For your best business protection and savings, we recommend bundling GL with some other important coverages on one Business Owners Policy!
What better way to enjoy the beautiful outdoor space, food, and music than a street fair event? In this event, vendors and participants meet to showcase their services, talents, and products. If you are planning to hold a street fair event, you're probably wondering what can go wrong amidst the entertainment and fun.
This event may present a fair share of risk to the attendees and employees. Your street fair might even become a significant target for criminal acts, and you need to be prepared for such unforeseen circumstances. The crafters renting a booth can also injure their customers and you might be held responsible for their actions. Street fair insurance is the best way to cushion yourself from costly lawsuits and settlements.
| CoverWallet | NEXT (Best) | Thimble | Hiscox | The Hartford | |
|---|---|---|---|---|---|
| Per occurrence limit | $1,000,000 | $1,000,000 | $1,000,000/$2,000,000 | $300,000/$1,000,000 | $1,000,000/$2,000,000 |
| Aggregate limit | $2,000,000 | $1,000,000/$2,000,000 | $1,000,000/$2,000,000 | $300,000/$2,000,000 | $1,000,000/$2,000,000 |
| Products and completed operations aggregate limit | $2,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |
| Advertising injury coverage aggregate limit | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |
| Tenant’s legal liability coverage limit | $100,000 | $100,000 | $5,000 | $100,000 | $1,000,000 |
| Waiver of subrogation included? | Yes | No | Included | Can be included | No |
| Hired/non-owned auto liability coverage included? | Yes | No | Excluded | Can be included | Can be included |
| Equipment breakdown floater included? | No | Yes | Yes | Can be included | Can be included |
General liability insurance is integral for a street fair event. This policy is your best defense against third-party claims for:
Bodily injury–A participant in your street fair event slips and falls and is injured
Property damage–When holding your street fair event, a property such as a parked car or building is damaged.
Product liability–Products you sell at your street fair event harm a customer.
Advertising injury–The marketing materials you use for your fair street event have claims of copyright infringement
The coverage limit for this insurance for street fair is $1 million for each occurrence and up to $2 million for the aggregate. Typically, an insurer can offer higher coverage limits, such as $4 million for all your claims in a policy period, but you will have to pay higher premiums.
In addition to your standard general liability insurance, you can include an integral add-on, such as vendor liability insurance. This coverage is crucial if you have third-party contractors in your event and will cover any claims closely linked to their services and activities.Â
If you sell your street fair event, you need to be aware claims can be made against your products. Imagine you sell beauty products at your event, and they cause allergic reactions in your customers. This product liability insurance will cover legal fees and damages.
Also, you can sell toys at your event, and these items cause injuries to a child. You are liable for these damages; the insurance coverage will settle all associated costs.
Product recall coverage is one crucial add-on to your product liability insurance. Imagine you engineer, manufacture, and distribute a product such as a toy. Later that toy is recalled for being defective and causing harm to the users. This coverage will cover all the expenses of notifying your clients and offering refunds to your customers.
When determining the amount of coverage limit for product liability insurance, an insurer must check the size of your event. If you hold a small event, you will get $100,000 to $500,000 for each occurrence and an aggregate limit of $1 million to $2 million. For large events, the coverage limit for each occurrence is $1 million to $5 million and the aggregate limit is $5 million to $10 million.
This insurance is another fundamental coverage for your business. It covers vendors, employees, or attendees in case they suffer any accidental injuries during your event. This insurance will cover the following:
Doctor fees
Hospital fees
Surgical expenses
Ambulance expenses
Prescribed drugs
Rehabilitation expenses
Follow-up care costs
Typically, accidental medical insurance will not cover pre-existing illnesses, and you will require comprehensive health insurance.
An attendee falls on your street fairgrounds and gets injured
A vendor or participant gets a burn injury during the event
A participant or attendee suffers a laceration or cuts during the event
Emergency medical evacuation coverage–This add-on will cover the costs of transporting injured persons to a better-equipped facility for better injury management
Accidental death coverage–This add-on will cover settlement if a person dies during your fair street event. The settlement amount is typically paid to the beneficiaries
The coverage limits for accidental medical insurance are $10,000 to $100,000. Usually, the limits vary depending on the terms of your policy and the conditions you agree with your carrier. The number of attendees and risk exposure will also influence the coverage limit amount.
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When planning an event, especially an outdoor one, many unpredictable factors can lead to its cancellation. For instance, heavy rains, storms, or floods can make holding a street fair event on a specific date impossible. In such a scenario, event cancellation insurance will cover expenses associated with your event.
The insurance will reimburse you for non-recoverable expenses such as equipment rental fees or advertising fees. It can also cover refunding ticket sales and rescheduling your event. Here are some of the perils covered:
Severe weather
Natural disaster
Terrorism
Non-appearance of a crucial performer
Equipment failure
Terrorism coverage–This add-on will cover the postponement or cancellation of an event due to a terrorist act. You will receive compensation for expenses incurred in organizing the canceled event
Public liability coverage–This add-on covers any liability claims by attendees or third parties. It will cover bodily injury and property damage to the public
The coverage limit will depend on the size of the event. A coverage limit of $25,000-$50,000 is sufficient for small events to cover all related costs. While for a larger event, you may require a coverage limit of $100,000 and above.
