Event Insurance: Why you need it and why agents/brokers should offer it.
As gatherings become more commonplace again in the post-Covid world, there is a shift by venues to pass along the risk to the venue renters and hosts. In other words, if you are hosting an event (wedding, party, dance recital, baby shower, charity benefit, etc.) at your own home or a rented venue, there is a very good chance that you need (or should get) a standalone event insurance policy. Luckily, these policies aren’t too expensive and will give you and the venue great peace of mind and protection from liability claims and damages.
Until recently, agents and brokers have been reluctant to sell event insurance simply because the time spent processing the paperwork would not be worth the commissions/fees they can charge. However, with the advancement of online technologies, the process is now fully self-serve with little involvement from the insurance broker/agent. So not only can anyone secure an event insurance policy fully online, brokers and agents can still receive commissions/fees without having to commit to any paperwork. A win-win-win for all parties.
An example of an online platform offering event insurance is GatherGuard in the U.S. With policies starting at $75 it’s an easy way to secure an event and meet contractual obligations of rental venues. Some commonly booked venues are already known to GatherGuard so the limits and mandatory coverages will be automatically selected and the additional insured sections of the Certificate of Insurance will be pre-filled. If you’re an agent/broker, you can request a unique link to have GatherGuard track your referrals (and pay commission).
So the next time you’re planning an event, don’t forget to secure an event insurance policy to protect you, your business or your family.