Despite many months of planning, there is always a chance that your event will experience an obstacle. A guest could suffer a slip and fall accident, leading to a broken leg. Or attendees could become ill from food poisoning during a catered seminar, causing a liability claim to be filed against your business.
While it’s not always possible to prevent these incidents, you can avert a major financial fallout. Specialized business insurance can help provide financial protection for Hawaiʻi’s event and entertainment businesses.
What Is Event and Entertainment Insurance?
Businesses in the event and entertainment industry often require particular insurance to meet their specialized needs and challenges. Whether your company works behind the scenes to make sure events run smoothly or is always in the public eye, having the right coverage can financially protect businesses from accidents and mistakes.
Event and entertainment insurance is designed to meet the needs of professions, such as:
- Food and catering businesses
- Wedding planners
- Florists
- Event and party planners
- DJs
- Musicians
- Personal chefs
- Security guards
- Tour guides
- Production companies
- Entertainment venues
- Rental equipment companies
If your business provides any kind of event or entertainment service, you should discuss your needs with a reputable insurance agency about insurance coverage. They can tell you about the specific risks in your industry, typical claims that are filed, and how much coverage you need for your particular business.
What Types of Business Insurance Do I Need?
No two businesses are the same; therefore, it is important to have personalized coverage for your event or entertainment company. An insurance agent will look at many factors when recommending coverage options, such as the type of business, its size, and level of risk.
The most common policies recommended to businesses in Hawaiʻi’s event and entertainment industry include:
General Liability Insurance
General liability insurance (GLI) protects businesses against claims of property damage, bodily injury, and personal injury. Your business operations may involve large crowds, heavy equipment, and physical activities, all of which can increase the risk of injuries and accidents. GLI can help cover legal costs and medical expenses if someone is injured during your event or on your premises.
Professional Liability Insurance
Professional liability insurance covers claims due to mistakes, errors, or negligence in the delivery of professional services. If your business makes a mistake or an oversight occurs when delivering a service, professional liability coverage can help cover any expenses associated with the claim or lawsuit that arises from the covered event.
This type of coverage can also lessen the financial impact of legal actions taken by partners or clients due to breach of contract.
Commercial Property Insurance
Nearly every business that owns or leases a building, or works from home, can benefit from commercial property insurance. This coverage protects your physical assets from loss or damage, including costly sound systems, staging equipment, and lighting.
If you own or rent an entertainment venue, commercial property coverage can help cover any repair or replacement costs if the property is damaged. It can also provide protection for supplies and inventory, such as props, costumes, and promotional merchandise.
Commercial Auto Insurance
Commercial auto insurance is not just a recommendation for event and entertainment businesses but is often a necessity. In Hawaiʻi’, all business-owned vehicles must be covered by commercial auto insurance and meet the state’s minimum requirements for auto liability.
While not legally required, personal vehicles that are used for work purposes should also be covered with hired and non-owned auto insurance (HNOA).
Directors and Officers (D&O) Liability Insurance
With directors and officers insurance, the personal assets of corporate directors and officers are protected in the event they, or the company, is sued. Directors and officers make strategic decisions that can significantly impact a business’s reputation and operations.
D&O insurance protects the leaders of your business against claims of wrongdoing or breaches of fiduciary duty. It can also provide protection against regulatory and compliance issues.
Workers’ Compensation Insurance
Workers’ compensation insurance provides medical care and/or cash benefits to employees who are made ill or injured on the job.
It’s not uncommon for workers to be injured when setting up stages, handling heavy equipment, or managing large crowds. Workers’ compensation coverage provides financial protection and is legally required for all businesses in Hawaiʻi with one or more employees.
Umbrella Insurance
There may be scenarios in which your covered claim exceeds your standard business insurance’s limits. If this happens, having umbrella insurance can save your company from a potentially costly outcome.
Umbrella insurance provides protection for claims that extend beyond your current policies’ limits to prevent your business from having to pay exuberant out-of-pocket costs.
Build Your Personalized Insurance Policy with Atlas
If you own or operate an event or entertainment business in Hawaiʻi, you may already know the risks that companies in your industry face every day. With help from Atlas, you can build an insurance package personalized to your business’s needs.
Since 1929, Atlas Insurance Agency has used its strong local roots and global expertise to help local businesses stay protected from a wide range of risks. Contact Atlas at (808) 400-6634 to discuss your specialized insurance needs.