What do you get when 5 girls walk into an insurance office? A lot of questions. We recently visited Marc Van Ryne, Norton National’s master insurance man to pick his brain about everything insurance, and why it can be so important in the event space!
Venues & Insurance
While COVID-19 has made itself known across the world in 2020, many events have been postponed or canceled in its wake. If companies were lucky, they had planned in the back of their mind “I think I’ll take out an extra policy in case a Pandemic should burn across the planet,” and insured their event for this wild occurrence. While there are many types of insurance that can be used to help cover event day, staff, catering, ect., events are also able to ensure that they do not lose out on any deposits or payments made to the venue itself. While no one could have predicted that the world would have started on fire in 2020 (figuratively and literally), many events could have been saved by the insurance that was planned ahead of time.
Certificates of Insurance? Who & When?
Otherwise known as COI, certificates of insurance are about as common on-site of an event as the trusted Sharpie (a pink one if you’re at one of our productions). All events are required to hold a COI during the duration of their event, whether this is during load-in/out, day of, or additional days that staff are onsite. This could protect the event from general liability, auto liability, vendor issues, and so much more! So whether someone trips over the power cord and starts themselves on fire or the U-haul backs into the tent, your COI should have you covered. Alongside the companies hosting the events, it is important for the staff, brand ambassadors, and entertainers to ensure themselves at events for situations that could occur. Too much protection while working at events is never a bad thing!
The Infamous Umbrella Insurance
Similar to the contraption that protects you from rain, umbrella insurance is an additional protection that can be added to insurance to ensure that your business is protected for your future rainy day by covering you from unforeseen accidents at an event. While it may not be necessary to all scenarios, many companies use it as additional peace of mind that, if something were to happen at an event, especially with a staff member, vendor, or attendee, that could decide to sue, the company will be protected and able to pay what is requested of them. There should always be a section on the COI that allows for umbrella insurance to be added for the event.
While it’s not always the most interesting topic, insurance is incredibly important not only in personal life but also professional, especially in the events sector. Businesses should want all of their rock-stars to stay safe and produce an amazing event!
If you would like to show Marc some love, please visit his website.
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