Special Event Insurance

Special Event Insurance

Special events insurance is the kind of insurance policy that covers the insured against liability for special events such as weddings, festivals, performances, large meetings and much more. This policy comes in handy in case a business is sued for any kind of mishaps or inconvenience arising from an event it hosted.

There are many special event insurance policies offered by various insurance companies and all are aimed towards protecting individuals in case of misfortunes. But these are just the ordinary kind of insurance policies. Due to financial crisis, insurance companies had to expand their roots by introducing another product, hence the birth of special events insurance.

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Who really needs a  special event insurance policy? Well, loads of businesses do. This kind of insurance is not only meant for large companies or hospitalities related businesses: Whether your business hosts fundraisers, sponsors trade shows, throws party off site, etc, you definitely need the special event insurance.

Festival planners, concert venues, commercial producers, advertising professionals and television production companies are among the top clients for Insurance companies offering this kind of cover.

When obtaining a special event insurance policy, you should really be cautious in order to choose the right kind. In fact, this kind of insurance can be categorized into two: the short term coverage and the general liability insurance.

The general liability covers protection against court charges on injury during an event: one of the attendees might have slipped and fallen due to slippery floor or maybe one of the guests suffered food poisoning. In case such incidences happen, you will not have to worry since the special events insurance will come to your rescue.

On the other hand, the short term special events insurance policy covers a wider scope. This kind comes into use in case of participant accident, volunteer accident, workers compensation, event cancellation, bad weather, prize indemnity, terrorism coverage, unfavorable weather conditions, prize indemnification and many more.

Another kind of insurance worth noting is the host liquor liability. This type offers protection against property damaged or personal injury as a result of over consumption alcohol. This kind of special events insurance is ideal in events that sell alcoholic drinks.

However, both the general liability and short term coverage vary from one insurance company to another. Normally, the type of coverage a rental facility or a venue will require is dependent on the type of event to be hosted. Both of these kinds of insurance are aimed at safeguarding your events against any lawsuits either because of injury or property damage.

Considering that the normal insurance policies are incapable of covering such incidences, the special events insurance is a worthy course.

Before settling for a specific kind of special event insurance policy, ensure you have conducted an intensive research to determine the exact type that you really need. You should also consider the monthly or annual premiums which vary from one company to another. It is always wise to settle for cheaper premiums as long as they are genuine. Another consideration you should put across your mind is the reputation of the insurance company providing you with the insurance as there are many scammers in today’s insurance industry.

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