What type of business insurance does an event planner need? The job of an event planner is to plan and execute various social events. This includes weddings, birthday parties, corporate dinners and much more. There are various risks present in this type of business. Your business insurance should provide financial protection from each of those risks.
A key component of business insurance for event planners is liability coverage. It may provide financial protection in the event someone suffers an injury at an event. It may cover food poisoning, slips and falls and equipment malfunctions. Covered incidents may include:
- Product related services
- Personal and advertising injury claims
- Bodily injury claims
- Property damage claims
- Medical expenses for non-employees
This type of policy should fit the type of business. For example, liquor liability is an add-on type of investment. It is necessary when the event or host serves alcohol. It may provide coverage for alcohol-related incidents.
The coverage you need will differ from others. Work with an agent to ensure you always have ample protection to minimize your risks.
Event planners often work out of many locations. They go from one location to the next. Others provide a service out of a specific location. If this is the case, property insurance is necessary. It covers the building's structure from common perils. Protect all of your assets in a property policy. This includes equipment and computer systems.
Workers’ Compensation Insurance
Event planners with employees need to maintain workers' compensation insurance. It provides compensation to cover employee injuries or illnesses related to their job. Many states require all businesses to maintain this type of business insurance.
Commercial Auto Coverage
Some event planners travel from one area to the next to provide their service. When this is the case, commercial auto insurance may help reduce risks. It protects the business from claims against their vehicle. It also protects the vehicle from property damage, collisions, and other losses.
Business Owner Package
One way to reduce costs is to use business owner package, or BOP. It wraps most necessary coverage into one policy. This helps cut costs. You may be able to customize it to meet your business's needs.
Work with your business insurance agent to create a custom policy for your needs. Protect all of your assets. Minimize all of your liability risks. Create a policy that reflects the way you do business. Each aspect plays a role in protecting your company long term.
Need business insurance? Call Buschbach Insurance Agency, Inc. at 708-423-2350 for a fast, free policy quote.