What is event insurance?
Event insurance is a specific type of liability insurance that covers the risks associated with organizing or participating in a special event as a vendor or exhibitor. It helps make sure that your assets are protected if something unexpected rains on your parade.
It may not always sound like it, but in insurance, we know a thing or two about parties, and if you’re throwing a party, you need event liability insurance.
Most folks have some insurance that covers their day-to-day exposures, but not for a special event. Thimble’s event policy can provide a short-term, affordable solution to avoid coverage gaps.”
What does events insurance cover?
Coverage for bodily injury and property damage to a third party, such as an attendee at the event or the venue you rented. Includes legal fees and payments for damages.
Coverage for legal fees and damages incurred because of alcohol consumption at an event. This is included in your event policy if you’re not selling alcohol, as in BYOB or open bar events. If you’re selling or serving alcohol as part of your business, you can easily add “retail liquor” liability coverage to your policy.
Who needs event insurance?
Anyone who likes to have a good time! But actually, event insurance is a necessity for any group of people coming together, including at:
- Anniversary parties
- Art shows
- Auto/car shows
- Birthday parties
- Business parties
- Corporate events
- Film shoots
- Photo shoots
- Special events
- Trade Shows
- Wedding rehearsals
- Yoga classes
- 5K/10K Runs
Why do I need event insurance?
For starters, most venues will require you to show proof of event insurance to use their space. Beyond that, you need event insurance because large groups, alcohol, and rented spaces are a recipe for a party and a recipe for potential disasters.
If you chose the menu and a guest has a serious allergy to fish, you could be on the hook (pun intended) if they end up in the hospital. If someone busts a move which in turn busts a window, you can expect the venue to pursue some money from you for the repair.
Say a guest is “overserved” and winds up injuring themselves or others once they’ve left the party. You could be hit with a mountain of problems way worse than any hangover.
Events mean risk, and risk means you need insurance.
How does insurance pricing work?
The cost of an event insurance policy with Thimble is based on just a few things: the kind of event, how many people will be there, where it’s being held, how long you need coverage, and whether or not you are selling alcohol.
Thimble makes event insurance affordable because it only works when you do. Buy coverage by the hour, day, or week, and save money when the party’s over.
- What kind of event is it? Block Party
- When is the event? Nov 28, 12pm-12am
- How many people are attending? 350
- Will you be selling liquor? Yes
What other kinds of business insurance do I need?
If you’re a professional event planner or organizer, there are several other types of business liability insurance that you may consider.
General Liability Insurance
Protects policyholders against risks like accidental bodily injury, property damage, and advertising injury to a third party. This coverage is essential for businesses operating across a range of industries.
Professional Liability Insurance
Designed to protect against errors & omissions claims—i.e., allegations that a job has been done improperly and resulted in monetary or reputational damage—is essential for a range of professionals, from consultants to photographers.
Essential if your business has employees or workers of any kind. This coverage applies to medical expenses and lost wages associated with work-related injuries and illnesses.
Learn more about event insurance:
Do I need event insurance if I’m a vendor at an event, such as a caterer, DJ, or performer?
It depends. Essentially, event liability insurance protects the person or business organizing an event. If you’re a wedding planner, PR consultant, or production agency hosting an event on behalf of a client, you’ll likely need event insurance. The same applies for people putting on events themselves without a planner, as is often the case with weddings and family reunions.
If you’re just booked to play a set, serve hors d’oeuvres, or take photos at an event that is not your own, you could still be named in a lawsuit related to the event at which you’re working. Or, the event planner could require that you carry insurance AND add the planner as an Additional Insured (more on that in a bit).
What is an ACORD certificate, and why is it important?
An ACORD 25 Certificate of Insurance (COI) is the standard document that proves you’re insured, with all of the details like the types of liability coverage (general liability, professional liability, etc.) your policy limit, and the duration of your policy. This is typically the document you need to show your clients that you’re ready to get to work. With Thimble, you’ve got instant access to your COI after purchase and the ability to make and send unlimited copies to the people who need it.
What is an Additional Insured?
An Additional Insured is anyone who wants to be protected in connection to your CGL policy. In many cases, this is the company or organization hiring you, because they want to ensure that if anything goes wrong while you’re working on their behalf, they will be defended and covered under your insurance.
What’s the difference between event and special event insurance?
In the insurance industry, various insurers use various terms to describe the same coverages. While Thimble does not currently offer event cancellation coverage, the terms “event insurance” and “special event insurance” are interchangeable and refer to the types of insurance offered for events. To understand the difference between two policies, it’s important to focus less on the name and more on the fine print to learn what is covered.
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