If your company is planning on hosting a holiday party, then reviewing and updating your commercial insurance is an important part of the event-planning process. This is because hosting a company party exposes your business to very serious risks. Here are some of the commercial coverages that you should secure in preparation for your holiday event.
Excess liability or umbrella insurance is a good form of coverage to secure in preparation for your holiday party. Excess liability insurance is a supplemental form of coverage designed to kick in when you have exhausted the coverage limits of your other liability policies. Having excess liability insurance ensures that your company does not have to pay out of pocket for any damages or injuries that a partygoer might cause to another during the course of your holiday party.
If you are hosting the holiday party on your business’s property, then you face the risk of property damage. Not only can partygoers cause damage to expensive equipment, supplies, or other commercial property, but the use of decorations, such as candles, can also increase your risk for fire. To ensure that you have enough commercial property coverage to address your party risk, review your policy and speak to your insurance provider about increasing your overage limits.
Hiring a vendor or caterer to work your holiday party is like hiring a contractor to work for your company. As such, you need to make sure that they have the right insurance so your company cannot be held liable for their mistakes or negligence. Before hiring party vendors, ask them to provide proof of insurance. In some cases, you may also want the vendor to list you as an additional insured on their liability policies. Taking these steps will ensure that your company is not held liable for the losses the vendor accidentally causes or the injuries that the vendor’s staff may incur while working your event.
These are some of the commercial coverages your business needs to protect against party risks. Need help with your business insurance? If so, then contact the experts at Phocus Insurance in Phoenix, Arizona. We are ready to assist you with all your insurance needs today.
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