Event planning can be a lucrative and rewarding career, but it can also be a risky one. It’s important for event planners to understand the risks associated with their profession and to take appropriate steps to protect themselves, their business, and their clients. One of the best ways to do this is through insurance. Insurance can provide peace of mind, protect your business and your clients, and help you manage the risks associated with event planning.
But what types of insurance does an event planner actually need? This blog post will answer this question and help you gain insight into the specific insurance people in this profession should have.
Event Planners and Insurance
Event planners need to consider the types of insurance they need to protect their business and their clients. Depending on the type of events they plan, they may need to consider a variety of different insurance policies. Some of the types of insurance that event planners should consider include general liability insurance, professional liability insurance, and business interruption insurance.
1 – General Liability Insurance
General liability insurance is one of the most common and important types of insurance for event planners to consider. This policy covers any property damage or bodily injury that may occur at an event and is caused by the event planner or their employees. It also provides coverage for any legal fees or settlements that may arise due to a lawsuit.
2 – Professional Liability Insurance
Professional liability insurance is also known as errors and omissions insurance. This type of policy protects event planners from any mistakes they may make while planning an event. For example, if a client is unsatisfied with the services provided, they could sue the event planner. This type of insurance can provide coverage for legal fees and settlements.
3 – Business Interruption Insurance
Business interruption insurance is a type of policy that can help protect an event planner’s business in the event of a disaster. This type of policy provides coverage for any lost income that may occur as a result of a disaster. For example, if a hurricane were to damage an event venue, the event planner would be able to use this policy to recoup lost income.
4 – Errors and Omissions Insurance
Errors and omissions insurance is a type of policy that provides coverage for any mistakes or oversights that occur while planning an event. This type of policy can help to protect event planners from any legal issues that may arise due to mistakes made while planning an event. For example, if a client is unsatisfied with the services provided, they could sue the event planner. This type of insurance can provide coverage for legal fees and settlements.
5 – Liquor Liability insurance
Liquor liability insurance is a type of policy that provides coverage for any damages that may occur as a result of serving alcohol at an event. This type of policy can help protect event planners from any legal issues that may arise due to serving alcohol. For example, if a guest were to become intoxicated and cause property damage or injure another guest, the event planner would be able to use this policy to recoup any costs associated with the incident.
Conclusion
Event planners need to consider the types of insurance they need to protect their business and their clients. Depending on the type of events they plan, they may need to consider a variety of different insurance policies such as general liability insurance, professional liability insurance, and business interruption insurance. Event planners need to research their specific needs and purchase the insurance policies that are best suited for their business.
If you are looking for commercial insurance brokers in Kansas City, come to Pascal Burke Insurance Brokerage. We have a wide array of policies that cover not only general cases but specialty contractors.