This is a question about renting an event center which we hear often, so perhaps it is time to address it with an article. We are Tarrant Events Center, serving the Greater Fort Worth area with our outstanding, and affordable, all-purpose events center. Call us at 817-996-3636 for more information about renting our event hall rental in the future.
Do you need insurance when renting an event center?
This is one of those things which are common for all events planned and held at neutral location, but very few people realize it is needed and required. Things can go wrong with an event. They most likely will. People can be injured. It happens more often than you might want to hear in this article.
The fact is that all event space rentals will require, most likely, a minimum of $1,000,000 in general liability insurance. This will protect you against accidental damage to the venue, injury of a guess while at the venue, and unforeseen circumstances which cause you to cancel an event, like a storm.
What kinds of insurance might you need when renting an event center?
Which brings us to what types of insurance will you need? Generally speaking, a simple event insurance policy will cover you with general liability insurance for anything which can go wrong during your event. There are very specific insurance policies which are available to you, and those include:
- Waiver of subrogation
- Damage waiver
- Professional liability
- Liquor liability
- Event cancellation
- Workers’ compensation
- Third party damage
- Hired auto liability.
- Terrorism insurance
Do you need all of these? Most likely no; oftentimes, in fact a majority of the times, a general liability insurance policy will be enough to cover you no matter what happens at your event.
Speak to the leasing agent at the event room rental you are contracting with; they have the experience to be able to give good advice. If you have a trusted insurance agent already, consult them. No matter how you arrive at the decision, make sure you are sufficiently covered before you hold that event.
Bottom line: better safe than sorry.
And this really is the bottom line. Most likely, wherever you are holding the event, that management team will require you to hold a general liability insurance policy. The amount of that policy may also be established, taking all the guesswork out of it for you. In other words, you may not have a choice.
If, however, you are not required to have insurance, we still strongly advise you to pick up a policy. Yes, it will strain your budget a bit, but it is much better to strain the budget than be liable for hundreds of thousands of dollars should something unforeseen go wrong.
A final word about Tarrant Events Center
Tarrant Events Center is locally owned and operated, and we have what you need, no matter the type of event you are planning. Call us today and ask us about our full-year in advance reservation policy, and also ask us about our all-inclusive pricing policy.