Hosting events such as festivals, conferences, and celebrations open a business up to a lot of liabilities and risks. Coverages for events include property insurance, general liability insurance, employer's liability insurance, and cancellation insurance. Policies cost less if they are purchased far in advance, and premiums depend on the time of year, the type of event, and the level of environmental risk in the area.
A property insurance policy protects equipment at events whether it is owned, borrowed, or hired for the event. The policy generally covers property while in transit to and from the event as well as during the event. Damaged, destroyed or lost property is replaced on a "new-for-old" basis.
Special Event General Liability Insurance
A general liability insurance policy provides broad protection when an event holder or concessionaire must defend against lawsuits or pay damages for bodily injury or property damage. The policy can also include host liquor liability. Costs vary depending on the event and location.
Cancellation policies prevent financial consequences in case of an event's cancellation. This also applies when the event is not entirely canceled due to unforeseen circumstances like bad weather. Perils that are beyond the control of the event's host, such as a speaker dropping out, strikes or disease outbreak, are covered here.