Running a business means keeping an eye on company culture and employee morale. So, things like company picnics, office Christmas parties, and get-togethers throughout the year can be a great way to bring your staff together. But if something happens when your employees are enjoying themselves at a venue outside the office, your business could take a major financial hit – even if you have business insurance. Here’s why you might want to consider insurance for your business event.
Why do I need insurance for my company event?
Accidents can happen anywhere at any time, especially when people are more focused on fun than safety. There are also tons of other elements you may want to involve in a company party that you wouldn’t have at a normal day in the office.
For example, parties can include catering, a small bar, tiled ballrooms or event spaces, or even transportation to and from the event. All of these factors carry a certain amount of risk.
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So, what is business event liability insurance?
Special event insurance for company parties – sometimes called business event liability insurance – is a type of short-term insurance for a company that can help cover expenses that arise due to an injury at an event.
For example: Let’s say that one of your employees spills a drink on the floor of a tiled ballroom. While they’re off trying to find something to clean up the mess, a waiter carrying a dish in a hot skillet slips and falls on the puddle. They now have to go to the hospital for treatment of second-degree burns and possibly a hairline fracture to their arm.
Although the catering company may have their own business insurance, the waiter or the business’s insurance carrier can still hold you responsible for the waiter’s medical bills. Since the incident didn’t happen on your premises, your business insurance plan may not cover those costs. This means that your business is now responsible for potentially thousands of dollars in liability.
However, business event liability insurance can cover scenarios like this and many others.
What does business event liability insurance cover?
Special event insurance for businesses can cover a few main risks: General liability and liquor liability.
General liability for a special event can help you cover medical bills if someone at your event is injured. If an injury were to happen at your event, the fallout could be very costly. (If your business has general liability insurance already, check and see how a special event policy would work with it.)
The special event policy can also include coverage for damage to the premises. So, if someone were to damage your venue’s walls or possibly stain their carpet, this part of your special event insurance could help you cover the cost of repairs or cleaning.
Whether it’s just wine and beer or a full-on open bar, you may want to treat your staff to drinks during your event. However, if someone were to drive home intoxicated from your event and cause a car accident, your business could be held responsible. That’s where the liquor liability portion of your special event insurance can come into play.
Those are some of the general ins and outs of business event liability insurance. Ultimately, having this type of coverage can help save your business a lot of money and time for a low price.
Plus, if you want to save even more money on this already affordable insurance, call our insurance professionals. They specialize in getting quotes for the right special event insurance at a great price for your business. So, make sure you’re not missing out on some great discounts! Call us or fill out our online form to start your free quotes.