Montana Wedding Planner Insurance Policy Information
Montana Wedding Planner Insurance. As a wedding planner, your job to ensure that everything for the wedding is in place so that the bride and groom can focus on their big day. This day should be a beautiful one for your clients, which is why you should try to anticipate anything that could go wrong. Although you can try to ensure that everything is in place, you may still miss some things.
Things such as inclement weather, vendors not sticking to their responsibilities, injuries and a host of other things. Many of these things you've probably experienced at one time or another which is why it's important to protect yourself by having insurance. In this post, we'll discuss the different Montana wedding planner insurance plans you can get to protect your business.
Montana wedding planner insurance protects your business from lawsuits with rates as low as $27/mo. Get a fast quote and your certificate of insurance now.
Why Do Wedding Planners Need Business Insurance?
Insurance is important to your business. It helps you to protect your business from anything that can go wrong beyond your control. There are many different policies you can get for your business as a wedding planner. Let's take a look at some of the specific types of Montana wedding planner insurance you can use to protect your wedding planning operation.
Commercial General Liability: The guests, vendors, delivery persons and any other person at the location of your event can slip, trip or fall and be injured. Although you're not entirely responsible for the safety of guests at the site of your event, you still can be held liable. If you work from home, and you have client meetings there, you can be liable if a person gets injured while on your property.
General liability insurance protects you from third-party bodily harm and property damage claims made against your business. If there's a lawsuit against you, then this insurance helps to cover any costs associated such as legal fees or court costs. This Montana wedding planner insurance also covers settlements or judgments and medical expenses.
Professional Liability Insurance: To adequately protect your wedding planning business a wedding planner must have professional liability insurance - also know as errors and omissions (E&O). This insurance coverage protects you when a client suggests that the services you provided were not up to standard, negligent or caused them harm. This insurance covers any mistakes made in your business. When a client isn't satisfied with the services you offered, you must have Montana wedding planner insurance to protect you if they sue you.
Business Property Insurance: As a wedding planner, you should have business property insurance. By having this insurance, you protect the equipment you use for the operation of your business. This insurance protects your office equipment, files, computers, tablets, and smartphones. It also helps to cover property damage as a result of fire, vandalism, smoke, theft and weather events.
If you operate from a home office, you should still include business property coverage. Your homeowner's insurance policy probably doesn't include coverage for your business property in your home which is why it's important to have this insurance. You should also include flood insurance or earthquake insurance especially if you live in areas where these types of events are common.
Other Insurance Policies For A Wedding Planner
Workers Compensation: When people work for you, it is mandated in most states that have workers comp for any non-owner employees. MT Workers comp coverage is the insurance that helps you to protect your employees. If an employee is injured while working for you, this Montana wedding planner insurance helps to cover any expenses associated with the injury. Also if an employee dies as a result of their sustained injuries this insurance will pay benefits to the surviving family.
MT Commercial Auto Insurance: As a wedding planner, you are sometimes going to use vehicles to transport equipment for your business. This makes having insurance to protect your business vehicles important. You can never predict what can happen on the road but having this insurance protects you when something does. If a vehicle you use for your business causes property damage or third-party bodily harm commercial auto insurance will keep you covered.
Montana Wedding 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.
MT Wedding Planner Insurance
Owning a wedding planning business exposes you to lawsuits and other risks. For this very reason, you must get insurance to protect your business. You can never predict what can go wrong in your business, but you can put measures in place to protect your investment. After reading this information, you should have a better idea of the different insurance policies you can use to protect your business. Get insurance today and protect your business for a lifetime.
Montana Economic Data, Regulations And Limits On Commercial Insurance
Thinking about starting a new business? Already own a successful business and want to expand your operations? Whatever the case may be, if you want to experience as much success as possible, you are going to want to ensure you choose the best possible location for your specific industry.
No matter how outstanding your goods and services may be, if the area where your business is located doesn't offer a healthy climate that will support your company, chances are you'll struggle to succeed.
