THURSDAY, JUNE 24, 2021
Finally, people are beginning to picture life the way it was before the COVID-19 pandemic, and many are getting back to the activities that they had to put off during 2020, including getting married. If you’re a wedding venue owner, then you probably are expecting an uptick in business in the coming months. It’s probably an exciting prospect to consider, but it might also bring a bit of uncertainty with it.
As your operations return to normal, then you are going to have to remember that you will need to be even more vigilant about customer service (and safety) than ever before. This is a good time to review your liability insurance portfolio to ensure that it continues to offer you the most optimized levels of protection.
Usually, your venue will need to carry several different types of liability insurance, and you’ll need to ensure that you have each of these benefits tailored to your needs. Let’s take a closer look at each benefit that you might need in your portfolio.
Why Venues Need Liability Insurance
As a wedding venue, your priority is to help your clients pull off the best day of their lives without a hitch. Your couples and their guests expect to have a pleasant experience while in your venue, not to mention a safe one. You must implement as strong a risk management plan to keep your visitors safe.
All the same, you can’t be entirely sure that something won’t go wrong. Even the best laid plans are not foolproof, and there will always be a risk of someone sustaining harm on your property. The losses they sustained might still be your responsibility to pay for, since the accident occurred on your property. At this time, tailored liability insurance benefits can come to your aid.
Liability insurance is designed to insure businesses against scenarios where they are at fault for third party harm. Even in situations where these problems were a result of mistakes, you still might have an obligation to pay for them. Liability insurance will help you do so. It can settle the costs of these third-party losses, while also providing you with legal defense in case of lawsuits brought by the customer. Coverage provides cost assistance that your business might not be able to afford otherwise.
What Coverage Does My Venue Need?
Liability insurance is included as part of many commercial insurance policies. Therefore, you will need to carefully review your venue’s operations, and the risk factors present within, in order to deduce precisely which coverage you need.
General Liability Insurance
Commercial general liability (CGL) insurance is the term for the liability coverage that is applicable to businesses in nearly all industries. CGL policies include coverage options for:
-
Bodily Injuries: If someone were to slip and fall in your venue, then they might sustain an injury and sue you over the costs of their medical bills. This coverage can pay for these costs.
-
Property Damage: Were you to cause damage to someone else’s belongings, then your plan can help them pay to repair or replace these items.
-
Accidental Medical Payments: Someone might get hurt in your venue, but you might legally have no obligation to compensate them. All the same, this benefit can allow you to still provide them with assistance and might help you avoid legal action altogether.
Personal & Advertising Injury Liability Insurance
There are circumstances where you might not cause someone physical harm, but rather create a personal issue for them.
For example, you might target one of your competitors through your advertising, and as a result they might sue you. Or, perhaps one of your clients sues you because they allege that you libeled them in a social media post. In either case, you will still have to respond to the claim, and this specialty form of liability insurance can help you do so.
Liquor Liability Insurance
Your venue probably serves food or drink in some capacity, and your general liability insurance must be customized to offer protection against foodborne illnesses and similar challenges. However, an expanded liquor liability plan must be available for use if you serve alcohol on your premises.
This coverage will protect your venue in cases where you served another party alcohol, and that party in turn caused harm to someone else. For example, suppose that following the wedding, one of the guests drives drunk, causes a wreck and injures another driver. The other driver then sues your venue because they believe that your bartender should not have allowed this person to continue to drink. Liquor liability insurance will enable you to fight the claim.
Other essential liability benefits might include cyber liability coverage, hired/non-owned auto liability insurance and more. Our agents are committed to helping you build your business’s insurance package to your advantage. Just call us to learn more about optimizing your coverage.
No Comments
Post a Comment |
|
Required
|
|
Required (Not Displayed)
|
|
Required
|
All comments are moderated and stripped of HTML.
|
|
|
|
|
|
NOTICE: This blog and website are made available by the publisher for educational and informational purposes only.
It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional
in your state. By using this blog site you understand that there is no broker client relationship between
you and the blog and website publisher.
|
Blog Archive
|