Planning for holiday events, conferences, and concerts are in full swing, and those in the event planning industry need savvy brokers on their side. The right insurance coverage can not only protect a firm from financial ruin, but it can also improve their business’ image as a trustworthy company to prospective clients.
And the market is growing steadily. According to Statistics Canada, there were more than 1,300 convention, trade show and event planning businesses Canada-wide as of 2017. Of those businesses, just over 40 percent of them had employees. The industry is expected to grow slowly but steadily over the next five years at an average of 1.3 percent with revenues hovering around 1.6 million each year. (1)
Many owners wonder what kind of insurance they need for their event planning business. South Western Insurance Group has a Professional Liability product that enables brokers to tailor their coverage for the unique needs of this clientele. SWG PL – Miscellaneous Professional Liability insurance offers a packaged E&O and CGL policy that covers a wide range of event planning business.
When and Why Event Planners Need Insurance
Event planners deal with a lot of moving parts and stakeholders. Because of this, it’s important that their coverage protects their business from those unforeseen circumstances and liability events that happen despite due diligence on the part of the organizers. Regardless of whether they are at fault or not, firms may need to defend themselves in court cases brought against them from unsatisfied or difficult clients.
Event Planning Insurance can also cover the business owner, employees, and independent contractors from actual or alleged negligence, failure to perform, inaccuracy, bad advice, and other common risks faced by special events planning and organization professionals.
This policy includes a few exclusions: it does not cover host liquor liability, cancellation/non appearance, and bodily injury/property damage. That being said, the tailored E&O and CGL coverage protects small to large firms from a broad range of miscellaneous risks.
Providing Tailored Coverage for Miscellaneous Risks
Brokers seeking to become more specialized will be able to provide a more customized coverage to clients in event planning and other special markets. Our PL combines CGL and E&O into one seamless product to streamline the types of claims and mitigations that accompany this class. This saves time and simplifies the process for brokers. SWG provides a Miscellaneous PL policy at competitive rates, bringing extensive knowledge and underwriting experience in professional liability.
Source:
1. https://sba.ubc.ca/blog/industry-overview-event-planning
