The Role of Public Liability Insurance in Event Planning

As an event planner, you'll know that your job can be exciting and glamorous at times and demanding and stressful at others. Your researching, budgeting, planning, negotiating and booking efforts can culminate in a successful and memorable event — but there's always the chance something could go wrong. Safeguard your career and investment with Event Business Insurance. Discover what this type of coverage offers and how Public Liability Insurance from 1st for Women will protect your event planning business.

Why is Public Liability Insurance needed for event management?

The stakes are high in the business of event planning. The chance of things going wrong at a conference, music festival or wedding is high, and should something go wrong, the buck stops with you! If you haven't insured your event management business for liabilities before, it could be difficult to visualise how liability insurance for a one-day event works or what value you'll get from the cost of Public Liability Insurance cover. Imagine the following scenario: 

Lesedi is a new event company owner who booked a fancy function for a well-to-do client. She's excited and anxious about her first big gig and consults her business mentor for advice. He advises her to get Public Liability Insurance as protection against some of the following typical scenarios that often play out at public or private events: 

• Personal injury. Her mentor reminds her that the event will be attended by dozens of guests and staff members. Should anyone in attendance suffer an injury on the premises or during the event, Lesedi could be held responsible, subject to the circumstances of the injury. 

• Property damage. Lesedi has booked a popular venue known for its built-in art installations and unique furnishings. All fixtures of the property will be protected by her Event Business Insurance should they become accidentally damaged during her function.

• Contractual obligations. The venue has stipulated that Lesedi organise security at the function. If, for some reason, the security detail was found to be inadequate during the event, which resulted in property damage or personal injury, Lesedi could be held in breach of her contractual obligations. In this situation, Public Liability Insurance would cover the costs of any injury or damage and any legal fees. 

• Food and beverage safety. The event banquet will feature a seafood feast, as requested by the client. If the food fails to meet quality standards, Lesedi could be held personally liable following an investigation.  

5 Critical benefits of Event Business Insurance

Public Liability Insurance cover can come across as something that only addresses the fallout of problems after they've taken place. While this is true, it can also offer the following proactive benefits that can make your career as an event planner far more efficient and a lot less stressful:

1. Financial protection. Legal action against your business can rack up costs. Event Business Insurance can provide you with financial protection covering your legal defence and litigation costs.

2. Third-party cover. This will cover you for any harm or injury sustained by a third party or bystander who was impacted by one of your events.

3. Venue compliance. Most commercial establishments will require an event owner to have Public Liability Insurance as a contractual requirement. 

4. Protection for participants. Should anyone in attendance become injured during the event, public liability will cover their medical costs, subject to the circumstances of their injury. 

5. Reputation management. Maintain your good name in the industry. Public liability will provide protection against third-party claims or legal issues. 

There are several types of business insurance recommended for event planners. Take a look at the full scope of Event Business Insurance for event organisers and wedding planners. 

How to assess your insurance needs for event planning?

Whether you're investigating liability insurance for a one-day event or to cover your event planning business as a whole, you should ask yourself several questions to narrow down the type of coverage that will benefit you the most and give you adequate protection. For instance: 

• How many people are going to attend the event?

• What is the size and scale of the event? For example, will it have secondary locations or take place over several days?

• What are the risks associated with this event? 

It’s recommended that you consult with a trained insurance broker to sort out the finer details of what your public liability does and does not cover[1]. They may recommend taking out a separate business insurance policy once you uncover a particular risk, like intellectual property infringement. 

Compare the Public Liability Insurance cost from 1st for Women

Now that you know more about the risks you face when hosting an event, you'll understand the importance of liability coverage. Safeguard your eventing business with the right kind of insurance. Request a Public Liability Insurance quote online. 

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Sources:

[1] Mybroadband: What public liability does and does not cover

Disclaimer: The information in this article is provided for informational purposes only and should not be construed as financial, legal, or medical advice.