Do You Need Liability Insurance For Your Busy Summer Hosting Schedule?
When you are known to be the go-to person for summer celebrations, you'll probably host a lot of events throughout the summer season. One thing you may not have thought about, though, is what happens if someone is hurt during one of your events. That's where liability insurance comes in. If you've never dealt with liability insurance before, you need to understand what makes it so important for events, gatherings, and public venues. Here's a look at what you need to know to help you understand why you might need a general liability umbrella policy.
Does Your Event Pose A Liability Risk?
The first thing that you need to determine is whether or not your event actually poses a liability risk. That means considering some of the things that you're doing or offering on the property. For example, if you'll be serving alcohol, that's an automatic risk factor. In addition, if there's a swimming pool, beach access, all-terrain vehicles, playground equipment, fireworks, or other similar hazards, you'll want a liability insurance umbrella just in case. All of these things pose a safety hazard, which could leave you liable if something happens to someone or the property is damaged.
Understanding Liability Insurance Basics
Now that you understand the risks that call for a liability policy, it's important to understand what that policy means for you. Make sure that you consider the policy's liability limits and per-person caps, as well as the property damage limitations. If you feel like your liability umbrella policy isn't enough, or you want added protection, talk with your insurance agent about event-specific liability.
An event-specific policy is only in force for the event itself, so you only pay premiums that apply for the event duration. It provides you with additional liability limit coverage so that you have coverage limits beyond your traditional liability umbrella.
Your premiums will depend on the duration of the event, the number of people you expect to attend, and any clear risks that may be present. You'll be expected to pay that premium up-front because this is a short-term policy. It will be the first line of coverage in the event of a loss at the event, with your liability umbrella only being engaged if the event liability policy is insufficient.
These are some of the most important things that you should know about liability insurance for this summer season. Talk with your local insurance agent today about the right liability umbrella and the possibility of liability insurance for your specific events, too.
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