Event Coverage - Don't Be a Host Without It

Planning a huge wedding? Is your civic group sponsoring a charity race? Will your Girl Scouts troop offer a weekend of self-defense training?

Do you have adequate insurance coverage?

Yes, insurance. If you can sponsor, host or organize an event - any event - you may also be responsible for insurance coverage. If you are working with other groups, insurance may even be required.

What exactly are you insuring?

In most cases, you are protecting your organization from liability. For example, if someone trips over an extension cord or a fire takes out half the vendor booths, you might be sued to cover medical bills or damaged goods. An insurance policy can help protect your organization.

Some insurance covers economic losses if the event is cancelled. If a hurricane sweeps across the race track, some coverages cover the costs associated with mounting the event - costs you cannot recover if the event does not go on as scheduled.

How about travel - maybe taking your church group to Jerusalem? You can purchase insurance to cover up-front expenses if the trip is cancelled, medical insurance to bring a sick traveler home, liability insurance for lost luggage, or a combination of these.

How do you get coverage?

You can either add an event to an existing insurance policy or purchase one-time insurance specific to the occasion.

Most organizations have some insurance, often to cover their facilities. Your insurance agent may be able to add an event, for an extra fee, to your current policy. Once the event is over, the policy returns to its normal conditions.

If your insurance company is reluctant to add an event, there are companies which specifically handle event coverage. Whether it's ongoing (a touring exhibition of alligator art) or a single occurrence (a skateboard expo at Treaty Park), some companies specialize in conventions, sporting events, concerts, bingo tournaments or anything which you can imagine, sponsor and welcome participants to.

How much does event coverage cost?

Each event has its own level of risk, and the amount and variety of coverage available is extensive. For example, if you're hosting a poetry conference at the beach under a huge tent, your agent would ask whether you own or will rent the tent (property insurance), whether you will hire assistance or rely on volunteers (workers compensation) and whether the closing dinner will serve alcohol (liquor insurance). Your agent can then suggest an appropriate package with adequate amounts of coverage. Without the one-on-one consultation, however, a quote is difficult to make and will not be guaranteed.

When do you get started?

As soon as possible. It takes time to assess risk and work up a quote. The process may sound a little intimidating, but the security is well worth the investment. If you have an upcoming event - in six days or six months - contact The Pinnacle Group today. We offer a variety of products to meet your needs and insure your peace of mind.