Most companies have general liability insurance that will cover their company on a day to day basis. In situations such as when you are hosting special events where your clients may be present, if there is an accident, more often than not you will not be covered by your liability insurance. This is when a different type of insurance can really be helpful, five minute insurance or special event insurance can really be a life saver.
As its name stats, special event insurance covers just that, special events. If the company is hosting an event that is not related to its general business criteria, special event insurance will cover the event just for that day.
Five minute insurance is often used for other purposes than by businesses; one such event in which it is very popular is weddings. No one wants to have to worry about on their wedding day is what it will cost you if one of your guests were to get hurt. Or what it could cost you if one of your guest damaged property. Most often times, the venue where you are having your wedding will require that you have event insurance and that they are added as an additional insured party on the policy. This protects them against any damages that may occur. If alcohol is being served, your event insurance could be the most important thing you invest in. In the event that someone leaves your reception drunk and gets injured or hurts another you will be held responsible.
Sports team insurance is something that all teams and leagues should have, and generally the park or recreation center will require that they be listed as an additional insured. A general liability policy with the limit of $1,000,000 is usually what is required. The liability insurance will cover any property damage that may occur of any bodily injury that could possibly occur to any person attending any of the team events.
Unfortunately, team sports are often the spot where passion for the game can turn ugly really fast, and there is no end sometimes to where that can lead.
There are 3 different types of insurances that a team or league should carry:
- Directors and Officers coverage: this covers the ones who have decided to organize the team and who are responsible for its management,
- General Liability: this would protect the facility from claims involving bodily injury or property damage. As in the case of teams and such all cases could be interpreted as involving a third party.
- Accidental Death & Dismemberment: this covers specifically in the event of a accidental death of a team member