Event business insurance cost
As an event professional, your budget takes center stage, and you may be wondering what Event Business Insurance costs. Whether you’re a clown juggling multiple gigs, a DJ spinning your wheels to customize a setlist, or a florist arranging deliveries for several clients, you need a financial plan to make it all work.
But have you planned how to pay for an accident? Working in the event industry can involve a lot of risks, and if something goes wrong, your business can be sued. Even if the claim is frivolous, one lawsuit can put you out of business. We’re taking the mic to break down Event Business Insurance costs and how insurance can protect you.
How much does Event Business Insurance cost?
Whether your event lasts for days or just a few hours, Thimble has a plan for you. We offer flexible Event Business Insurance policies, so you can buy coverage by the hour, day, week, or month.
Here are the average costs of Event Business Insurance:
If you own a building or equipment that you use for business, you may also want to purchase a Business Owners Policy (BOP), which bundles general liability insurance with commercial property insurance, for an additional cost.
What factors influence Event Business Insurance costs?
If you’re a personal chef, for example, the fee you charge for a gala versus cooking for a quiet dinner of two will be pretty different. Just as no two events are identical, every event business is a little different. Here are some of the variables we look at when determining your specific Event Business Insurance cost:
Your ZIP code will factor into your Event Business cost. Densely populated urban areas tend to have higher levels of risk, and that is reflected in the premium cost.
With Thimble, you can purchase Event Business Insurance by the hour, day, week, or month, meaning you only have to pay for insurance when you’re on the job. If you’re purchasing coverage just for an event, then the length of your event will factor into the cost of your Event Business Insurance.
The size of your crew can affect your Event Business Insurance cost because larger events and teams come with a higher risk of accidents. While you may need all hands on deck to pull off the party, the chances of an accident increase along with the number of hands involved.
Amount of coverage needed
Just as more shrimp trays feed into a higher event bill, the more coverage you need, the higher your Event Planner Insurance will cost. Deductibles factor into this as well. If you’re willing to pay a higher deductible, it will lower your cost.
What does Event Business Insurance cover?
Here’s everything that Thimble’s Event Business Insurance covers, so you can check it off your list:
Third-party, non-employee injury claims: Let’s say you’re a balloon artist working at a party. You don’t disclose the material in your balloons, sending a guest with a serious latex allergy to the hospital. You may be responsible for medical costs, in which case you’ll be glad you have Event Business Insurance.
Third-party property damage: If you’re an event planner, part of your job is finding beautiful and unique venues to host parties. If a party guest bumps into a garden sculpture and breaks it, you could be held responsible for the damages. Event Business Insurance can help cover the cost of a replacement.
Defense costs: No matter how much you plan, some events are still out of your control. For example, if you’re a wedding singer and the band you planned to play with for a wedding turns out to be a no show, your client may decide to sue you for not fulfilling your contract. Event Business Insurance will provide for the investigation of claims and your legal defense.
Errors & omissions: Mistakes happen, even when we try our best to plan for them. For example, if you’re a tour guide and accidentally double-book a scenic tour, a client may sue you for negligence because it ruined their corporate retreat. Event Business Insurance can protect your business from the financial consequences of costly mistakes like this.
Commercial property insurance: If you have physical property, whether that’s a building or equipment you own, it may make sense for you to purchase a Business Owners Policy (BOP), which combines general liability insurance and commercial property insurance in one convenient policy. For example, suppose your event planning business occupies a large office or owns a venue. In that case, a BOP can protect your office or warehouse and the contents within it from damages and loss — while also covering any general liability claims.
To Thimble, you’re the star
No matter the occasion, Event Business Insurance can protect your business from the financial consequences of third-party claims. Event Business Insurance costs an average of just $36 per month, and you can purchase a policy by the job, month, or year to meet your needs.
Stay ahead of the game and get an Event Business Insurance policy that’s as flexible as you are. Click “Get a Quote” or download the Thimble mobile app, answer a quick set of questions, and get covered within minutes. From there, you can pause, modify, or cancel your policy at any time. Mic drop.
Event Planner Insurance cost FAQs
Do I need my own Event Business Insurance policy if the company I work for carries business insurance?
If you are an independent contractor for a larger company, their business insurance policy may not cover you. Even if you are a full-time employee, a litigious client may try to sue you as an individual for negligence during their event. Therefore, it is always best to have Event Business Insurance to protect yourself.
Do I need special event insurance if I have Event Business Insurance?
Yes. Special event insurance is a specific type of liability insurance that protects you against the risks associated with organizing or participating in a special event, including third-party bodily injury, property damage, and liquor liability. Event Business Insurance differs in that it covers you for the day-to-day risks of your job, and it does not provide liquor liability coverage.
How can I protect the equipment I bring to events?
You can protect your owned or rented equipment with a Business Equipment Protection plan. This type of coverage works no matter where you take your gear!
What do I do if a client wants to see that I have Event Business Insurance?
Thimble allows you to generate as many Certificates of Insurance (COI) as you need to show that you have coverage, at no additional cost. You can download your COI in seconds online or straight from the Thimble app to provide proof of insurance to a client or venue owner.
Can I be held liable for accidents and mistakes my event staff makes?
Entertainment professionals may rely on dozens of independent contractors to pull off events, including photographers, musicians, and assistants. However, if a member of your crew causes an accident or makes a mistake, your client may hold you liable. Event Business Insurance protects you from third-party claims.
Does Event Business Insurance cover injuries to my employees?
No. Event Business Insurance covers third-party injuries and claims, not employee injuries. Most states require workers’ compensation insurance to protect your business from the financial consequences of an employee incurring a workplace injury.