Being an extrovert, I am happy attending live events, parties and big crowds. While usually there are waivers or precautionary methods being implemented, I recently found out that events can also have insurance.

Events insurance is a non-life insurance that covers any expenses incurred by accidents, damages or unforeseen circumstances in your event.  Event planners are usually required to provide this type of insurance where a big crowd of people is exposed such as concerts, festivals, mass parties, etc. This is also sometimes referred to as Liability Insurance.

Why is it Important?

There are some things beyond our control. Accidents can happen anytime, anywhere. Events can be cancelled due to weather or cases like what we are having now – a pandemic. Having an event insurance coverage protects you from the unexpected and can potentially save your business. In our country, Malayan Insurance offers this type of coverage for businesses and event organizers in the Philippines.

Types of Liability Insurance

There are different types of Liability Insurance that event producers and organizers can choose from depending on the need. With Malayan Insurance, they are offering these types of insurance.

• COMPREHENSIVE GENERAL LIABILITY (CGL) INSURANCE

  This policy answers for the legal liabilities of the insured arising out of accidents, in connection with the conduct of his business.

• COMPREHENSIVE PERSONAL LIABILITY (CPL) INSURANCE

  This policy answers for legal liability of the insured due to his negligence or the negligence of the member of his household.

• ERRORS AND OMISSIONS

  This policy designed to protect insurance and/or reinsurance brokers caused by error and omissions arising in connection with their duty as legal representative of the Insured.

• DIRECTOR’S AND OFFICER’S (D&O) LIABILITY INSURANCE

  This policy is designed to protect Directors and Officers of a corporation for any wrongful act committed by a director or officer.

• PRODUCTS LIABILITY INSURANCE

  This policy protects the Insured from damages arising from the products manufactured, distributed or sold by the Insured after such product has ceased to be in the custody or control of the Insured.

• EMPLOYER’S LIABILITY INSURANCE

  This policy answers for damages (Bodily Injury by Accident or by Disease) to any employee of the Insured during the course of his/her employment by the Insured in excess of the required employee benefit or insurance cover under Worker’s Compensation Law or any similar law.

• PROFESSIONAL LIABILITY INSURANCE

  This policy is designed to protect “Professional” for an error arising out of the “professional service” or the “work” performed in connection with his/her profession.

• MANUFACTURER’S ERRORS AND OMISSIONS

  This policy provides coverage for legal liabilities for financial loss to customers caused by the product manufactured by the Insured.

• EXCESS AUTO LIABILITY

  This policy covers for damages arising from accidents in connection with use of personal, hired, owned or non-owned vehicles. This coverage responds in excess of the required third party liability cover under the Motor Car Insurance.

• MEDICAL MALPRACTICE INSURANCE

  This policy covers liability arising from any failure to render medical services or an error in rendering medical services which resulted to death, sickness or bodily injury of the patient. This product is available both for hospital establishments and individual doctors.

• EDUCATORS PROFESSIONAL LIABILITY INSURANCE

  This policy covers liability of schools, educational institutions and academic professionals for breach of duty in the performance of or failure to perform educational services.

• LAWYERS PROFESSIONAL INDEMNITY INSURANCE

  This policy responds to liability from acts, errors or omissions of lawyers in the performance of his legal profession on behalf of their clients.

How much does it cost?

It depends on the type of event, the number of people attending, where the venue is, how long will it take, are there any risks involved? The higher the risks, the higher the price will be.

Whilst events for now are pushed back in our country, this information is indeed helpful for aspiring event planners like me. I wanted to be an events organizer before and I might do so in the future if my time and obligations permit me. So, having proper knowledge on knowing the good habits of event planning is essential. No matter how organized your event is, we’ll never know what will happen that’s why you have to be properly covered. You have one less worry with Malayan.

For more details on event/liability insurance in the Philippines, consult a Malayan advisor today or visit https://www.malayan.com/ 

Thanks for reading.

Much love,

Mommy Gail 💙