Insurance For Event Production Companies

Insurance brokerage services aren’t reserved for individuals. Businesses of all sizes and industries can benefit from coverage, especially if you run an event production company. As with any event, you want the guests to have fun, be safe and not destroy the venue. But, you also want to protect your company, your equipment and most importantly — your employees. It doesn’t matter if you’re throwing a charity dinner, a bar mitzvah or a participant-friendly carnival, while spending your time behind the scenes making sure everything is running smoothly, you still need insurance.

Liability

Liability insurance is crucial for an event planning company. If someone slips and falls on the dancefloor in a venue you’re renting, you could be liable too. The venue itself will probably have their own liability insurance, but you cannot piggyback on theirs. Furthermore, liability insurance for events is designed to protect your company’s property such as tables, chairs, tents, centrepieces, booths, kiosks, catering equipment, DJ equipment — basically anything you need to run your event.

Prize Compensation

As an event planning company, you’re familiar with the benefits of giveaways and prizes. With insurance, you can offer promotions and prizes without worrying about having to carry the full financial burden if something goes wrong with the item you’ve given away. This includes T-shirts and money (cash, cheques, donations).

Event Cancellation

Whether the cancellation happens the day before the holiday party your company was asked to throw or the day of, cancellations happen that may be out of your control such as a flu outbreak. You likely have a contract in place with your client that states how long before the event they’re allowed to cancel in order to receive a full refund, and what conditions may apply. Some people will challenge this and you need to be prepared with ample coverage to protect your company against unwarranted, last-minute cancellations.

On your end, you need an insurance brokerage service if you’re the one responsible for the cancellation.

Bad Weather

It rains. It snows. It’s Ontario.

If your company is throwing an outdoor wedding in July, the chances of it snowing are slim but there could be a wind or rain storm. Equipment could be damaged and the event may need to be postponed, so you need to be prepared. Tables and chairs that have been drenched by heavy rain may not be expensive to replace but a fondue station is. The same goes for snow. Let’s say you are planning an outdoor event in the winter that involves ice skating, tobogganing or skiing, your insurance would cover any damage caused by extreme cold weather.

Protection from People

People often over-indulge when they’re at an open bar event. Although, your bartending staff will do their best not to over-serve, but if there’s free alcohol, people will find a way to take advantage of it. What if the groom’s uncle consumes too many cocktails and crashes into the stage, ruining the DJ’s laptop? What if the bride morphs into bridezilla the day of the wedding and starts making outlandish and expensive requests? Your company needs insurance to protect you against the people who can turn an event into a nightmare.

Moreover, you are responsible for your staff. If someone that works for your company or that you hire for the big event goes AWOL and ruins the night, you need insurance…

Why do you need Insurance Brokerage Services

Most prefer to shop for their insurance quotes online instead of meeting with a broker in-person. This is great for personal coverage. For example, if you are looking for home insurance, you may be able to get a good quote online on your first try. However, for something like coverage for your event production company, it’s best to use insurance brokerage services. Having an in-person rendez-vous with a broker allows you to lay out what you’re looking for. In return, the broker can create a customized insurance package that covers your company’s needs. When you have a dialogue with a broker, it’s easier to understand why they’re offering, how you can get lower premiums, and other helpful tips.

For more information on WB White’s insurance brokerage services, give us a call at 416-736-6500 or fill out a contact form here.