Prospective clients set up meetings with you to discuss the big idea they have for an occasion they wish to celebrate. They want the celebration to be an experience filled with joy, laughter and fun. They also want a great venue and fantastic décor on the cheap. As the event planner, they assume you can make all of this happen; after all, you’re the professional.
You have grown accustomed to working with demanding clients in your day-to-day. You understand that they just want everything to be perfect; they’re reveling for good reason.
But sometimes, no matter how hard you’ve worked or how much you’ve done, a client will force you to go to the mat. When this happens, a business insurance policy for event planners will help protect your business from slanderous accusations and bankrupting lawsuits.
If you don’t already have business insurance, here are four reasons to invest in a policy today.
1. A venue has been double booked
A week before your client’s expensive event is due to take place, you learn that the venue is now unable to accommodate your client’s event due to a scheduling error. After contacting your client and delivering the bad news, they blame you, despite it being the fault of the venue’s management. Not long thereafter, you are hit with a lawsuit by said client.
A professional liability insurance policy will cover the financial burden of a lawsuit, including paying for both the litigation and restitution fees.
2. Client’s party got out of hand, causing damage to venue
After the champagne got flowing at your client’s wedding reception, one of the groomsmen got a little drunk and had a little too much fun. Somehow, while doing the electric slide on the dance floor, the groomsman slid into a wall, making a hole.
A third-party liability plan will cover the damages to the venue and keep you and your client from having to personally pay for the repairs. Before signing up for a liability insurance plan (as it comes in many forms), make sure you are signing up for exactly what you need by discussing it with a representative.
3. One of your staff members accidentally damaged the client’s property
After removing your client’s quinceañera dress from its covering for an ironing job, your staff member accidentally burns a hole through the dress.
A small business owners insurance policy (BOP) will pay for the cost of replacing the client’s damaged or destroyed property. This means you can have the dress fixed or replaced at no extra cost to you.
4. Client’s grandmother slipped and fell at the venue
Getting jiggy with it at her grandson’s bar mitzvah, Grandma Sue slips on a fallen linen napkin and falls to the floor, hurting her hip.
Once again, your small business liability insurance plan will cover the costs of Grandma’s medical visit and any ensuing medical fees, leaving you in the clear of a lawsuit.
For more information on business insurance and finding the right package to fit your needs, visit CoverHound today!