Insurance

Event Insurance

Event insurance protects your investment for a specific event rather than your day to day business operations and some venues as well as some funders (grants, sponsors) may have special insurance requirements that you need to consider. Event insurance is liability insurance that covers you only during the event and setup/breakdown. It may also cover cancellation costs if you are required to cancel your event.

Borrowed Items for Exhibition Purposes

If your event involves holding borrowed items for display (art or special maker projects, for example), those items may cause you to need extra insurance. This need varies greatly by event, area, value of items, and it is entirely up to the hosting organization and if you, as the event host, are comfortable taking on the risk of protecting someone else’s property,

Make sure you understand what is covered and what is not. Your policy, by default, likely will not cover property that does not belong to you unless you specify that up front. This means that you need to make sure to include coverage for property belonging to others or you can require that they have their own insurance and give you an insurance certificate listing you as an additional insured. Of course, the property owner may be willing to accept the liability with no insurance, but this should be addressed in a written agreement up front.

Alcohol Liability

It is also important to understand alcohol liability if you allow alcohol to be served or sold. In some areas, the liability lies with the organization serving, so if your food vendors are the ones serving, they are the ones with the liability. If your organization is serving it, your organization is liable. Hiring third party bartenders or caterers with their own alcohol liability policies is always a good idea. Again, this may vary by locality so please check with your insurance agent to make sure you understand your liability exposure.

Who can I talk to about my needs?

If you have an existing insurance agent you work with, talk to them first. Nonprofits are usually willing to help each other out, so do not be afraid to contact another nonprofit and ask for advice. Insurance requirements usually vary by state and/or municipality, so check with your venue to make sure you are meeting all requirements. If you are still unsure where to turn, your venue can be an excellent resource. They probably host multiple events and can tell you what agencies are commonly used by other event organizers.