“As an event planner, it’s your job to be a master of implementing calm and collected problem solving, even amidst the worst-case scenarios.” –Tweet This Quote.  You have so many balls in the air; there are venues to find, vendors to hire, and entertainers to book. If something goes amiss, you need a backup plan—and another backup plan if that one fails.

The question is, do you give your own protection the same careful attention to detail? In an industry where a client’s dissatisfaction can quickly become a lawsuit, the fact remains that you need to think in worst-case scenarios and have a plan in place to handle them. That is why a fundamental piece of the risk assessment and mitigation puzzle is ensuring you have the proper insurance in place. Fortunately, there are several options for event planners. The following list provides you with some of the more common types of insurance to seek in the event planning world to mitigate risk and run a highly successful business:

GENERAL LIABILITY INSURANCE

GLI offers basic liability protection. In the event that a third party sues your event planning business, your policy will kick in to cover the cost of the lawsuit and the damages.

PROPERTY INSURANCE

When you have a commercial property insurance policy, you can secure your business essentials against loss or damage caused by fires and accidents, theft and vandalism, tornadoes, and other events, such as power surges.

INLAND MARINE INSURANCE

This type of insurance offers you peace of mind by following your insured items wherever they go (whether you’re in your office or a thousand miles away). That way, if a fire destroys your items when you are at a venue, or someone swipes your laptop when you’re at a client meeting, you will be compensated for the replacement value of your property.

WORKERS’ COMPENSATION INSURANCE

At some point in your career, you will need the help of a team to run your event planning business. When you have employees, your business can be held responsible for the cost of their medical bills if workers are injured while carrying out their duties. Worker’s comp, as it’s more commonly called, can help offset these costs by covering expenses related to your employees’ on-the-job injuries or illnesses, such as:

• Medical expenses, including immediate medical attention, surgery, and treatment.

• Lost wages while your employee recovers from a work-related injury or illness.

• Court costs if your employee sues your business for an injury.

• Support payments to dependents and funeral costs when an employee dies from his or her job-related accident or illness.

ERRORS & OMISSIONS INSURANCE

Also known as Professional Liability Insurance or E&O Insurance, this is a go-to policy for any business that offers professional services. Because a client can sue you simply because he or she is dissatisfied with your services—even when you’ve done everything you agreed to do—this policy can save you from going bankrupt over a drawn-out court case.

Unfortunately, litigation has become more of a concern for event planners. Twenty years ago, the industry never saw someone sue a planner, client, or venue because he fell and twisted his ankle at an event. Weapons are also a fairly new development for events. People may have carried them a few years ago, but they didn’t start becoming a major security concern until recent years. You must have a way to protect yourself from such unforeseen but increasingly common event mishaps and issues.

All of these insurance policies can seem like an annoying expense—but look at it more like an investment. You are investing in the longevity and health of your career, avoiding countless legal headaches, and mitigating risk by being smart and getting insurance you and your growing business need.

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