What Insurance Do You Need If You Are Throwing a Company Holiday Party? 

Hosting a company holiday party is a great way to celebrate your team’s hard work and build camaraderie. However, these events can also present significant risks for your business.

At Price Insurance, we help Illinois business owners, office managers and HR professionals understand the insurance protections that can help financially safeguard their company during holiday gatherings.

Understanding Event Liability Insurance

Even with careful planning, accidents can still happen at company events. Event liability insurance, also known as special event insurance, can cover third-party claims of bodily injuries or property damage that may occur during a party or gathering. This can be especially important if you’re hosting an event at an off-site venue, as many locations may require proof of insurance before allowing you to book.

Should My Company Consider Liquor Liability Insurance?

Liquor liability insurance is another coverage you should consider if your company event will include alcohol. In Illinois, businesses can be held responsible if an intoxicated guest causes harm to themselves or others after leaving your event. This policy can help cover legal costs and damages if your company is found liable for alcohol-related incidents.

Other Coverages to Review

Your broker may recommend the following policies if your business is hosting an event:

• General liability insurance: This coverage may extend to certain event-related claims, but it’s important to review your policy first for any exclusions.
• Workers’ compensation insurance: This policy may cover the medical expenses and lost wages of employees who are harmed during a company event, although coverage may be limited, such as for voluntary events or parties taking place after hours.
• Special event insurance: A standalone special event policy can offer tailored coverage for larger gatherings.

How Our Team Can Help

At Price Insurance, we work with businesses in Illinois to assess their risks and recommend the right insurance solutions for holiday parties and other events. Our team can review your current policies, identify any gaps in coverage, and help you secure event-specific coverage.

Contact Price Insurance today to discuss your coverage options and request a personalized quote.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.