As we bring the year’s activities to a culmination, whether goals were met or exceeded, everyone is looking forward to a little sparkle and fun to close the year and usher in a new one. Many organizations and businesses also use this time to show appreciation for their employees, clients and other stakeholders, and to commemorate the end of year in a formal or an informal setting with some jolly merry making.
Holiday, religious, and winter festivities are everywhere.
We will thus be remiss not to tip our risk management hats to say plan, prepare, and enjoy your festivities with a peace of mind by reducing your risk exposures.
It’s the season of festivities after all, and who doesn’t love a bit light-hearted gatherings and parties; however, these events can expose businesses to additional liability risks. Nonetheless, you can take measures to minimize your risks and protect yourself and your business from unexpected incidents.
Here are a few friendly reminders:
Schedule events in appropriate spaces and at safe locations.
Make contingency plans and prepare for emergencies.
Identify and minimize or eliminate hazards that can cause injury and property damage.
Reduce liabilities by setting clear guidelines, policies, and code of conduct at your events.
Ensure you have the right insurance policies in place. For example, get liquor liabilities insurance if you are serving alcohol but also get insurance to cover you for cancellations, no shows, nonrefundable deposits, accidents, and damages. And don't forget to add protection against claims resulting from harassment, emotional distress, discrimination, and other issues that can arise at the event.
Lastly, prepare a fantastic experience for your guests and enjoy your event.
Whether your business is hosting an event or your business rents venues for events, you can protect your business, guests, employees, and your business finances with the right insurance and risk management practices.
At Axios Risk Solutions, LLC., we help small and medium-sized enterprises, families, and individuals minimize and manage their business risks through tailored risk management strategies and protect their business and assets through a variety of insurance solutions in the market. To request a quote or speak to an broker, call (404) 480-0272.
Author: Sandra Owusu-Fianko
Sandra Owusu-Fianko is the Principal and Risk Advisor at Axios Risk Solutions, LLC. She has extensive experience in the insurance industry and a MS degree in Enterprise Risk Management. She is passionate about finding appropriate risk management and insurance solutions for her clients.