I was just at the smAlbany (get it, Albany is Small, smAlbany) Business Expo in glorious Albany, NY. This is the 5th smAlbany Business Expo that has been held by Liberteks.com, a local Computer and IT Firm.
This event is a wonderful opportunity to get out and mix with local business professionals who have come to do the same. Some people set up a classic TradeShow booth, some people prefer to walk the tables and mingle, others attend seminars, basically there are a lot of different ways to Network at this event.
What About The Insurance Risks?
I know you have been dying to ask me this question. Well being an insurance professional the first thing that I think about when I walk into the venue such as this is, “I wonder how many of the people in this room do not have any liability insurance coverage at this event?”
Ryan, are you just trying to sell more insurance? What could go wrong at a Tradeshow?
There is no way you have never seen the News, America’s Funniest Home Videos, or Cops… So let’s not play the “It’s not going to happen to me” Card.
The truth is many business owners have no clue what is included and what is excluded on their insurance policy. Some the vendors at this TradeShow are shop owners, it is within the realm of possibilities that their insurance policy does not grant liability coverage off-premises. Here is a great example of the Designated Location endorsement that could possibly create this type of exclusion (this endorsement is NOT limited to shop owners in any way).
Why Would Insurance Companies Create Such An Endorsement?
There are two main reasons:
- Your operations are such that the insurance company does not want to provide Liability coverage other than certain Designated Locations.
- You want your policy premium to be cheaper so your agent adds the Designated Location endorsement which limits your Liability exposure to the carrier yielding a lower premium.
Either way most Business Owners are not going to check their policy to make sure they have coverage at a TradeShow, and in most cases are just going to assume there is coverage.
Defy The Odds
As a reader of the Albany Insurance Professional blog don’t be one of these Business Owners! I encourage you as often as I can (and hope you are listening or care) to have a strong relationship with your insurance professional. Before you do anything outside of your normal operations, discussed at the time you purchased your policy, check with your insurance agent to confirm you have coverage.
The Rub
There are a few other reasons why you may NOT have coverage at a TradeShow such as the smAlbany Business Expo. I used the Designated Location endorsement because I didn’t have to get very Insurance Techno-Barf on you to explain it.
The point is, understand your policy, or develop a strong enough relationship with your independent insurance agent that you can call him/her to get an opinion when you need one.
I’ll leave you with this question: If your a blogger, blogging at an event similar to the smAlbany Business Expo and your blog can be viewed in any regard as a Business, do you have Liability under your Homeowners/Renters? Good Question…
Disclaimer:
This article is for informational purposely only. There is no legal advice being suggested or proffered and the author assumes no responsibility or liability for the actions take or not taken by the readers based upon such information.
Thank you,
Ryan H.
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