Holiday Office Party Insurance

Posted by David McLeish on Nov 12, 2018 5:33:51 PM

Holiday party

Planning This Year’s Holiday Office Party? Why You Need Event Insurance:

We’ve all had (or been...) that coworker who has a little too much fun and does something they fully regret the day after the annual holiday office party. If you’re on the event planning side of this year’s holiday party, you might want to consider special event insurance as you prepare for this year’s office shenanigans. After all, the holidays is about celebrating and relaxing, not worrying about all the unforeseens that could go wrong if you don’t have insurance.

What is Special Event Insurance?

Short term event insurance is designed to protect your event - whether it’s a conference, business party, festival or something else (for a full list of covered events click here) from ALL of the possible circumstances that might occur during your event that are beyond your control. This includes potential lawsuits caused by damage to the location you are renting or lawsuits that arise if your guests are injured at the event.

Nobody plans an event with the intent of it going sideways, but any good event planner will tell you that they always have a backup plan in place in case things fall off the wagon. With affordable starting rates and policies that can be purchased online in just five minutes, what better reason do you need to make sure your next event is covered in the case that any accidents happen?

On the fence about whether or not your special event qualifies for insurance? Below are some tips to help you decide:

Location matters – If you’re planning a holiday office party, chances are you won’t be doing it at a park or outdoor venue in the dead of winter. However, if you’re hosting it at a third-party venue or on municipal property, event liability insurance is pretty much always required - especially where alcohol is involved. Think you’re in the clear if your boss is hosting it at her mega-mansion? Think again. You’ll want to double check her homeowner’s policy because parties of a certain size are often not covered - again, especially when alcohol is being served.

Equipment rentals – In the case that you’re renting tables, chairs, sound equipment or anything else you might need to throw the ‘holiday party of the decade’, consider what might happen if your vendor ends up being a no-show. You’ll want to be covered if that’s the case (hello, unpredictable winter weather) or if any damage occurs to the stuff you rent during the event. Accidents happen and sometimes you just can’t tell how much crazy fun your co-workers might have…

First-aid – Speaking of which, it’s all fun and games until somebody gets hurt! Protect yourself against staff injuries or a staff member suing you in the case of a bad injury. Holiday party liability insurance will cover you if you are sued by an employee by providing a free lawyer to defend you and paying the judgement costs awarded to your injured guest.

Serving it right – Booze and the holidays usually go hand in hand. If you’re planning to serve alcohol at your office party, you’ll need to purchase one day liquor liability insurance. One way to get around this? Hire a caterer who will serve alcohol for you. But even then, make sure you have all your bases covered so that your liability is kept to a minimum.

Regardless of where, when, and how your next holiday party comes together, always keep your guests - or in this case, your staff - top of mind. Their safety is best managed with the proper special event insurance.

Related Post: Holiday party insurance: do you need it?

About the contributor: David Hamilton is President of Front Row Insurance, one of the world’s largest entertainment insurance brokers. Front Row offers event insurance with no need to talk to a broker. Policies start at $130 and certificates proving insurance coverage for your rented venue are provided immediately at no cost. To get a quote online, in under 5 minutes click here!

Topics: Special Event Insurance, event cancellation insurance, event insurance, event liability insurance, cheap event insurance, online event insurance, event liability, one day event liability, office party insurance

The Business Aftermath of An Artists Death: Key Man Insurance

Posted by Tom Corley on Apr 27, 2016 4:17:00 PM

I was, as millions of others, saddened by the news of Prince’s passing.  I mourn his passing.  He left a legacy few will ever match in the Music Industry.  Speaking with a friend yesterday, he told me that Prince was the best Tour he ever got to work with.  It is a truly sad and sudden loss.

iStock_000072037687_Medium.jpgAs the media covers this story with great tributes and well deserved praise for such a magnificent career; I was interested to read in The Wall Street Journal that “Warner Music Group co-owns the rights to all the unreleased music in Prince’s vault that was recorded between 1978 and 1996, when Prince was under contract there, and those songs can’t be released without permission from both the label and whoever takes control of Prince’s estate.  It isn’t clear who that will be since Prince wasn’t married, had no children and cycled through many business managers.”

http://www.wsj.com/articles/prince-a-prodigious-musical-talent-dies-1461282912

This outside the musical legacy will become a business legacy unto itself as time passes.  This is the reality as we move forward.

