Event planners continue to push the envelope with innovative, out-of-the-ordinary events and experiences. But regardless of how you choose to stage your next event, you’ll need to make sure your insurance is protecting your bottom line.
I worked in the hospitality and the special events industry for 20 years before going into insurance. Insurance isn’t glamorous, but without the proper coverage, you may be opening the door for catastrophic loss. To protect against future losses, you’ll need to make sure your agent is asking the right questions.
Consider these factors that could be creating gaps in your coverage: Are you holding your event out of state? Depending on how often and which states you’re working in, you may or may not be covered. Do you produce events out of the country? Again, depending on your carrier, if you have a loss outside of your normal country, your current carrier could deny coverage.
Alternatively, maybe you’re being asked to create a unique “experience” for a client. What if that experience includes fire or pyrotechnics? Are you negotiating that contract on behalf of your client? Does the special effects vendor have insurance? Are you, as the planning company, named in the policy? Are you verifying proper coverage?
Another scenario: Imagine you’re holding an outdoor event, where staff are permitted to bring their dogs. Who’s liable if a dog bites someone or another dog? It’s important to understand the liability issues in this case, too.
These are just a few instances to consider for your next event. Make sure you (or your insurance agent) are clearing these things up ahead of time to avoid headaches down the road.
About the Author
Marcia McKinney is an agency owner with Northeast Insurance Advisors. She works predominately in Minnesota but also holds licenses in Wisconsin, Illinois, South Dakota and Montana, where she was born and raised. The agency also has two agents working in Billings, Montana.
The International Live Events Association (ILEA) represents and supports more than 5,000 members globally—event professionals who do business together, share knowledge, nurture talent and progress the live events industry. For more information on how an ILEA professional can help you with your event, please contact firstname.lastname@example.org.