Rhode Island Event Planning Insurance Policy Information
Rhode Island 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, Rhode Island event planning insurance will protect you against the unexpected.
Rhode Island 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 Rhode Island event planning insurance:
- Many clients and RI 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 Rhode Island 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 Rhode Island 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 RI 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.
RI Commercial Auto Insurance: If you use a car, truck or van in your event planning business, then RI 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 RI 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.
Rhode Island 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.
RI 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 Rhode Island event planning insurance will help you to meet those requirements, while minimizing various losses.
Rhode Island Economic Data, Regulations And Limits On Commercial Insurance
If you are considering starting a business, it's important that you choose the right location for your operation. Ensuring that the area offers the right market and demographics that will benefit from and be interest in the goods and/or products that your business intends on providing are vital for your success.
If you are thinking about starting a new company in Rhode Island or would like to expand the operations of an existing company into the state, it's crucial that you ensure the state offers a healthy climate that will allow your business to reap as much success as possible.
By assessing the employment rate of a state, as well as the key business sectors that are thriving there, you can determine if Rhode Island is a practical location for your company. Additionally, to ensure that you are in compliance with the law, it's imperative that you are aware of the commercial insurance coverage that business owners are required to carry in the state.
Below, we offer an overview of the economic trends and commercial insurance requirements in the Plantation State so you can determine if it will be a good location for your business.
Economic Trends For Business Owners In Rhode Island
As of December, 2019, the Bureau of Labor Statistics reported that the unemployment rate in the state of Rhode Island was 3.5%, which was on-par with the national average, which was also 3.5% at the same time.
Economists credit favorable taxes, the close proximity to regional markets, and the diverse workforce for the state's health economy.
In regard to locations within the state that offer the best opportunities in the Ocean State, urban areas are ideal. This includes:
The suburban regions that surround the state's metropolitan areas also offer favorable conditions for businesses.
Businesses of varying sizes and in a variety of industries are thriving in RI. At the time of writing, the sectors that are seeing the most activity in Rhode Island include:
- Financial services
- Health care
- Hospitality and tourism
- Professional services
Commercial Insurance Requirements In Rhode Island
The Rhode Island Division of Insurance Regulation regulates insurance in RI. Rhode Island mandates very few forms of insurance coverage by law. They enforce worker's compensation.
Rhode Island requires you to have worker's compensation insurance if you have four or more employees 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.
Rhode Island 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 Arts & Recreation Insurance
Read up on small business arts and recreation commercial insurance.
- Dance Studio
- Disc Jockey DJ
- Entertainers And Performers
- Event Planning
- Fairs And Fairgrounds
- Film Production
- Fine Art
- Interior Decorator
- Interior Design
- Photo Booth
- Recording Studio
- Talent Agency
- Wedding And Special Event
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 Rhode Island Event Planning insurance quote in Barrington, Bristol, Burrillville, Central Falls, Charlestown, Coventry, Cranston, Cumberland, East Greenwich, East Providence, Exeter, Foster, Glocester, Hopkinton, Jamestown, Johnston, Lincoln, Little Compton, Middletown, Narragansett, New Shoreham, Newport, North Kingstown, North Providence, North Smithfield, Pawtucket, Portsmouth, Providence, Richmond, Scituate, Smithfield, South Kingstown, Tiverton, Warren, Warwick, West Greenwich, West Warwick, Westerly, Woonsocket and all other cities near me in RI - The Ocean State.
Also find Rhode Islan insurance agents & brokers and learn about Rhode Island small business insurance requirements for general liability, business property, commercial auto & workers compensation including RI business insurance costs. Call us (401) 371-8771.