How to Get Liability Insurance for an Event:
What Every Event Planner Should Know

What Is Liability Insurance?

Liability insurance is a type of insurance policy that provides protection to any individual or organization found liable for causing harm or damage to another person or their property. 

Liability insurance is important for planning events because it helps to mitigate any potential risk involved with the event. Without proper coverage, event planners are responsible for paying any damages and compensations themselves. 

Depending on the amount of coverage, liability insurance can account for any property damage that occurs during the event, and helps to protect event planners from financial losses that may result from lawsuits or other insurance claims. If you want peace of mind, full protection from unforeseen events and a way in which to better manage risk, liability insurance is a must.

Do You Need Liability Insurance?

The short answer is: Yes, if you’re an event planner, you need liability insurance for your event. Liability insurance is needed for different types of events, including competitive or recreational sporting events, concerts, conferences, festivals, fundraisers, trade shows and exhibitions.

In all of the above mentioned events, liability insurance provides coverage for any scenario in which the event planner might be held liable, and helps to cover the cost of legal fees, settlements, or judgments. 

Many venues for sporting events and shows also have legal requirements for event planners to have liability insurance in order to secure the space. Having liability insurance also demonstrates a certain level of professionalism and accountability on behalf of the event planner, which instills confidence in clients and vendors.

What To Consider When Buying Liability Insurance for an Event

Determine Your Coverage Needs

The type of liability insurance required for an event will depend on a few factors: The type of event, the activities taking place at the event, the event location, and the level of risk involved with your event. Events involving contact sports pose different risks than music festivals but both involve potential liabilities that require insurance coverage.

Liability insurance policies cover a range of liabilities, including property damage and advertising injury. You may also want to consider the benefits of special event liability, weather-related coverage and event cancellation insurance, which may not be included in all policy offerings. That is why it’s so important to understand the different types of liability insurance in order to perform a proper risk assessment of your event and find the appropriate coverage to meet all of your needs.

Find The Right Insurance Provider

To help you find the right policy for your event, you will need professional guidance from the right insurance provider. This is when it helps to do some research to find providers that specialize in the event you are planning or get recommendations from other event planners and industry professionals. 

Insurance companies like Sportsinsurance.com offer special event coverage and facility coverage that include general and additional liability options, as well as specific industry coverage for sporting events like boxing or downhill sports. For more detailed information on sport-specific insurance, visit our complete list of sports.

Finding a provider that is willing to help you assess your coverage needs, and offer support through efficient and quality customer service is a vital part of acquiring the best liability insurance for your event.

Review The Policies

When it comes to liability insurance coverage, the devil is definitely in the details, which is why you need to be extremely thorough reviewing the fine print.

Take the time to review the provider’s policies carefully to verify what is included in their coverage – and what is not. Have your provider walk you through the policy terms and conditions, and be sure to take note of the premium, deductible, limits, exclusions and the claims process, so you can be fully informed of your coverage and act efficiently in cases where you may need to make use of your liability insurance.

How Much is Liability Insurance for an Event?

There are many cost factors that come into play for liability insurance coverage needs. Costs vary according to the event type, the size of the event, including number of participants involved, the venue, and the coverage limits. In general, the higher the risk associated with the event, the higher the insurance premium will be, which means you may pay more to acquire the coverage you need for your particular event. 

Once you’ve found a provider to meet your needs, another important step is to request quotes, and compare pricing and coverage options in order to find the most comprehensive policy for your event that also fits with your budget.

Just remember – the cost of liability insurance is a very small price to pay when compared to the major financial loss that could occur without it.