Are you planning on hosting a large scale event? Depending on the venue that you are going to be booking, you might have to have some form of event insurance for what you are going to be doing. If the venue does not require it, it is then your choice if you want to get it or not. If you are in this position, you have to weigh the pros and cons of having event insurance and how it will impact you.
Before you can make that decision though, you have to fully understand what event insurance is and learn what you can be covered for and what you will not be covered for. Here is everything you need to know about event insurance.
YOU WILL BE COMPENSATED IN THE CASE OF A NO-SHOW
If you are hosting an event where you are planning to invite other vendors and groups, you have to be prepared in the event that they do not show up. Their absence is not too big of an issue, however, all of the equipment that you would have rented for them can turn into an issue. You might now have tons of tables, chairs, tents, or any other pieces of equipment that you have rented for them just laying around doing nothing. The experts behind Netsurance state that with event insurance, you will be compensated for all of this equipment and if any damage has been done to them. With event insurance, you can rest easy knowing that if a group does not show up you will not be taking a hit financially. This means you should definitely consider event insurance if you are planning on hosting an event with a lot of other vendors who are going to be needing rental equipment as well.
CANCELLATION INSURANCE
We have all been in a position where we are forced to cancel an event even though we really don’t want to. Things like bad weather can happen, along with scheduling errors. By having event insurance, you will be able to cancel the event and be compensated for all of the expenses that you would have incurred. This is recommended especially during the pandemic as you can never be sure what is going to be happening in regards to regulations put out by the government. While some venues honor cancellations due to COVID, others are saying it is your risk to take on if you decide to book at a time like this. If your venue does not honor COVID cancellations, you are going to want some form of insurance to protect you in the case of an issue.
LIABILITY INSURANCE
The biggest thing that event insurance does, is that it covers you in the case of any liability. What exactly qualifies as a liability? If an accident occurs during your event, you are going to be held responsible for what is happening. Depending on the severity of the issue, you could even expect to see a lawsuit. Without insurance, you would have to battle this on your own and absorb any legal fees and payments. The event insurance will cover you if you are found at fault for a liability claim. It is important to note that liability insurance will only cover you if the injury is deemed to be accidental. If you intentionally injured someone during your event, you will not receive any form of insurance compensation for it. Protect yourself in the case of injury by having event insurance.
PROTECTION FROM DAMAGE
At your event there are probably going to be a lot of people moving around and coming in. What would happen if someone breaks an expensive piece of equipment that you have rented? Once again, if you have this type of insurance, you will be covered and will not have to pay out of pocket. Therefore this type of insurance is important if you are going to be hosting an event with tons of expensive equipment. While the chances of something breaking are low, the last thing you want is to incur a bill costing several thousands of dollars. Protect yourself from any damage with event insurance.
These are all things that you have to know about when it comes to event insurance. While it can be frustrating to have to make payments in advance for something that you might need, it is always better to have a safety net in place in case something does go wrong. It is also important that you find out what you are not covered for, so you can take the necessary steps to protect yourself in those areas. At the end of the day, as long as you are careful and have taken out the right form of insurance, your event should be a success. What type of event are you planning on hosting?