If you are thinking about opening up a business in Montana, being familiar with the state's economic trends can help you determine if it's a good location for you. It's also wise to know what type of insurance you'll need to invest in so that you can plan ahead.
With that said, below, we provide an overview of the economic trends in the state of Montana, as well as the commercial insurance requirements for business owners in the Treasure State.
Economic Trends For Business Owners In Montana
As of December, 2019, the Bureau of Labor Statistics reported that the unemployment rate in the state of Montana was 3.4%; that's 0.1% lower than the national average, which was 3.5% at the same time. This rate remained steady throughout the entire 2019 fiscal year, and it is expected to either continue remaining steady or improve in coming years, according to economists.
Unemployment rate is a vital statistic for business owners, as it indicates the job market of a location, which is a strong determining factor in the success of businesses in the region.
There are several areas throughout the state of Montana that are seeing economic booms and where businesses are flourishing. Among those locations include the following cities and the areas that surround them:
- Great Falls
Several industries are seeing substantial growth in MT; however, there are particular sectors that are really thriving in Montana. Among those sectors include:
- Advanced manufacturing
- Hospitality and tourism
- Information technology
- Oil and gas production
- Retail development
If you are considering opening a business in any of the above-mentioned areas, your chances of success in Montana are favorable.
Commercial Insurance Requirements In Montana
The Office of the Montana State Auditor, Commissioner of Securities and Insurance regulates insurance in MT. Montana mandates very few forms of insurance coverage by law. They enforce worker's compensation.
Montana requires you to have worker's compensation insurance if you hire even one employee on a regular basis. This includes part-time employees, family members, minors, and immigrant employees. It is not required for independent contractors or domestic employees, though you should check to make sure any contractors you have are true contractors, and not employees.
Montana also requires all business-owned vehicles to be covered by commercial auto insurance. Other types of business insurance that business owners should carry depend on the specific industry.
Additional Resources For Miscellaneous & Non-Profit Insurance
Find informative articles on miscellaneous businesses including the types of commercial insurance they need, costs and other considerations.
- Adult Daycare Insurance
- Agriculture, Forestry, Fishing & Hunting
- Bail Agent
- Check Cashing
- Control of Well
- Employment / Staffing Agency
- Engraving Business
- Facility Support Services
- Mail Order
- Oil And Gas Lease
- Personal Concierge
- Photofinishing Lab
- Portable Sanitation
- Printers & Publishers
- Private Water Districts
- Process Server
- RV Parks & Campgrounds
- Security Guard
- Surety Bonds
- Unmanned Aerial Vehicles (UAV) Drone
- Waste Disposal Landfill
- Wedding Planner
An insurance contract is an agreement where one party obligates itself to make good the financial loss or damage sustained by a second party when a designated event occurs. The event must be fortuitous and happen by accident. The named insured must have insurable interest at the time of loss. One final point is that in order for any contract to be considered insurance, there must be a risk of loss.
Fortuitous Event - An occurrence largely beyond the control of any involved party; happening by chance; accidental; for example: fire, lightning, windstorm, explosion or flood.
Insurable Interest - In order to recover from a loss to property, the holder must have an insurable interest in the property at the time of the event or occurrence. An insurable interest is any right, title or interest in property where the holder of that right, title or interest sustains financial loss if the property is damaged or destroyed. Any lawful and substantial economic interest in the safety or preservation of the property from loss, destruction or damage also constitutes an insurable interest.
An entity does not have to be the property owner to have an insurable interest in it. Examples include, but are not limited to, mortgagees, trustees, vendors, lessees and bailees. Insurable interest for any entity must exist at the time the loss occurs.
Risk Of Loss - If property could never be destroyed, there is no risk of loss. If property must necessarily disintegrate or be destroyed, there is no risk of loss. Between these two extremes is the exposure of risk that can be insured.
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