What Insurance Do Edmonton Event Planners Need?
When you plan an event, it must be flawless. There isn’t any room for a forgotten detail, a mistake, or a mishap. Event planner insurance gives you legal and financial protection from lawsuits.
Customized event planner insurance is essential as an Edmonton event planner when you are planning an event where the public or invited guests will gather.
Your Western Financial Group business insurance expert will give you top-notch commercial insurance advice at the right value for you as an Edmonton event planner.
What is Edmonton event planner insurance?
Insurance for Edmonton event planners, event coordinators, and party planners is customized to the needs of your business and the types of events that you plan to protect you against costly claims alleging negligence, and injury or property damage to third parties.
Why do Edmonton event planners need insurance?
Planning an event has many details and it’s often in the details that the event can derail. You need to be insured as an Edmonton event planner to protect yourself and your business financially.
You’ll want to customize your policy limits to protect yourself as an Edmonton event planner to avoid being exposed to potential risks.
What kind of event planners need insurance?
- Corporate event planners
- Conference planners
- Trade show planners
- Corporate product launches
- Team building evens
- Wedding planners
- Charity and non-profit event planners
- Networking event planners
- VIP event planners
- Award ceremony planners
How much does insurance cost for Edmonton event planners?
There isn’t a set insurance price to cover event planners. These factors are usually considered when calculating the cost of your insurance:
- What events you plan
- What services you provide
- Experience, including certifications and designations
- Locations that you serve location
- Any past claims
- Number of employees or just you
- Annual revenue
As an Edmonton event planner, here’s how event planner insurance can protect you:
- At a downtown corporate event, a participant tripped over cords that were not secured near product tables. The participant breaks her wrist and suffers a concussion and she decides to sue you as the event planner. Commercial general liability insurance can help cover your legal expenses and related costs.
- You book a hall for a client holding a team building event, but it’s the wrong date for the event and you can’t change it because the hall is booked solid. The client is suing you for negligence. Professional liability insurance, also known as errors and omissions insurance, may help cover your legal expenses and related costs.
- Your client database is hacked and their personal and financial information is stolen. Cyber liability insurance helps protect you financially as an Edmonton event planner. Depending on the size of the breach and the information that was taken, your wedding clients who are affected can hold you legally responsible.
An insurance package for Edmonton event planners typically includes these insurance coverages:
Professional liability insurance
It is also known as errors and omissions (E&O) insurance and it can protect you financially against claims from clients that you made an error in your services due to negligence, wrongdoing, or failing to deliver a service as promised.
Commercial general liability (CGL) insurance
CGL insurance provides financial protection against legal claims of third-party injuries (such as event attendees) and third-party property damage.
It wouldn’t be uncommon to have $2 million or more in CGL insurance for your business as an Edmonton event planner.
Cyber insurance
Cyber liability insurance helps protect you as an Edmonton event planner if you electronically store financial data like the credit card numbers of clients. Depending on the size of the breach and the information that was taken, the customers who are affected can hold your event business liable and sue for damages.
Legal expense insurance
Legal expense insurance gives you access to legal advice or a lawyer for a contract dispute, or to help review a contract related to your event planning business.
Commercial auto insurance
If you’re driving your car to appointments as an Edmonton event or party planner, your personal car insurance typically would not provide coverage in the case of an accident. Commercial auto insurance protects you if you are driving your car to appointments to meet clients.
Event liability insurance: Short-term special event liability insurance is essential coverage for Edmonton event planners. It extends your general liability insurance coverage to cover third-party bodily injuries and third-party property damages that may occur at the venue where the event is hosted.
If alcohol is going to be served at the event you are planning, you may be liable for injuries and damages caused by a guest who becomes intoxicated. Adding host liquor liability insurance to your policy can help address that risk.
Business interruption insurance: This type of insurance supports you when your Edmonton event planning business can’t operate due to a covered loss, such as a fire, vandalism, or a disruption in your supply chain.
Business interruption insurance can help with these expenses:
- Payroll
- Rent
- Utilities
- Property taxes
- Alarm monitoring
- Relocation of your business
What do I do if I have a claim against me as an Edmonton event or party planner?
- Contact your broker immediately after any business-related mishap. Waiting to file a claim can confuse insurers about the severity of the damages to your business.
- Know your policy so that when you contact your broker you are familiar with what will be covered or not.
- Document the damage. Take photos right away and write down what happened.
- Do not throw away damaged goods after taking photos. Keep the physical evidence so that your adjustor can see it.
- Do not invite lawsuits. Don’t say anything that could be used against you, especially if you aren’t sure what happened.
- Be honest about what your damaged property is worth. Damaged commercial property is generally valued according to its actual cash value or replacement value.
Here’s an insurance checklist:
- Do you have the best business insurance rate that suits your work?
- Do you have the right amount for your deductible and regularly review it to make sure it’s the right amount for you?
- Are you or your employees using personal vehicles for work?
Western Financial Group has licensed BUSINESS INSURANCE EXPERTS to get you the right insurance coverage as an Edmonton event planner. Our experts are available now to help you navigate the business insurance journey to protect your event or party planning business.
Please share this article with your friends
Talk to an Insurance Expert
Call Us Now 888-595-3104