There are many instances in which specialty liability insurance is not just an option but a necessity. Once upon a time specialty liability insurances were not as available and accessible, mostly due to high premium costs. When premiums are too high people have the tendency to take their chances and go uncovered. But what if something bad happens? The situation only gets worse.
When Do You Need Specialty Liability Insurance?
Many different types of insurance fall under the ‘specialty’ category, they are specific to what they cover. Most businesses today carry a General Liability Insurance, as any entity or individual offering classes (career training, yoga, etc.) or hosting an event (weddings included) should.
A specialty liability insurance can offer coverage and protection for events like summer camps, youth camps, day camps, sporting events, clinics, conferences and seminars. Yourself, your guests and any worker or contractor involved need to covered by accident and liability insurance.
What to Expect?
In case of an accident you want your insurance policy to at least include:
- Medical expenses
- Accidental death (you may also want to add dismemberment, as horrible as it may sound)
- Liability coverage in order to protect you and your business assets
Accidents happen and that’s the unfortunate truth. In some cases it may even turn tragic. Without proper coverage you risk exposing yourself and your business to lawsuits, injury claims and/or property damage via third parties. The tragedy could even be drawn out over long periods of time in court. Specialty Liability Insurance is basically General Liability Insurance for special events or activities. There are also short-term special events insurance.
Today, insurance companies offer standard specialty liability insurance and their premiums are much more affordable and can even offer coverage on equipment. It’s a small price to pay for safety. If you are involved in organizing or planning events, whether it’s a one day thing or a repeated occurrence, contact your insurance broker and see if they can tailor a Specialty Liability Insurance policy just for you and your special event.