Event planners have a lot to juggle when planning events like weddings, birthdays and corporate parties. It's your job to remember the small details and be prepared in case something goes wrong. Fortunately, event planner insurance has many coverage options to fit business needs and give you one less thing to worry about.
A good way to do this is with a business owners policy (BOP). BOP insurance typically combines business general liability insurance, business interruption insurance, business property insurance and customizable coverage types into one package.
Basic event planners insurance coverage types
Business general liability insurance
Liability insurance for event planners covers property damage and injury lawsuits. For example, a client might trip and fall in your office. An injury could also take place at a venue and you could be blamed. While you might not be responsible, you could potentially be named in a lawsuit. Business liability insurance typically includes the cost of a legal defense, settlements and judgments.
Business interruption insurance
If a problem covered by the policy causes you to temporarily close or relocate your business, this helps cover expenses. It also helps replace lost income. Problems typically covered include fire, hail, storms, theft and vandalism.
Commercial property insurance
This covers your building and your contents, which might include office furniture and computers. Outdoor fences and signs are typically included. If you run your event planner business out of your home, you could think about getting an in-home business endorsement through your home insurance policy. However, an home-business endorsement typically has lower policy limits than a business policy.
Additional event planner insurance coverage types
Commercial auto insurance
This covers your work vehicle, such as driving to events and picking up supplies. A personal auto policy typically won't cover auto accidents while you're working.
Errors and omissions insurance
This covers you against lawsuits that you didn't provide expected or promised services. For example, a dissatisfied client might say your event didn't meet expectations or you might have mistakenly printed invitations with the wrong date. Professional liability insurance typically pays for a legal defense, judgments and settlements, even if the claim is groundless.
Workers compensation insurance
If an employee gets hurt or sick while on the job, this covers medical bills and disability insurance.