What business insurance do you need to succeed as a picnic company owner?
Do you have business insurance for your picnic business?
You will want to check with your state, county and city if you need a business license or any permits. In general, if you are conducting business it is recommended that you carry insurance. Business insurance covers yourself and your clients in an accident or mishap.
The three types of insurance commonly used in picnic businesses are as follows:
General Liability insurance:
Also known as business liability insurance.
This insurance helps protect businesses from claims that happen during normal operations. It can cover small businesses in the event of any injuries, medical payments, advertising injuries, and more.
Business owner's insurance:
Known as BOP insurance.
This is a policy that combines both property and liability coverage into one package. BOP insurance is popular among small and medium-sized businesses such as restaurants, wholesalers, etc. This insurance protects employees and all personal property against theft, breakage, and fire.
Special event insurance.
This type of insurance covers you if there is an unexpected need to cancel your event. It also covers you if you’re found responsible for property damage or an injury during an event.
Events in which insurance might be needed:
A picnic business owner accidentally damages private property at a client’s residence when setting up for an event. Or your client gets injured during the picnic either during the setup or during the picnic.
There is damage to your picnic supplies in the event of a fire or unexpected accident.
Business insurance covers these instances and more. Below is a list with some common coverage examples:
● Damage to someone else's property
● Damage to properties rented to you (e.g. a fire)
● Injuries to a third party including related medical expenses
● Claims of personal injury including libel and slander
● Actions of your employees, including temporary staff
Special event insurance comes in different forms, the two most common are called:
- Event cancellation coverage
- Event liability coverage.
Event cancellation coverage is useful when something comes up that unexpectedly forces you to delay or cancel your event. This specific insurance policy may help with reimbursement for lost deposits and fees associated with rescheduling with vendors and venues etc...
Event liability coverage is useful when you’re found to be responsible for property damage or injury caused during your event. Some venues require you have special event insurance to move forward with booking the venue. To learn more about special event insurance, check out this Allstate article discussing this exact topic.
For those interested in doing more research into business insurance, check out the bullet point list below with links and tips.
For more information on this matter, here is an Investopedia article on the topic.
Next Insurance - https://www.nextinsurance.com/
Simply Business - https://www.simplybusiness.com/
Hiscox - https://www.hiscox.com/
Speak to your current insurance provider. Ask if business insurance can be added to the current insurance plan. Some insurance companies such as Nationwide and State Farm offer the choice to add the policy to your current insurance policy.
Local broker in the area. Search for an professional in the area to review your options.
When setting up your business insurance policy, we suggest you use the category “event planner”.
We hope you learned something new from this article. Please help us by sharing this article with other picnic owners.
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