MONDAY, JUNE 19, 2023
A special event can mean a lot of people and different risks. Your business insurance needs to reflect how you operate your company during these events. If you do not have the right coverage in place, you may struggle with claims that occur.
General liability insurance, in particular, may need an update. This insurance covers businesses from third parties that make claims against your company. If a mistake occurs, it could mean financial loss that is significant--without the right coverage, that is. With the right coverage in place, your event can go well.
Why Special Events Increase Risk
There are many types of special events. Each one is a bit different in what it offers. However, every event can add more risk to your company. Here are a few examples. In these cases, you may need more general liability insurance.
A Lot of People
If the event will bring in a large group of people, risks increase. There is more of a chance someone will fall or otherwise suffer injuries at the event. It is important to have special event coverage if you plan an event with large crowds. 
A Different Location
Another time it is essential to update your policy has to do with location. Your current policy usually covers your business’s typical location. If you hold an event offsite, you may lack coverage. Again, you may need special event protection in this case. The goal is to cover the location and those in attendance.
High-Risk Activities
You never want to encourage people to take on risky behaviors. Yet, some special events may include this. This is especially true if you bring in outside performers or parties into your business. If you hire a third party, be sure they have adequate liability insurance in place. In all cases, check your current liability coverage carefully. Be sure there are no exclusions listed there that could lead to your financial loss. Your goal is to protect everyone else at the event.
How to Update Your Policy
The right type and amount of general liability insurance is critical. Your business needs to have this protection in place prior to hosting any event. Discuss your event with your agent. Talk about what will happen. Discuss who will be there. Then, determine if your current coverage matches your risks. You may need a special rider for your event. The good news is this is an inexpensive upgrade. Most often, it is well worth the peace of mind it offers.
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