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Who needs event planner insurance?
Event planners, who handle all aspects of planning public, private and corporate events, from ideation to logistics and execution, should have professional and general liability insurance. Problems can pop up when working with clients who have issues with specific approaches and methodologies, or in case of an incident like an injury at an event. Obtaining insurance is a great way to protect yourself while continuing to provide beneficial services to your clients.
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Policies available for event planners
For most event planners, there are three main types of insurance policies that are worth considering, each of which provides its own unique aspects of protection to assist you in running your business smoothly and effectively.
Professional liability insurance for event planners
Professional liability insurance—also commonly referred to as errors and omissions or E&O insurance—provides a number of benefits to event planners, including coverage for personal injury (libel and slander, for example), defense costs, negligence and also claims against past-rendered services. Though claims such as fraudulent acts, bodily injury and property damage usually aren't covered by professional liability insurance, this type of insurance is very important for professionals who regularly provide services or advice to clients.
Consider this example. An event planner is working with a new client to plan their annual customer appreciation event. Just before invitations are due to go out, the client changes the date of the event because the venue is unavailable. The event planner changes the date on the printed invitations but neglects to do so on the electronic invitations. The mistake is not discovered until a few days before the event. The corrected invitation is posted but the client blames the planner for lower-then-expected attendance and sues for lost revenue.
Should a client react negatively to your work as an event planner, accuse you of breaching a confidentiality agreement, or otherwise feel as if they or their business have been damaged in some way by the services you provide, they may choose to sue you or your business. Potential issues can come in a number of different forms, and one way to protect yourself is with professional liability insurance.
General liability insurance for event planners
There are some scenarios that aren't usually covered under a professional liability policy. Event planners can also benefit from general liability, commonly called commercial general liability (CGL), which covers property damage, claims of bodily injury and associated medical costs.
Here’s an example of how general liability insurance can protect an event planner’s business. A client comes to an event planner’s office, which is in their home, to discuss an upcoming event. As the client is leaving, he or she trips on the steps and fall, injuring their wrist. The planner is liable for the costs associated with the client’s injuries. Because the client was at the planner’s office for business purposes, homeowner’s insurance won’t cover this cost, but general liability insurance for the business will.
In most situations, event planners are asked for general liability to do any kind of work at event venues for weddings, parties, and more. Though your property won't typically be covered under general liability insurance, damage sustained to third-party property will be.
Business owner policy (BOP) for event planners
For some event planners, a business owners policy (BOP) may make sense. A BOP is a combination of general liability and business property insurance typically used to provide coverage to small businesses with the aim of protecting valuable equipment, such as computers and other electronics, trade show booths, and office furniture.
Here’s an example. An event planning company rents space in an office building. One weekend, the building catches fire and the company’s office furniture and computer systems are destroyed. A BOP policy could cover the cost to replace the equipment and get the company back up and running. .
Why do event planners choose Hiscox?
At Hiscox, we understand just how much work goes into being an event planner. Whether you've opened your own business or are working in a different capacity, we can help you grow your career by reducing risk with our insurance policies, allowing you to focus on what really matters—providing exceptional services to your clients.
Here are six reasons why event planners choose Hiscox above other providers for professional liability insurance and general liability insurance:
- Flexible payment options: We offer you the option of making monthly payments (with no additional fees) to help you manage your cash flow.
- Tailored insurance: We specialize in businesses like yours and tailor coverage to the risks in your field.
- Claims responsiveness: When a covered claim is reported, we will immediately defend you—even if the claim has no basis—and, if necessary, appoint an attorney.
- Coverage for contracts: Our insurance coverage satisfies most standard contract insurance requirements.
- Worldwide coverage: We protect you for work done by your business anywhere in the world, as long as the covered claim is filed in the United States, a U.S. territory or Canada.
- Passion for service: Agents knowledgeable about your business concerns will provide you with excellent service—4.7/5 people surveyed recommended us.
Ready to learn more about how Hiscox insurance can help mitigate risk with event planning small business coverage? Get a fast, free quote online. If you have questions, call us at 1-866-283-7545 and speaking with a Hiscox licensed agent, Monday – Friday, 7am – 10pm ET.
Hiscox Customer Reviews
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The agency was vary helpful , professional and well informed they gave me a good fair rate! As I'm just starting a company this was most important!
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This information is provided to assist you in understanding the coverage we offer and does not modify the terms and conditions of any insurance policy, nor does it imply that any claim is covered. Coverages are subject to underwriting and may not be available in all states.