Being an event manager can be a tough job. You’re going to be required to work diligently to ensure that the projects are perfectly planned in advance. Anything could go wrong and this is why you should consider investing in event management PLI insurance. A good event management PLI insurance policy will make a big difference in the long run. You may also want to bundle it up with commercial general liability insurance. This combination will protect your business to the fullest. The best time to get insurance is always before beginning any sort of operations involving the public.
So, what scenarios can you use to justify purchasing event management errors and omissions insurance? You may make a mistake and schedule the event for the wrong date. Or, you may schedule it at the wrong venue. This would result in an angry customer and a lawsuit. You’ll also want to acquire commercial general liability insurance for event management companies. After all, there is a good chance that your service could cause damage or injury in the future. By acquiring both insurance policies, you’ll be able to defend yourself in the event of a legitimate or frivolous lawsuit.
Just remember that neither may be enough on their own. You may need to bundle event management CGL insurance with others to get protected to the maximum.
We recommend having $1,000,000 worth of PLI coverage along with CGL Insurance for a limit of $1,000,000 for all event management companies. Rates starting from $70/month!
Other Policy Options
Again, CGL insurance and professional insurance for event management companies might not be enough. These two coverage options will provide you with a decent amount of coverage, but it might not be enough. Below, you’re going to learn more about the other policy options that you may want to add to your E&O insurance policy.
General Liability Insurance
It is really in your best interest to acquire commercial general liability insurance, which is also referred to as business insurance. This type of insurance is going to protect you in the event that someone gets injured or if property is damaged. This insurance should be combined with event management professional insurance for the most protection.
Commercial General Liability Insurance Recommended Limits – $100,000 per claim / $1,000,000 aggregate
Cyber Insurance
There is a pretty good chance that you accept payments online. After all, it is much easier to do so. Plus, your customers like the convenience of being able to pay online using their credit card. If you allow your customers to pay online, you really need to speak with an event management PLI insurance broker about cyber insurance. Cyber insurance can protect your company by offsetting the expenses associated with your recovery after a security breach or another similar event.
Cyber Insurance Recommended Limits – $100,000 per claim / $1,000,000 aggregate
Professional Vehicle Insurance
Event managers are often required to travel on the job. There is a good chance that you’re no different. If this is the case, you need to understand the risks associated with driving. It is very easy to get distracted in the vehicle and this could lead to an automobile accident. This is why it is vital to obtain a good amount of vehicle insurance for your event management business.
Professional Vehicle Insurance Recommended Limits – $100,000 per claim / $1,000,000 aggregate
Potential Costs
At the end of the day, pretty much every business is going to want to know how much they’re going to be required to pay for insurance. When you combined event management CGL insurance with other coverage options, the price can climb higher and higher. Nevertheless, it is true that having insurance will prove to be well worth the cost. The average prices will be provided below.
- CGL Insurance – $50 a month
- Professional Liability Insurance – $70 a month
- Professional Vehicle Insurance – $50 a month
- Cyber Insurance – $30 a month
It is vital to understand that the numbers are estimations and averages. In order to get the most accurate prices, you would need to work directly with an event management CGL insurance agent. If you need quotes urgently, you should get in touch with us as the time it takes to get quotes varies on factors such as limits of insurance requested and the business’ claims history. To find out how much you’re going to be required to pay, you should contact us via email or phone. You can also use our online form to get a free quote. Remember that we’re always here to help you, so you should never hesitate to get in touch with us.
