Iowa Event Planning Insurance Policy Information
Iowa Event Planning Insurance. Event, party or wedding planners work with customers to plan and implement special events, including conventions, exhibits, fundraisers, parties, or weddings. The planner works with the customer, determines the time, place, and budget for the event, and negotiates and coordinates vendor services for such items as mailings, catering, musicians or other entertainers, photography, props, scenery, flowers, audiovisual equipment, and security.
While many event planners handle one-time events such as weddings, others work year-round with businesses conducting trade shows, exhibitions, and conventions.
If you are planning an event, whether it's a conference, wedding, party, consumer show or a corporate dinner, making sure you have appropriate insurance in place can help protect your event from those unforeseen circumstances that could leave your reputation tarnished and your business out of pocket.
With risks such as an injured guest, a closed venue or damaged property, Iowa event planning insurance will protect you against the unexpected.
Iowa event planning insurance protects your business from lawsuits with rates as low as $27/mo. Get a fast quote and your certificate of insurance now.
Why You Need Event Planning Insurance
Below is a list of the most common reasons to purchase Iowa event planning insurance:
- Many clients and IA venues will ask to see details of your insurance policy as part of their standard vendor checks. Your insurance cover certificate will enhance your reputation and show that you are dedicated to your profession.
- As a professional party planner or event organizer, you also need peace of mind that should the unexpected happen you are secure and protected with a Iowa event planning insurance policy. Even the best-planned events are at the mercy of the unexpected. If accidents that cause injury or property damage occur during your event, you could be held financially responsible. Your policy can help you take some of the anxiety out of event planning.
- Some policies even offer event cancellation coverage that can minimize your financial loss if your event can't go on due to interruptions like bad weather.
Types Of Event Planning Insurance
Flowing are some of the most important types of Iowa event planning insurance:
Commercial General Liability: This will pay for legal defense costs (e.g. lawyer fees, court costs, etc.) and this is very important to note as many lawsuits alleging responsibility for bodily injury, property damage or personal injury are frivolous in nature. When applying for this coverage, you need to provide details about the IA event, its date, location, and the number of people expected. If liquor is going to be served, you will pay an additional premium to get liquor liability.
Professional Liability Insurance: Also know as errors and omissions insurance (E&O). If you are a full-time or part-time professional in the events, planning & organization space, expectations can be very high and attention to detail is critical. Professional liability covers yourself and your employees from actual or alleged negligence, failure to perform, inaccuracy, bad advice and other common risks faced by planning, events and organization professionals.
Business Property Insurance: This will cover you financially if your office and/or its contents were destroyed or damaged by a fire, theft or vandalism. When you purchase your policy, you have the option of insuring your property either at the replacement value or the current cash value.
Business Owner's Policies: Business owners policies (BOPs) offer your event planning business comprehensive coverage at an affordable rate by bundling commercial general liability, business property and business income coverages together together.
IA Commercial Auto Insurance: If you use a car, truck or van in your event planning business, then IA commercial vehicle insurance provides you with monetary protection in case of an accident. It not only can cover physical property damage to the vehicles involved in an accident, but it pays medical expenses for physical injuries sustained in the accident.
Equipment Insurance: This will provide peace of mind by covering your own event-related equipment; from chairs, to microphones, to lighting. This product covers your equipment in transit, during use and when in storage.
Business Income and Extra Expenses Insurance: If your IA business buildings or contents are damaged severely in a catastrophe, you may lose income while waiting for repairs. This insurance can provide that lost income and cover extra expenses that may arise.
Valuable Papers Insurance: In the event customer information such as payment receipts and contracts are stolen or damaged, this insurance coverage will provide the necessary means to replace or reimburse you for the cost of damage.
Iowa Event Planner's Risks & Exposures
Premises liability exposure is generally low as visitors to the event planner's premises are few. While the facility owner would be primarily responsible for any injuries to guests on the rented facility premises, the event planner could incur liability for recommending the facility to the customer.
The event planner should require additional insured status and certificates of insurance from all vendors. Contracts must be clear as to all responsibilities.
Workers compensation exposure can be very high if employees set up, build, or transport stage settings, equipment, lighting, and scenery. These activities can result in back injury, hernia, slips and falls, strains, and sprains. Stage and lighting setup may involve above-ground exposures that need additional protection and precautions.
Adequate security and training must be provided if employees handle money at events due to the possibility of holdups. Security personnel may suffer injury not only from theft but also from unruly patrons. The event planner should require additional insured status and certificates of insurance from all vendors. Contracts must be clear as to all responsibilities.
Property exposures are limited on premises to that of an office containing telecommunication equipment, computers, and printers. Ignition sources include electrical equipment, heating, and air conditioning. Electrical wiring must be up to code and be adequate for the occupancy. Off-premises property exposures are higher but are from property of others which should be covered on an inland marine bailees form.
Crime exposure is from both employee dishonesty and money and securities. Background checks should be conducted on all employees handling money. The event planner consolidates vendors' bills and sends one bill to the customer. Employees who are in charge of ordering must not be the same ones who handle disbursements, deposits, and billings.
Frequent inventories and audits must be conducted. If tickets are sold at events, a significant amount of cash may accumulate. There must be adequate security from guards, plus regular deposits.
Inland marine exposures include accounts receivable if the planner offers credit, bailees' customers for property of others at event sites, computers, and valuable papers and records for clients' and vendors' information.
The bailees' exposure can be very high because of the wide variety of equipment that must be rented to provide sound and lighting at events, plus any rented furnishings or display scenery.
