The Importance of Liability Insurance at Your Event

The Importance of Liability Insurance at Your EventWhy your nonprofit needs liability insurance.

As a nonprofit, you might regularly host fundraising events that are critical to further your mission. You need to raise funds to serve your community and reach goals within your nonprofit organization. While these fundraising events are vital to your nonprofit’s livelihood, they can be incredibly risky if not handled properly. Besides potential disasters, you have a lot of money on the line. Special events can cost a lot of money to plan and schedule, especially if you are planning one over the festive period. Fortunately, to protect yourself from losses, nonprofit special event insurance can help.

Why do I need it?

You may be wondering if you actually need special event insurance. Many insurance companies exclude big events on general liability policies, meaning that accidents and disasters at a special event would not be covered under your nonprofit insurance. This is why nonprofit special event insurance is used to protect your funds, reputation, and organization.

What does it cover?

Special event insurance policies provide protection for your nonprofit when you are held liable for an incident at the event. Generally, most policies cover the following situations:

  • An attendee falling and injuring themselves
  • The venue unexpectedly closing and leaving you to cancel the event and upset ticket holders
  • An attendee filing a lawsuit for their injury at the event
  • Venue property that is damaged during the event
  • An intoxicated attendee who drinks too much and causes a car accident

What type of insurance do I need?

The insurance you need will depend on the event you’re hosting. One-day event insurance will cover your nonprofit for one-time events like dinner, auctions, or vendor events. If you are going to be hosting multiple events throughout the year, it may make more financial sense to have your insurance agent provide a multiple event quote or add it to your general liability policy.

If you’re planning on a festive fundraising event, don’t put your nonprofit in danger. Are you ready to secure the right coverage for your needs? Contact the experts at Colorado Nonprofit Insurance Agency, part of HUB International in Denver, Colorado at 303-894-0298.