Is an event liability insurance suitable for every event and can anyone buy the policy?
These are some of the most common questions people ask when they’re inquiring about buying an event liability insurance. The reason for such questions is absolutely logical.
An event often involve several different people either as guests, colleagues, friends, family members or people in a community or neighborhood.
Sometimes, when people gather together in a specific venue at the same time, some unexpected thing could happen either such as a damage to a property or even an injury.
This is why you should consider buying an event liability insurance if you’re planning to hold an event.
So what exactly is an event liability insurance and how does it work?
Event Liability Insurance: How It Works
Event liability insurance was created to protect you against expenses if you’re held liable for an injury to one or more individuals, or property damage that occurred during your event.
For instance, if one of your waiters fell and broke his ankle or one of your guests broke a plumbing pipe in the bathroom.
Your event liability insurance can help you cover for the costs of fixing the plumbing pipe and paying for your guest’s medical bills if you’re found responsible for both incidents.
But does event liability insurance cover all types of events? Or is it only available for some types of events and individuals?
Events Eligible for Event Liability Insurance
Generally, this insurance coverage is mostly suitable for private events. These include:
- Baby showers
- Retirement celebrations
- Birthday celebrations
- Anniversary events
In most cases, event liability insurance is often valid during the day the event is holding. But you can play it smart to ensure that you already have a coverage a day before the event.
But how can you tell if you need this insurance or not?
Is This Insurance Suitable for Your Event?
There are several different key things to consider to figure out if event liability insurance is suitable for you or not.
It is part of the standard policies of some event venues to request for an event liability insurance. However, many venues where events are held have at least one liability insurance policy.
So once you choose a venue you should verify if part of their requirements involves having an event liability insurance and to ascertain what risks their insurance cover or not.
This can help you figure out if your event liability insurance can help you fill any coverage vacuum.
If you’re planning to hold an event at your home, start by assessing your homeowners policy’s liability coverage to figure out what it covers or not.
While you’re wondering what injury or property damage could happen while you’re celebrating your birthday party at your backyard, if one of your guests trips on the dance floor and hit his head on the wall or if one of your cousins fell while carrying your cake across the room and broke her ankle, you may be responsible for the costs of whatever injury or damage that is caused by both accidents.
Sometimes, what you least expected can occur. So if an accident occurs and you’re found liable for the ensuing medical bills, your event liability coverage can protect you against the costs.
Other Key Things To Note
Aside, verifying with vendors, the venue as well as your own homeowners insurance about their coverage limit, the III indicates that you could have some protection via credit card warranties.
So make sure you reach out to your credit card firms and assess any current warranties to verify if they offer liability coverage. If you’re bothered about questions regarding to what may or should not be added in a different event insurance policy, you should reach out to your agent.
Optimistically, your event can go exactly as you expect. However, this type of insurance can help you cover unexpected damage or injury in the event that something that trigger damage or injury occurs.
So should you buy this insurance policy or not? Your decision should be based on the size of your event, location as well as the number of people you’re expecting.
If you’re expecting a fairly large crowd in a public venue or even at your backyard you should consider buying this insurance coverage.