Event Planner Insurance: Do You Need it?

Professional planners are often more interested in finding the perfect venue than in selecting an event planner insurance package. While purchasing insurance may not be the most glamorous part of the job, it is an essential element in building a successful and lucrative event planning business. Individuals planning a special occasion can also purchase an insurance plan that provides coverage for a one-time event.

With just your ZIP code the FREE tool on this page you can assess policy rates and quotes now!

Many insurance companies offer event insurance packages. So it is important to compare and contrast premiums and packages in order to secure the best coverage possible within a prescribed budget.

What This Coverage Does

Event planner insurance covers all the possible accidents and damages that a professional planning company or individual may incur during the course of preparing for and hosting events for clients.

Many event venues will not do business with an event planning company that does not hold a substantial amount of event planner insurance.

In addition, planning an event involves utilizing numerous vehicles, employees, and pieces of equipment. All of these can potentially be damaged during the event. If no event planning insurance coverage exists, the financial fallout from a single accident can be devastating to the business.

How it Works

A professional event company or individual pays an insurance provider a monthly or annual coverage premium. ?In exchange for these premiums, the insurance company agrees to pay for any accidents or damages that fall within the insurance agreement. Some common insurance claims related to event planning include:

Since event planner insurance needs to span a number of different claim scenarios, it is virtually impossible to get total coverage through a single insurance provider. Thus, event planner insurance is often offered as a package deal through an umbrella company that does the legwork of sub-contracting the various coverage types to smaller insurance companies. This means that:

• All claims are filed through the umbrella company
• Premiums vary greatly, according to each umbrella company?s ability to negotiate deals with various insurance providers
• It is vital that event planners do their homework to find the best umbrella company and most affordable plans

Insurance to Include in an Event Planner Package

Commercial Auto: Event planners typically use rental or company-owned vehicles to transport equipment or event guests. The commercial auto coverage element of the event planner insurance package covers:

• Uninsured/Underinsured motorist
• Medical for injured parties
• Liability
• Comprehensive
• Rental car reimbursement
• Collision

The overall event planner insurance package premiums will vary greatly according to the amount of commercial auto coverage an event planner decides to purchase.

Various states require different levels of basic commercial auto insurance to legally operate business vehicles.

EPLI: If employees claim that an event planning company has violated their rights, Employment Practices Liability Insurance (EPLI) is what the company owner needs to pay for associated fees. This coverage covers:

• Legal counsel retainers
• Court/legal fees
• Settlement amounts

Of course, the amount of coverage required varies according to the number of employees and the state in which the business operates. Some common claims that fall under EPLI insurance coverage include harassment, wrongful termination, discrimination, breach of contract and failure to employ/promote.

General Liability: This covers property or bodily damage that occurs at a professional event planner?s storefront location, and at the event venues themselves. Insurance contracts generally have caveats written into the agreement which explicitly state which scenarios the insurance company will not be liable to pay for damages or injuries. It is important to read these agreements carefully to make sure all the terms are clear before signing on the dotted line.

Professional Liability: This covers lawsuits or damage claims from clients that believe an event planner was negligent or committed grievous errors during the planning or hosting stages of an planned event. Some common professional liability claims include negligent customer service, failure to deliver on promised services (i.e. catering, set-up, tear-down, transportation), sub-par technicians or service providers assigned to an event or fraud.

Workers Compensation: Most states require that professional event planning companies have workers compensation insurance in order to legally operate their business. This element of event planning insurance does not provide coverage for event guests, subcontractors, or even the event planning company owner. It only covers injury claims made by direct employees of the event planning company.

Property Coverage

Rented or borrowed property is not covered by property coverage insurance. Only the physical property belonging to the event planning company itself is covered, such as computers, sound and lighting equipment, and office equipment. Property coverage protects all items owned by the event planning company against fire, vandalism and theft.

Since there are so many elements that comprise event planner insurance, it is imperative to compare and contrast the numerous package deals available on the market. Individuals should never be afraid to:

• Negotiate for a better rate
• Ask questions about the fine print in insurance agreements
• Check with consumer watchdog groups to ascertain legitimacy of umbrella insurance provider, and individual subcontract insurance providers

The time it takes to select a comprehensive and affordable event planner insurance package via a reputable provider will more than pay off in the end.?To get started right now put your ZIP code into the FREE tool provided here!

Source: http://www.insuranceproviders.com/event-planner-insurance-do-you-need-it/

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