Businesses tend to hold events that differ from their day to day operations such as an annual Christmas celebration part or a huge conference. Such events have a lot at stake- the reputation of your business and the huge monetary investment you make. Therefore, it just makes sense to go a step further and get hospitality and special events insurance to protect your business.
Now that the pandemic has gotten better and offline events are again a thing, your business will probably hold loads and loads of events with an expensive budget. With offline events, there are risks of accidents happening or cancellation of those events due to some unforeseeable reason- basically reasons out of your control. Therefore, now is the right time to consider special event insurance for your business.
Who Needs This Insurance?
If you are a business that holds a lot of events or someone in the hospitality business, your insurance makes sure you’re fully covered for the liability of the event.
Nobody knows what could go wrong. No matter how big or little the occasion, how tried-and-true or unusual your plans are, things can go wrong. And with insurance, you get peace of mind and the assurance that your insurance can prevent slip-ups costing more than you bargained for.
Hospitality and Special Events Insurance Coverage
Hospitality and Special Events Insurance protects your business by providing liability coverage for the specified event. Your insurance will provide you coverage for:
1. Property Damage
Any damage to the property of the venue is covered under special events insurance. The damages also include damages to the property as well as its contents including the furniture, electronics and inventory.
Say, you host a large fundraiser at an expensive hotel. One of your employees knocks over a tray of expensive wines. In such a case, your insurance will cover the cost of the expensive wine to let you buy a replacement of the same.
2. Bodily Injury
If any injury is caused to either your employees or any other third party during the event, your insurance will cover the medical expenses of the injured. Also, any legal expenses arising out of a lawsuit due to the injury will be taken care of by the insurance.
For instance, during an event, a guest trips down the stairs and endures a fracture. The guest then manages to sue your business for injury. The insurance will help you cover any legal expenses, as well as a settlement if that happens.
3. Cancellation Costs
If you have to cancel your event due to unforeseeable reasons such as harsh weather or scheduling problems, you can claim the money spent on the event. This would include venue booking costs, catering costs, money spent on any performer, decoration costs and any such cost relating to the event.
The insurance will help you get reimbursed for those charges to you, so you don’t have to worry about ways to recover the lost income.
4. Liquor Liability
Having alcohol at any event can raise the chance of injury or inadvertent property damage. It is extremely combustible. Not to forget, under alcohol influence, situations can get out of hand. Your insurance can cover the charges when an inebriated guest causes harm to another person or their property during the business event.
It is important to understand that coverage may differ for different insurance companies, as each business has its unique needs. An insurance broker can assist you in figuring out which coverage is the best for your business.
Cost of the Insurance
Since this insurance only insures an event, this is short-term insurance. Thus, you only have to pay for when you want your event to be insured. The cost of the insurance depends upon various factors:
- The size of your business.
- The budget of the event
- Number of people attending
- Risk in the event
- Location of the event
- Limits of the coverage
- If alcohol is served
- Duration of the event
- Industry risks
Get a Quote Today!
At Beneficial Insurance Solutions, we have access to a wide range of business and special event insurance firms, allowing us to provide affordable and unique hospitality insurance quotes and special event insurance quotes. Our licensed brokers will make the whole process easier for you by helping you navigate your policy so that you understand what’s covered and what isn’t. Read more about how we can help protect your business events here.