Four Types Of Special Event Insurance You Need To Consider

It’s not uncommon for most venues to require that a client buy Special Event Insurance. Purchasing this type of policy will protect the event planner, medium, and your guests from any potential liability. The following are four reasons to buy this policy:

General liability insurance

Special events can be the most expensive event, so it’s essential to have general liability insurance from Thimble. This protects you from lawsuits, medical costs, and other expenses for guests injured at your event. It can also cover damage to third-party property or venues.

There are many types of special event general liability insurance available. These policies are typically broad, covering a variety of lawsuits and damages. Some cover host liquor liability, which pays out for cracks that someone else may cause cracks. The limits and premiums vary depending on location.

Inland marine insurance

Inland marine insurance is business insurance that covers goods in transit over land and non-marine transport. The term was coined during the 1800s when river barges and railroad lines were preferred to transport trade goods. Inland marine insurance covers a variety of items in transit, including domestic goods exposed to loss.

Inland marine insurance for special events can cover business property. The policy may reimburse you for the depreciated value or replacement of your damaged property with similar or newer items. Before purchasing an inland marine policy, read the fine print carefully. Some inland marine policies have a coinsurance clause that penalizes claims.

Workers’ compensation insurance

If you are planning to host a special event or have many employees, you need to purchase workers’ compensation insurance for these types of activities. While general liability insurance will cover the general public, it will not protect your workers. However, workers’ compensation insurance for special events is mandatory in most states and will cover medical costs and loss of wages for employees who become injured on the job. This type of insurance is best purchased at least 14 days before the event.

Special event insurance aims to protect your business from third-party property damage and injury. You can also use this coverage to pay medical bills for employees and to cover the cost of replacing the damaged items if an accident occurs. Moreover, it covers the venue and equipment that is rented. This way, you won’t have to worry about paying for items and equipment replacement costs if someone gets hurt while working at your special event.

Hired/non-owned auto coverage

Hiring an automobile can be an expensive and risky proposition, but hire/non-owned auto insurance can protect your business against liabilities and accidents related to vehicle accidents. You can add hired/non-owned auto coverage to your general liability policy for a small premium. If you own a business, you should also consider hiring non-owned auto insurance for your employees. These types of policies help you pay for liability costs and protect your community and your employees.

Hiring non-owned auto coverage is essential for business owners because it protects them against potential liabilities. If they wreck someone else’s vehicle on company business, the hired/non-owned auto insurance policy will cover expenses. Non-owned auto insurance is required for many types of B2-B contracts.