Event Insurance: Minimizing Financial and Legal Risks
Each event is unique and has unique requirements. Planning a successful event and implementing it successfully are two different things. There are huge operational and financial risks involved. It is important to plan each step of the event attentively and with a stress-free mind. The stress of failure can impact your efficiency and reflect on your work. Event Insurance is an insurance product that will decrease financial risk and make it possible for you to focus on other important things.
Why Event Insurance is Essential?
Risks Involved While Planning an Event
- Anyone getting injured or sick.
- Guest getting food poisoning.
- Lawsuits because of damage to the property or person.
- Damage to rented automobiles, equipment etc.
- Legal lawsuits filed by clients
- Cancellation or delay in events because of unavoidable circumstances
- Unfavourable climatic condition
Coverage Offered by Event Insurance
- Any damage caused to a vehicle not owned by you or your company.
- Medical-related expenses.
- Loss of deposit you have paid.
- Expenditure because of postponing or cancellation of the event.
- Any loss or damage occurred to costly apparel or Jewelry.
- Legal action against any damage caused to the property of the event.
- Coverage against any legal action injury caused to any person during the event.
- Theft or damage of any goods.
- If there is any damage caused or loss of event photography or videography.
You Need Event Insurance if
- You are organizing any event, big small doesn’t matter.
- You are responsible for the well-being and safety of people coming to the event
- You are renting a place for the event.
- Do not want to take risk of financial losses in case anything goes wrong.
Things You Must Consider While Purchasing Event Insurance
- The maximum coverage you can get is up to $5 million.
- If you are serving liquor then you have to submit a valid liquor license number for getting that event insured.
- Liquor Liability coverage is additional coverage that keeps you safe from any type of claims that are related to serving liquor in your event.
- Coverage offered for liquor liability is the maximum of up to $1 million per incident or $1 million on average.
- General Liability (GL) coverage will not insure you against any liquor-related risks.
- You cannot get insurance for the event you are organizing outside of Canada.
- The minimum deductible option available is $1000.
- You can purchase insurance before 30 days of the event.
- While purchasing Event Insurance you have to choose the approximate number of people who will be attending the event.
- Premium is not refundable in case your event got cancelled.
Range of events covered by iSmart Event Insurance
- Birthday Parties
- Sport events
- Graduation events
- Musical concerts
- College or school reunions
- Theatre Performances and many more.