Hosting special events involves a lot of forethought and planning. In the midst of all the details that must be attended to, it’s important to not forget about insurance. For, putting on events exposes hosts to potential risks that they might not normally face -- or have coverage for in their standard insurance policies. Event insurance policies help protect Massachusetts businesses and residents from these potential risks that can come with hosting events.
Event insurance policies are specialized liability policies that provide protection against many of the risks that are associated with hosting events.
Policies normally offer several liability protections but few property protections. For, event hosts face a number of possible liability risks, but they typically have little use for property coverages. Property used for events is usually already covered by a property policy that the owner of the property maintains.
As mentioned, event policies frequently provide multiple liability coverages. Some common ones that may be found in policies include:
These are just a few of the many different coverages that event policies might have. There are other coverages that may be appropriate for many events, as well as some highly specific ones. For instance, a few event policies offer liability coverage for live animals or aircraft. In most cases, hosts can find coverage for whatever activities they have planned during their event.
Some vendors require event hosts to add them to an event liability insurance policy. It’s usually not too difficult to add vendors to a policy, especially if they’re included in the initial purchase of a policy. Often, it’s even possible to include specific language that a vendor requests. An insurance agent can help with adding vendors to policies.
Event liability insurance policies may be purchased by individuals, businesses, or organizations holding events in Massachusetts. Individuals frequently use these policies to provide additional insurance coverage during birthday parties, weddings, and similar celebrations. Businesses and organizations might need coverage for company parties, fundraisers, sports competitions, public events, or other planned gatherings.
Because event policies can include different coverages and are used to insure various types of events, their premiums can vary significantly. Most of the time, however, policies are highly affordable for the amount of protection they afford. Since policies only need to provide coverage for a short amount of time, typically the duration of an event, insurers can keep premiums relatively low while still offering many coverages.
People, businesses, and organizations hosting events in Massachusetts can get help finding event insurance by contacting an independent insurance agent who’s licensed in the state. (Even out-of-state hosts can talk with an agent in the state.) An independent agent makes the process of finding the right coverage for almost any event simple.