With summer here, many non-profit organizations are planning to take advantage of the great weather with awareness walks, marathons, golf outings, fundraising dinners and luncheons. But with great events, come great responsibilities and even greater liabilities. If you regularly hold special events, it’s important to manage the risk most detrimental to your operations. For many events, renting space and inviting people are necessary to raise money and help achieve your goals. It’s crucial you’re properly covered for these types of events.
The three main components of Special Events insurance coverage are:
- Property Damage
We’re all human and make mistakes, so it’s only natural that accidents happen. Depending on what you choose, you’ll receive funds that either replace the items broken at full value or at the depreciated cost. If you’re renting a space, the chances of the property damage ending in a lawsuit are fairly high, so this policy helps to cover any damages you could be ordered to pay in court.
- Bodily Injury
Like your parents used to say: “It’s all fun and games until someone gets hurt.” Injuries at special events happen more often than we’d like. If someone attends your event and gets injured, that liability falls on your non-profit. Instead of having to pay medical bills and recovery wages to the injured party out-of-pocket, a Special Events insurance policy covers those costs.
- Liquor Liability
Liquor liability protects you if someone’s in an alcohol-related accident, fight, assault or a simple slip and fall accident. Even if the claim never goes to trial, the coverages help pay for legal defense, attorney fees, legal investigation, judgments, settlements and other court-related fees including damages related to injuries or pain and suffering.
If you’re non-profit organization is planning various events throughout the year, you’ll want to make sure Special Events coverage is included in your policy. Insurance companies typically include a certain number of special events that are covered in your policy as well as set the maximum number of participants allowed along with other limitations.
The cost of your Special Events Insurance will depend on a few factors such as the types of events, the number of people expected and whether alcohol is being served. Your broker should have the knowledge and expertise to guide you towards the best coverage for your non-profit.
Looking for more information on non-profit event liability? Contact a Marsh McLennan Agency (MMA) advisor.
