The holidays are a time for celebration, which is a perfect opportunity to express your gratitude to your workers for all of their hard work throughout the year. In addition to a little bonus or employee present, a holiday office party is a fantastic method to accomplish that. Additionally, it provides a wonderful chance for the team to socialize and have fun together outside of the professional setting.
Have you ever wondered how your commercial insurance would handle an office party? Are you accountable? Do you require greater protection? We can help you with some of your questions even though speaking with an agent directly is preferred when it comes to insurance, especially business insurance.
It’s best to evaluate your small business insurance in its entirety because you might be contacting your Hertvik Insurance agent when your policy is up for renewal. It is best to determine what insurance modifications may be necessary when your business insurance is subject to changes.
Holiday Party at the Office
Although you’ll want everyone to be enjoying themselves, things can still go wrong. The liability and insurance concerns associated with hosting at your company may not be their concern. But, as the business owner, you should be aware of them before opening your doors for the company party.
Checking how far your current coverage reaches is the first thing to do, just like if you were planning to hold a party at your home. Will you need more business liability insurance or is your present level sufficient?
If you don’t feel like you’ll have adequate insurance already, think about getting a one-day event-hosting policy. Whether or not you will be offering alcohol on the property is another crucial consideration. Make sure you have liquor liability insurance if you plan to host. This might already be in place for your company, but if not, your Hertvik Insurance agent can assist you to get covered.
Excess liability insurance is a fantastic method for you to have additional protection all year long, but it’s especially useful in situations like holiday parties. Any event can experience a little accident, and it’s much simpler than you might imagine for things to get worse. In case of a lawsuit or rising medical costs, having too much responsibility puts you in a stronger position.
Finally, consider your insurance for commercial building. Even though a Christmas party may not increase the risk of a fire or theft, now is a good time to consider whether you have coverage in that area. If you allow guests as well as employees inside your workplace, there may be a risk of theft of the property you have in your company. When considering your business building coverage, keep this in mind as well.
Holiday Party at Off-Site Location
If something went wrong, the first thing a business owner would want to know is if they would be covered. Sadly, the solution is not so straightforward because a variety of parties may be held accountable. Any mishap that occurred must be covered by the venue, a member of your staff, or the company itself. The greatest thing you can do as a business owner is to call your Hertvik Insurance agent and inquire about your specific insurance plans. If further protection is required, they might advise purchasing excess liability insurance or modifying your present commercial insurance plan.
A workers compensation policy might provide coverage if an employee was hurt while attending a work function off-site. Of course, each circumstance is unique. You might still want to discuss this with your Hertvik Insurance agent before leaving.
Finally, you might not be held responsible if something bad happens to an employee after the holiday party. There are always exceptions, and the worker legally has the right to sue you if he was “at an office party.” In this situation, you should make sure your company has enough workers compensation insurance. You really never know what might happen. It’s smart to think about paying for the taxis home or providing discounted hotel rates, especially if there will be drinking. It is better to be safe than sorry.
Vendors at the Holiday Office Party
Perhaps your company operates out of a fantastic open area. So, inviting vendors is the finest thing to do for the holiday party. This could involve a band, bartenders, photographers, and caterers.
Speak to any vendors ahead of time and make sure they have insurance coverage. Check to see if the caterer has insurance in case someone becomes ill from their meal. What if your company has to step in and take care of it if they don’t? Any vendor you hire for your event should be properly insured and ready to provide you with proof.
If you have any other questions about insurance coverage for your business this holiday season, give us a call at (330) 723-9320.