4 IMPORTANT TIPS AGENTS CAN PROVIDE SPECIAL EVENTS CLIENTS

At our special events insurance company, we’re committed to helping clients fully understand their coverage and ensure they have the right protection for their needs. However, we know that insurance options can be complex, which can lead to confusion. That’s why it’s essential for agents to have a clear understanding of the details, so they can better support their clients..

Here are some key tips for agents and brokers looking for additional guidance when helping event planners purchase special event insurance.

1. WALK THROUGH THE RISK ASSESSMENT

Every special event comes with its own set of risks that potentially cost underinsured party planners money. We recommend communicating with clients and describing what’s in the risk assessment to ensure the coverage appropriately fits the occasion.

For example, if a venue has mobility or accessibility issues, you could recommend additional benefits to mitigate financial responsibility based on certain liabilities. At the same time, a client may only discover that they need a host liquor liability policy after seeing the risk assessment.

2. ENCOURAGE EVENT CANCELLATION INSURANCE

Many of our discussions with our special event insurance clients focus on liabilities at the event. Still, canceled concerts and festivals are rising due to extreme weather and other unexpected circumstances. This is where an agent’s expertise comes in.

Advocate for your clients by highlighting the benefits of cancellation insurance. This advice could protect them from losing non-refundable expenses and lost revenue while communicating the following benefits:

• Financial protection: Cancellation insurance could be the only path towards getting non-refundable expenses and lost deposits reimbursed under qualified circumstances.
• Limit flexibility: Set a coverage amount that meets their budget and event needs.
• Affordability: Cancellation insurance is a low-cost solution that may prevent catastrophic financial losses should an event become untenable.  
• Weather coverage: Your clients may get reimbursed if an event is postponed or canceled due to severe weather conditions like hurricanes, floods, or snowstorms.
• Venue concerns: Cancellation coverage protects against qualified venue issues, such as structural damage, fire, or unexpected venue closures.
• Customizable: Cancellation insurance can be tailored to include partial or total coverage and postponement benefits, plus other unique needs like reduced attendance.

Learn more about event cancellation coverage.

3. ADDRESS COMMON COVERAGE CRACKS

Each occasion requires individualized solutions. Therefore, supporting your client means identifying coverage gaps that could expose them to unnecessary liabilities.

For instance, clients may assume their general liability insurance covers alcohol-related incidents, even though most venues require a separate host liquor liability policy. Another common gap involves event setup and breakdown, which often aren’t included in their standard coverage.

Helping clients understand where coverage might fall short ensures they understand unexpected costs should they surface. Nevertheless, the goal is to prevent those openings by curating a policy that closes those gaps.

4. EXPLAIN LIABILITY LIMITS AND WHY THEY MATTER

Clients often focus on simply having insurance, but they also need to understand coverage limits. Liability limits dictate how much an insurance policy will pay for a claim, so ensuring these limits match the scale of the event is critical.

For example, a smaller gathering might be well-covered under standard limits. In contrast, more significant events often need higher limits to protect your client from financial losses from potential lawsuits or claims.

Clients do need to be educated about the differences between per-occurrence and aggregate limits and how selecting the right coverage can shield them from devastating financial situations.

CONTACT US TODAY FOR SPECIAL EVENT INSURANCE

We know you’re busy advocating for your clients, so let us support you by being your resource for all matters related to special event insurance.

As a thank you, we offer independent and licensed agents and brokers nationally a 10% commission on most products with no volume commitment.  

Reach out today by contacting us for more information. We’re here to support you and your clients every step of the way.