How do you insure your event planning business?

1 What is event insurance?

Event insurance is a specific kind of insurance that covers various aspects of an event, such as cancellation, postponement, liability, property damage, and more. Depending on the type and size of the event, you may need different types of event insurance policies. For example, general liability insurance covers your legal responsibility for bodily injury or property damage caused by your negligence or the negligence of your staff, contractors, or volunteers at the event. Cancellation insurance covers the costs of canceling or postponing the event due to unforeseen circumstances. Property insurance protects against loss or damage of your own or rented equipment, materials, or goods used for the event. Professional liability insurance covers your legal liability for errors, omissions, or negligence in your professional services as an event planner. Finally, liquor liability insurance covers your legal liability for bodily injury or property damage caused by the consumption of alcohol at the event.

2 Why do you need event insurance?

Event insurance is not mandatory, but it is highly recommended for any event planner who wants to protect their business and reputation. Event insurance can help you avoid financial losses, such as reimbursements for deposits, fees, or expenses already paid or incurred in the event of a cancellation or postponement. It can also help you replace or repair property or equipment damaged or stolen during the event. Furthermore, event insurance may minimize legal risks by covering medical bills, legal fees, and settlements if someone gets hurt or sues you for damages at your event. Having event insurance can also enhance your credibility and show your clients, vendors, and venues that you are a professional and responsible event planner who cares about their safety and satisfaction. This can help you secure contracts and bookings, as some venues or vendors may require you to have event insurance before working with you.

3 How to choose the right event insurance policy?

Event insurance is an essential part of event planning that can help you safeguard your business and reputation. To choose the right policy for your event planning business, you should consider the type and size of the event, the location and duration of the event, the activities and services involved in the event, and the budget and preferences of your clients. Comparing different options from reputable and licensed insurance providers can help you find the best policy for your business. Additionally, it's important to carefully read the terms and conditions to understand what is covered and what is excluded. Moreover, you should review your policy periodically and update it as needed to reflect any changes in your business or events.

4 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?