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What Event Directors Need to Know About Insurance

What Event Directors Need to Know About Insurance

This article was provided by the team at ACT Insurance


Planning and organizing an event is never easy. There are so many contingencies that can happen and hundreds of different things to arrange. The preparation can be daunting and stressful, but there are ways that event directors, and the artists and vendors who sell their products at your show, can mitigate not only the stress, but also some of the risks associated with putting on and selling at events.


Having insurance is a great way to relieve worry and stress. Think about it: Most people don't drive their cars around without having auto insurance because if they were to cause an accident, the expenses could be more than they could afford on their own. The same goes with event insurance. And with dozens (and possibly even hundreds) of different artists and vendors attending the event, the risk that something can go wrong increases.


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Suppose an artist's booth collapses and not only damages the booths next to it, but also some of the merchandise within. The cost of the damages could reach thousands of dollars. What if an artist has an extension cord across their booth and someone trips and falls? The expenses that come from medical and doctor bills, depending on the seriousness of the injury, can easily exceed $10,000. It's safe to say that no one sets out to purposely cause property damage or bodily harm however, accidents happen. Insurance helps to cover the costs of these accidents, and both event directors and artists have begun to realize that the best approach is for everyone to have their own insurance.


After careful analysis, more and more event directors are taking this approach to their insurance. Therefore, one of the growing trends in the industry is for event directors to purchase insurance only for their operations and employees and to require artists and vendors to have their own insurance before they sell at the show. The artists then add the event as an additional insured. This option has benefits for both event directors and artists.


With this new approach, event directors can save money because they won't have to purchase expensive and potentially higher-risk policies. In the old model, any claims arising from artist or vendor negligence might have caused their premiums to increase and possibly even be subject to non-renewal. Now they can use the money they would have spent on higher-risk policies and use it for other purposes possibly even reducing booth fees. And the chance that the policy won't be renewed decreases significantly.


There are great benefits for the artists and vendors as well. Perhaps the most important is that the artist booth holders have what they need to succeed and have peace of mind as they sell their products. Insurance gives them safeguards if someone happened to be injured in their booth. Vendors can now have the opportunity to purchase more comprehensive coverage that can give them even more protection than they otherwise would have. Depending on the policy they choose, their insurance will also follow them even when they are not on the event premises. And instead of having to pay thousands of dollars out of their own pocket if something goes wrong, they have what they need to keep their personal and business finances where they belong - with them.


Insurance not only brings financial safeguards for event directors and the event, but also helps take away stress and allows them to decrease the chances of financial risks that come from organizing and hosting events.




ACT Insurance allows event directors to register their event for free and allows artist and vendor participants to link their policies to the registered event. Directors will have a licensed agent assigned to the event and be able to view, verify, and download certificates online. The event will also be listed in ACT's upcoming events page.







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