Whether you're hosting a party, a corporate event, a pop-up store or a kiosk, chances are the venue owner isn't going to let you set up shop until you have proof of insurance. There are a lot of different types of insurance you can buy for this sort of thing if you want to protect your own end. But your venue owner is primarily going to be interested in general liability insurance.
The venue owner most likely carries insurance themselves. But, by requiring their renters to carry insurance, they can afford themselves some additional protection. This is only fair, given that it's their property at risk. Here's what you need to know:
- Your current provider may be able to sell you temporary general liability insurance for events and short-term engagements. Before you take any additional steps, give your provider a call and see what your options are.
- Ask your venue-owner about TULIP. This is Tenant/User Liability Insurance Protection. Many venue owners will offer this as an option to get covered under their existing insurance plan.
- Your venue-owner may require that you list them as "additional insured" or even "certificate holder." This means that if something happens to the venue, they will be paid directly from your insurer, rather than having to wait for you to get your check and pay them for the damages.
- Many insurance companies offer or specialize in event insurance. If you can't get temporary insurance for your event through your existing insurer or the venue-owner's general liability insurance, it may be worth looking into these companies for a quote.
When it comes to running an event or a temporary business on someone else's property, you and the venue-owner both share in the risk. If anything happens to their property while you're renting it, they’re liable for the repair costs, and so are you — unless you both have adequate protection.
This is why many venue-owners require that you carry your own insurance when renting their property. Yes, they're covered through their own policy. But if something happens in relation to your operations on that property, you'll be the one making the claim. And the venue-owner’s insurance rates aren't bumped as a result of something that you or one of your attendees did.