2014

Important Insurance Policies for Wedding Consultants

Without a doubt, wedding planning has got to be one of the most stressful occupations. The stakes are high and the expectation is that you get everything perfect. While we can't help you with the catering or floral work, insureon can provide you with business insurance custom-designed for wedding consultants. That'll be one less thing for you to worry about.

To cover your wedding planning business, our agents combine a variety of policies to cover your various liabilities. These include…

General Liability Insurance for Consultants for Wedding Dresses, Wedding Sites, and Wedding Receptions

General Liability Insurance pays for lawsuits filed by your customers, clients, contractors, vendors, and other third parties who claim you…

  • Damaged their property.
  • Harmed their reputation.
  • Caused an advertising injury (e.g., used copyrighted material or committed libel / slander).
  • Caused a physical injury or created an environment that led to a physical injury.

Let's say you're taking a groom- and bride-to-be to meet a photographer at their studio. As you're talking with them, you accidentally knock into a tripod that was still set up from the photographer's last shoot. The camera tips over and smashes to pieces on the ground, ruining the lens and the camera. Some cameras cost as much as cars, which means you could be looking at a costly lawsuit.

General Liability Insurance can pay for lawsuits from third parties (non-employees) and the costs related to the legal action, including…

  • Settlements to prevent the case from going to court.
  • Judgments the jury or judge award the plaintiff for their damaged property, personal injury, etc.
  • Lawyer fees.
  • Incidental expenses for witnesses, evidence, and court costs.

General Liability lawsuits can cost your business tens of thousands of dollars (if not more). Make sure your insurance is adequate to protect you from costs like these that could force your business into bankruptcy.

Property Insurance for Wedding Event Planning Professionals

Property Insurance for wedding consultants can cover their…

  • Wedding supplies and inventory.
  • Computers, tablets, and office equipment.
  • Office furniture and furnishings.
  • Office space and buildings.

Property Insurance can reimburse your business when this property is lost or damaged in many common situations. Covered Property Insurance claims often include damage from…

  • Fires.
  • Theft.
  • Tornadoes.
  • Certain covered storms.
  • Acts of vandalism.

Many weather events like winter storms, windstorms, and non-major rainstorms are included in these policies. However, not all weather coverage comes standard. Natural disasters (floods, hurricanes, and others) are often not included. Larger storms (often those that are assigned a name by the National Weather Service) are excluded from coverage. If you need more coverage, talk with our agents about adding it to your policy.

When a fire burns down your business, you could be looking at more expenses than just the cost of replacing your property. In addition to paying for repairs and replacements for equipment and other property damaged in the fire, Property Insurance policies with Business Interruption Insurance can pay for the income you lose during the rebuilding process.

Business Owner's Policies for Wedding Planners

Business Owner's Policies (often called BOPs) are lower-cost insurance packages that include…

  • Property Insurance.
  • General Liability Insurance.

These are two of the basic insurance policies that nearly every wedding planning business purchases. BOPs can help you get them for less.

If your business qualifies as a "lower-risk" small business, it can get a lower premium on two vital policies. Insurance companies determine your eligibility for a BOP by looking at the size of your business, its property, and its requirements for these policies. Your business may qualify if it…

  • Doesn't need long-term income insurance through a Business Interruption Insurance policy (i.e., more than a year's worth).
  • Doesn't have larger office space or buildings to insure.
  • Doesn't work in a high-risk trade or industry.
  • Doesn't have more than 100 employees.

Cyber Liability Insurance for Wedding Consultants

Cyber Liability Insurance (also called Data Breach Insurance or Cyber Risk Insurance) protects a wedding consultant's responsibilities to secure its customer and vendor data.

Billing information, credit card data, bank account numbers, Social Security numbers, and other personal information can be stolen by hackers and used to steal money from your customers, vendors, or your own bank accounts.

What happens if you come into work one morning and find that cyber criminals have accessed your networks and downloaded financial and other records from years' worth of transactions? If you have Cyber Liability Insurance, your policy will pay for…

  • Credit monitoring and fraud monitoring for anyone who may have been affected.
  • Investigations about the security of your network, where it was breached, and who did it.
  • Crisis management to help you respond to the attack quickly and properly.
  • Advertising and public relations materials and campaigns to fix your company's reputation.
  • Additional personnel to help you respond to the cyber attack.

One of the reasons this insurance is so important is because your business is legally required to tell its clients and customers about the data breach. That means you'll have a lot of angry customers on your hands. And potentially a drop in business.

These coverages are all included in a Cyber Liability Insurance policy with First Party Response, which can be added as an endorsement to your General Liability Insurance or purchased as a standalone policy.

Errors and Omissions Coverage for Consultants for Wedding Dresses, Wedding Sites, and Wedding Receptions

Errors & Omissions Insurance (also called E&O Insurance or Professional Liability Insurance) pays for lawsuits when a customer sues you over the execution or quality of their wedding.

As a wedding planner, you know that a million things can go wrong in any event-planning situation. When one of those million things does go wrong, your business could be sued.

Dissatisfied grooms, brides, or their families could sue your business for…

  • Mistakes or errors in planning.
  • Failure to deliver various aspects of the wedding at an acceptable quality (flowers, music, service, etc.).
  • Weddings that fall short of what was agreed to.

Wedding planners have all sorts of horror stories about difficult-to-work-with brides, grooms with cold feet, and numerous problems that can complicate the execution of your duties.

If the DJ you hire ends up getting intoxicated at the party and insists on doing his Michael Jackson impression on the dance floor all night, your business could be liable. People have absurdly high expectations for their weddings and it's your job to meet them. It's a tall order and this insurance can cover many of the mistakes and shortfalls that could lead to lawsuits.

Workers' Compensation Insurance for Wedding Planners

One of your assistants strains their back setting up tables for a wedding reception. An employee falls down the stairs while carrying a centerpiece. An assistant breaks their leg tripping over an extension cord. When these employees are injured or made ill from an on-the-job illness or injury, your Workers' Compensation Insurance (commonly nicknamed Workers' Comp or Workman's Comp) can pay for…

  • Medical treatment, ambulance rides, surgery, and other hospital costs.
  • Paid time off if an employee is unable to return immediately to work and needs to recover or rest.
  • Your legal expenses in a Worker's Comp lawsuit.

One common Worker's Comp claim is a repetitive stress injury like carpal tunnel syndrome. If an office assistant develops carpal tunnel syndrome in their wrists and has to have surgery, your business could be looking at $10,000 worth of medical costs. That's not including the paid time off your business is legally obligated to provide. Or the potential lawsuit. Make sure your business has adequate Workers' Comp coverage.

Insureon: Small Business Insurance for Wedding Consultants

Insureon's agents specialize in particular industries - wedding planning and wedding consultancy is one of them. We'll custom design your insurance to fit the needs and liabilities of your wedding planning business. Submit our online application, and get a free quote custom-tailored to your business's needs.

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