In today’s dynamic business landscape, hosting events is vital for companies, nonprofits, and individuals. Whether it’s a fundraising gala, a corporate networking event, or a grand wedding, these gatherings come with unique risks that standard insurance policies often fail to cover. Jencap and its subsidiary, Eventsured, offer comprehensive solutions designed to bridge these coverage gaps and ensure peace of mind.
What Exactly Is Event Liability Insurance?
Event liability insurance is an insurance policy that protects your investment in a specific event. It helps cover your costs if you are found liable for an injury to an attendee caused during your event or are responsible for property damage at the venue you are renting.
Buying event insurance is typically required by event venues. But even without the requirement, coverage is still necessary if you are an individual or business that plans to hold an event and is susceptible to claims or suits by injured attendees. Legal claims against you can be costly, particularly for a small business. You pay these claims out of pocket if you have no liability insurance — something no one wants to be responsible for! Losses insured could include:
Bodily Injury: Covers claims related to bodily injuries, often including medical expenses and legal actions.
Liquor Liability: Provides coverage for third-party bodily injury and property damage claims arising from the sale, service, or distribution of alcohol at your event.
Property Damage: Offers protection against claims for physical damage to the event venue.
Lawsuits: In case of lawsuits alleging covered damages, defense costs and claim settlements can be covered under general liability insurance.
Medical Payments: Event insurance typically covers medical expenses associated with bodily injuries.
Additional Insureds Covered: Easily add additional insureds to the policy, protecting the venue manager and/or municipality against liabilities due to the insured’s actions.
When Event Liability Insurance Saved the Day
Let’s look at a few real-life scenarios to understand the importance of event liability insurance better:
Bodily Injury
Imagine your client’s favorite charity is hosting a gala to honor its members and contributors’ dedication and hard work. During the event, the band plays some dance numbers, and one of the attendees enthusiastically joins the dance floor — but she severely injures her knee while dancing. Priority number one is her well-being, but beyond her health, there is also the looming issue of significant medical expenses. Not a problem for your client. With event liability insurance in place, the financial burden of her medical bills is covered.
Estimated cost if the client is NOT insured (surgery & rehab): $50,000
Property Damage
Picture this: your client is planning their daughter’s wedding, booking the venue, photographers, caterers, and buying a beautiful gown. As decisions are made, costs escalate quickly, draining the client’s savings for the big day. But what happens if one of the guests accidentally causes a fire with a cigarette? Fortunately, you had the foresight to recommend purchasing a wedding insurance policy that includes property damage coverage. With no deductible, the client can breathe a sigh of relief and continue enjoying the celebration.
Estimated cost if the client is NOT insured (including property damage): $150,000
Liquor & Car Accidents
Think about a scenario wherein your client’s company hosts a successful holiday party. Everyone enjoys themselves, especially Tom from accounting, who spends considerable time at the open bar. After the party, Tom, unnoticed by colleagues, leaves while unfit to drive and gets into an accident. Tom blames the company for his condition, as they provided the open bar. Thankfully, the client had purchased one day event liability insurance with liquor liability coverage, ensuring that the company’s profits and reputation are protected despite Tom’s misjudgment.
Estimated cost if the client is NOT insured: $950,000
Protect Your Clients’ Events with Jencap and Eventsured
For insurance agents, offering event liability insurance through Jencap company, Eventsured, provides a valuable service to clients and safeguards their hard-earned businesses. Encourage your clients to explore these specialized policies and give them the peace of mind they deserve. Contact Eventsured today.
The Jencap Hospitality Insurance Team
Jencap’s team of specialty brokers are experts in the hospitality industry and understand its distinctive risks and exposures. Our team is at your service to provide a vast menu of customized coverages that protects your clients’ businesses against everything from liquor liability and food contamination claims to equipment breakdown and cyber liability — and everything in between.
