of Insurance to Consider for Events and Meetings

The following are types of insurance that you should consider for your upcoming meetings and events:

• Special event liability insurance
• Event cancellation insurance
• Weather insurance
• Prize indemnity and promotional insurance
• Errors and omissions insurance

Taking all the above factors into consideration can help make sure your events run smoothly and are protected in the case of an emergency. Remember, always consult an insurance professional to ensure you and your events are protected.