To those of you in the Entertainment Industry: Are you prepared for such sudden news concerning your main income streams? 

There are some ways to minimize these risk exposures to that income we ALL rely on as we work within our respective roles within the Music Business and Film Industry.  One type of insurance is Key person insurance.

Key person insurance, also commonly called key man insurance, is a policy taken out by a Talent Management Company to compensate the Company for losses that would arise from the death or extended incapacity of the artist. Keyman Insurance is a type of life insurance that is used by the Talent Company for business protection purposes. The policy's term does not typically extend beyond the period of the Artist’s contract with the company. Keyman Insurance policies are usually owned by the Talent Management company and the aim is to compensate the Company for losses incurred with the loss of  income from the Artist. Key person insurance compensates the Company that holds the policy with a fixed monetary sum as specified on the insurance policy.

By Tom Corley: http://www.frontrowinsurance.com/tom-corley

About: Front Row Insurance Brokers Inc. is an independent  insurance broker that works on behalf of the Canadian arts and entertainment industry to provide insurance for the lowest possible cost. Should a claim occur, Front Row ensures that clients receive the money they are owed per the insurance policy, as quickly as possible. Front Row has offices in Vancouver, Toronto, Montreal, Nashville and Los Angeles.

 

Topics: event cancellation insurance, Key Person Insurance, key man insurance, keyman insurance, prince tour cancellation, prince death, cancelled prince tour

Why Even YOUR Band Should Carry Liability Insurance

Posted by Monica Cervantes on Dec 12, 2011 2:38:00 PM

Tribute bands and liability insurance

Tribute band performing

There are a number of reasons why a Cover Band or Tribute Band would benefit from purchasing liability insurance, but perhaps the most compelling reason is because without this cover, the very livelihood of the musician/band is at stake in the event that they are sued.  While no one plans on accidents, the chance of such incidents occurring increases at public places and venues where large numbers of people are gathered. When alcohol is consumed, the risk increases even more.

  • Why risk the loss of your assets, both personal and the band’s?
  • Liability policies are a safeguard against mistakes that your band might make in which they would be held liable.

So, what is liability insurance?

This type of insurance is designed to offer protection against third party (the public) bodily injury or property damage as a result of one’s operations or products.

The relevance to cover/tribute bands is that in the event that bands are held responsible for the injuries and property damage sustained by an audience member or staff member at the venue, the liability insurance would potentially pay for the medical treatment required by the injured party, and can cover settlement claims resulting from lawsuits.

Examples of band liability insurance:

An example of a scenario where a band’s liability policy would be of value include if a member of the audience was invited onto the stage while band members were performing and ended up tripping on loose cords and slamming their face into some audio equipment. The coverage afforded under a liability policy would protect the band (policy holder) in the event that they are then sued by any third parties for unintentional damage. A lawsuit can name a band, its manager, an establishment and its landlord in a lawsuit. Liability insurance protection will not shorten criminal sentences, but it will take care of the resulting injuries and rehabilitation and potentially legal costs as well.

While liability insurance should be in place by the owners of the venue where a band will be performing, more frequently the musicians themselves must have liability insurance in place in order to perform at a venue. A band can be sued for its own direct actions; however, other situations where a band and its members could be held liable include: if a piece of equipment drops from the stage and injures an audience member, or if someone were to trip over a microphone cord. In many cases, the owner of a venue requires that performers show proof of their own liability coverage so that their own liability insurance is covered in the event that the performers are negligent.

Cost of band liability insurance:

Pricing is based on revenue and annual premiums start at US/CDN $500 for $1M in coverage. Compare this to the potential costs arising from a lawsuit and the coverage is priceless.

Instrument insurance for Canada’s music professionals: https://musicians.frontrowinsurance.com/

Topics: Entertainment Insurance, Entertainment Insurance Broker, event cancellation insurance, wedding band, wedding band insurance, cover band, cover band insurance, Tribute band, tribute band insurance, performers insurance, performers liability, venue insurance, concert insurance, tour liability, tour insurance, Band Should Carry Liability

Event Cancellation Insurance - Who Needs It?

