Key Risk Management Terms for Event Planners
Planners are responsible for the safety of their staff and guests. A few key definitions.
* Entity named on an insurance policy to be held harmless if there is an occurrence or accident that happens due to the negligence of the certificate holder.
* Extra equipment (power generator) and files brought on-site in the case of an emergency.
* A policy that protects planning entities in the case that the event is canceled.
Certificate of insurance
* Document issued by an insurance company that certifies a policy had been purchased.
* A provision made to reduce the impact if a risk does materialize -- better known as "plan b."
* Badges or tags used to indicate affiliation and access permission for individuals at an event (backstage pass or press badge.)
Emergency action plan
* A plan of action laid out in case of an emergency, often in the form of an evacuation plan.
Errors & omission insurance
* Also known as professional liability insurance, a policy taken out to protect planning entities against negligence should they overlook something. …