Event Insurance: Minimizing Financial and Legal Risks
The Spring season is the season of Events. Weddings, music festivals, fundraisers and a lot of big and happening events are planned. However, there is no particular season for organizing events. Being in an event business is tough, time-consuming and risky. It takes a lot of effort, creativity, patience and stamina to organize and finish off an event successfully. There are numerous challenges that you have to deal with while organizing an event starting with operational issues, climatic challenges, delay in transportation, legal risks or anything else that can become a hurdle in making an event successful.
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?
Event Insurance covers you in case something unexpected happens and turns your event into a disaster. It doesn’t matter what type of event you are planning, big or small, wedding or memorial day, event insurance will be by your side if you face any financial loss because of the event. It is not only financial coverage, but it also saves you from legal obligations.
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
Whenever you plan an event you have to make sure that everything goes as planned. You will be held responsible for all event-related aspects from food to the safety of event attendees. You can get bankrupt if anyone files a lawsuit against you or your company. Event Insurance saves you from legal and financial liabilities. iSmart has years of experience and provides you most suitable event insurance plan and ensures that the plan offers adequate coverage to cover every contingency.
Coverage Offered by Event Insurance
An Event Insurance provides coverage for
- 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.
Coverage of event insurance can be customized depending upon the type of event you are planning. iSmart is one of the trusted and renowned insurance brokers based out of Alberta. We offer an Event Insurance plan starting from $100. We are available 24×7 for assisting you. At iSmart you can buy Event Insurance even 1 day before the event. We help you throughout the process including the claim process. If you want to file a claim you just have to get in touch with our team and submit the required documents.
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.
You must share details of your event with your insurance provider to get the right coverage. At iSmart, we have professional insurance advisors and sound knowledge about different Event Insurance plans. We understand the need for local Albertans and the risk you face. We suggest the most suitable event insurance at the best possible rates.
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.
There are optional coverage available for Event Insurance that you can take depending upon the type of event you are organizing. To know details about different optional coverage available, call iSmart insurance agent now.
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.
Name an event and we will provide suitable insurance coverage. We are available 24×7 to assist you.