Any business that throws events knows they need some type of liability insurance for events. What many businesses do not know is that there are some things that can be included in the insurance policy and other aspects that cannot be included. Anyone securing a coverage plan for an event should definitely be sure that every aspect of an event that they would like to see covered is included in the event.
On top of this, it is also important for companies who already have this type of coverage to recheck their insurance and be sure that they have everything in the coverage that they need.
When it comes to understanding the exclusions in certain liability insurance for events, it is kind of hard to decipher them. However, there are some aspects you can easily check for. The first thing is time compensation. Some insurance companies offer this in their insurance plans.
Time compensation will cover you for the time that you have to be out of the office or away from work, for a trial that results from a claim that guest at one of your events files. You can easily see how this little item could save you a lot of money and why it is important to make sure it is not excluded from your event.
Another aspect people do not think to check for is the time frames you are covered. Some insurance companies sneak in peak times in which, if an incident occurs, your company will not be covered. It is very important to check for these. The last thing that is really easy to check for is intended and expected damages.
This means that if an accident happens that is very obvious and could have been prevented it will not be covered. In order to win a claim like this you have to prove what you were thinking and that is very, very hard to do. Reading the fine print in your insurance will make sure that your company has all the protection they need.
All major businesses should have some type of liability insurance for events. However, this is especially important for businesses who throw different types of events. They need liability insurance for events in order to protect themselves from the many things that could go wrong. You can never predict what someone might trip over or when they might fall.
There is no way of knowing whether or not your equipment will have a freak malfunction or what kind of problem or injury that malfunctions could cause. Businesses should always be sure that they have adequate protection. This will provide them with the peace of mind and it will allow your guests to enjoy themselves and you to enjoy your own event.
Protecting a business should always be number one on the “to do list”; however, there is no way to prevent accidents. They just happen. With the right liability insurance for events though, you can protect your business if an unforeseeable accident does happen.
By James Clapton