Posted by David Hamilton on Oct 21, 2011 3:16:00 PM

Event Cancellation Insurance

Event Cancellation Insurance is purchased for one-off events as a protection against loss of revenue OR extra expenses that result from uncontrollable circumstances such as unforeseen weather conditions, power failure, terrorism, cancellation, abandonment, postponement, interruption or relocation of an event.

This type of insurance can also cover public liability, such as a serious injury to one of your patrons, if property is damaged, there is theft of expensive equipment or if you face a claim for actual or alleged bodily injury, and it is found to be your fault.

Why event CANCELLATION insurance is needed:

Event preparation can take years of planning, and with businesses incurring multiple expenses on the lead up to the event, most can not afford the costs associated with postponement, cancellation or relocation of an event. An organization’s physical assets impact the functionality of a business, therefore with risks to the bottom line being substantial, event cancellation insurance is needed to protect against the loss of costs, expenses or revenues associated with this exposure.

Obtain a no obligation Event Cancellation Insurance Quote Here: Event Cancellation

Some examples of situations that would have benefited from having event cancellation include the following: 

  • In July of 2011 a stage collapsed at the Ottawa Bluesfest as the likely result of a strong downdraft of air from a thunderstorm. There were multiple injuries involved with including possible spinal injuries.
  • During the Big Valley Jamboree in the summer of 2009, a powerful windstorm swept through the area causing the main stage to collapse. A total of 33 charges were laid against the three companies involved in this Alberta Stage Collapse. Each of the charges carries a maximum fine of $500,000 and possible jail time. There were more than a dozen injuries and one death.
  • Stage collapse at a Christian rock concert in April of 2008 where an auditorium floor collapsed at a church in Abbotsford, BC. Sound and Lighting scaffolds collapsed onto the front section of the stage and mosh pit with more than 40 injuries.

Who needs event CANCELLATION insurance:

Event coordinators responsible for special events such as film shoots, concerts, trade shows & exhibitions, entertainment & sporting events, corporate events such as product launches, and conventions to name just a few. Circumstances such as extreme weather conditions, civil, social and political unrest, strikes by employees at the venues to non appearance of key personnel are all coverages that can be purchased.

  • An example of the importance for promoters in obtaining event cancellation insurance can be seen after Michael Jackson’s unexpected death and the outlays and expenses that resulted from his projected 50 concerts at London’s O2 Arena.

There are two types of coverages: the costs and expenses of putting on the event, such as rental promotion and fees charged by service providers, and secondly, the anticipated profits that the event is expected to generate.

How event CANCELLATION insurance is obtained:

By contacting your broker and/or completing an online application form and providing the relevant financial worksheets.

How long event CANCELLATION insurance takes to obtain:

Generally 48 hours is needed as a minimum in order to obtain coverage.

Cost of event CANCELLATION insurance:

The cost is generally calculated according to the gross revenue or costs/expenses, premiums therefore vary widely. Premiums are also dependent on such factors as whether the event is indoor/outdoor, and if outdoor, what type of protection is in place to negate the effects of the elements. Additional factors that affect the premium include whether an event is dependent on particular cast members or performers and if so, the age and health issues of the performer will need to be known. Premiums are generally higher for this type of coverage as usually a “one time” event that doesn’t occur is a total loss.

Click here to obtain a quotation: Event Cancellation

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RELATED LINKS:

Event Insurance 101 & How to Protect Your Events

Venue Insurance in Canada

Event Planning

Wedding Insurance

Renting Churches, Mosques

Planning a Bridal Shower?

Baby Shower Insurance

Event Cancellation

Conference & Event Insurance

Concert Insurance

Movie Theatres

Wrap Parties

Holiday Office Party Insurance

Anniversary Parties

Birthday Party Insurance

Kid's Birthday Party Insurance

Bar Mitzvah Insurance

Planning a Garden Show?

Picnic Insurance

Topics: Film Insurance, Weather Insurances, Insurance for weather, Snow Insurance, Rain Insurance, Weather Insurance, Special Event Insurance, event cancellation insurance, venue insurance