Business auto exposure is generally limited to hired nonownership for employees running errands. If company vehicles are supplied for use, all drivers must have a valid driver's license and acceptable MVR. There should be written procedures regarding personal use by employees and their family members. Vehicles must be regularly maintained with documentation kept in a central location.
IA Event Planning Insurance
There are countless details to manage when you stage a trade show, convention, concert, party or gala event - and many risks to manage. To complicate matters, most venues impose insurance requirements on event organizers. Having Iowa event planning insurance will help you to meet those requirements, while minimizing various losses.
Iowa Economic Data, Regulations & Limits On Business Insurance
Business-minded individuals who are thinking about starting up a new venture need to ensure that they choose a location for their operation that will allow them to achieve success. It's vital that the place you select for your organization offers a market that will respond to the products and services you offer, otherwise your efforts will be for naught.
If you are considering the state of Iowa as the home base for your business or as a new location for a branch of your company, being aware of the economic trends in the state are crucial. Furthermore, knowing what type of commercial insurance you need to carry is also vital for your success. Below, we offer a brief overview of both the economic trends for the state of IA, as well as what type of commercial insurance business owners need to carry in the state.
Economic Trends For Businesses In Iowa
The state of Iowa has experienced positive economic growth in the past few years. As of January, 2019, the unemployment rate in the state was 2.4 percent, a 0.4 decrease from the previous year, when the unemployment rate was 2.8 percent in January of 2018. Compared to the national unemployment rate, which rose to 4.0 percent in January of 2019, it's clear to see that Iowa offers promise for the workforce, as well as business owners. According to the state's Workforce Development, more residents of Iowa are working now than ever before.
While locations throughout the state offer promising opportunities for business owners, Des Moines, in particular, seems to show the most promise, as, according to economists, it's the third best city to start a business in the United States. Economists also suggest that areas surrounding the city of Des Moines also offer great potential for business development.
Several industries are seeing growth in The Hawkeye State, and are expected to continue to see growth throughout the 2019 calendar year. These industries include:
- Agriculture and food production
- Information and communication technology
- Renewable energy and fuels
- Warehousing and distribution
IA Commercial Insurance Regulations And Limits
The Iowa Insurance Division regulates insurance in the IA. As with every other state in the country, business owners in Iowa are legally required to have certain types of commercial insurance.
In IA, any business that has one or more employees must carry workers' compensation insurance, which provides coverage for workplace-related injuries and illnesses that employees may sustain.
Additional Resources For Arts & Recreation Insurance
Read up on small business arts and recreation commercial insurance.
- Disc Jockey DJ
- Event Planning
- Film Production
- Interior Decorator
- Interior Design
- Photo Booth
Commercial insurance policies for arts, entertainment and recreation are specialized policies that protect against the unique risks that arts and recreation businesses face.
Performing artists and companies, entertainers including musical groups, theatre groups, comedians and more, writers, performers, photographers, videographers, DJ's and so many other types.
Professional liability coverage (errors and omissions) is needed in these cases to protect their financial interests due to mistakes, errors or omissions by these professionals in doing their jobs. Fr example - a bride and groom did not like the way their wedding photos turned out.
Or a wedding planner might plan a lavish wedding, but the bride's parents who are paying for it did not like the way it went. There is a lot of gray areas with arts, and you need to be protected if your clients don't agree with you that your work was what the agreed to.
If your business is involved with children, you need to review your coverages very carefully so certain important protections are not excluded. Abuse and molestation insurance might be needed to fully protect yourself in this instance.
Minimum recommended small business insurance coverage: Business Income with Extra Expense, Employee Dishonesty, Money and Securities, Accounts Receivable, Commercial Articles Floater, Computers, Valuable Papers and Records, General Liability, Employee Benefits Liability, Umbrella Liability, Hired and Non-owned Auto Liability & Workers Compensation.
Other commercial insurance policies to consider: Building, Bailees Customers Floater, Money and Securities, Cyber Liability, Employment-related Practices Liability, Business Auto Liability and Physical Damage and Stop Gap Liability.
Request a free Iowa Event Planning insurance quote in Adel, Algona, Altoona, Ames, Anamosa, Ankeny, Asbury, Atlantic, Bettendorf, Bondurant, Boone, Burlington, Camanche, Carlisle, Carroll, Cedar Falls, Cedar Rapids, Centerville, Chariton, Charles City, Cherokee, Clarinda, Clear Lake, Clinton, Clive, Coralville, Council Bluffs, Creston, Davenport, DeWitt, Decorah, Denison, Des Moines, Dubuque, Dyersville, Eldridge, Estherville, Evansdale, Fairfield, Forest City, Fort Dodge, Fort Madison, Glenwood, Grimes, Grinnell, Hampton, Harlan, Hiawatha, Humboldt, Independence, Indianola, Iowa City, Iowa Falls, Jefferson, Johnston, Keokuk, Knoxville, Le Claire, Le Mars, Manchester, Maquoketa, Marion, Marshalltown, Mason City, Monticello, Mount Pleasant, Mount Vernon, Muscatine, Nevada, Newton, North Liberty, Norwalk, Oelwein, Orange City, Osceola, Oskaloosa, Ottumwa, Pella, Perry, Pleasant Hill, Polk City, Red Oak, Sergeant Bluff, Sheldon, Shenandoah, Sioux Center, Sioux City, Spencer, Spirit Lake, Storm Lake, Urbandale, Vinton, Washington, Waterloo, Waukee, Waverly, Webster City, West Des Moines, Windsor Heights, Winterset and all other cities in IA - The Hawkeye State.
Also learn about Iowa small business insurance requirements for general liability, business property, commercial auto & workers compensation including IA business insurance costs. Call us (515) 207-7253.