If you have already invested in your business and have brides to plan your weddings and receptions, then you know how expensive starting up can be without proper business insurance. This is why so many brides find themselves either working without it, or not working at all, due to financial problems. Before you get married, make sure you have everything in place that you will need for the big day, and the only way to do that is to have proper insurance. A business insurance policy can give you peace of mind, as well as financial protection, for your business. Here are just a few of the places where you really should invest in your business insurance, without spending you hundreds of dollars to begin.
Wedding Planner and Props: Even if your wedding professionals and decorations do not make you a fortune, it is important that you protect yourself against any liabilities that may arise from injury or damage to property. An example of this would be rental vehicles, decorations, and even floral arrangements. Wedding planner policies can offer coverage on property rentals, wedding venues, and even photographers. The policy might also provide coverage for gifts that are taken from the bridal party.
Bridal Shops and Accessories: When working without a wedding planner or business insurance policy, you have to make do with what you have. The bridal shop is not responsible for damages, loss, theft, or bankruptcy, but it could be the source of a lawsuit against you if something were to happen. Without insurance for the store, you could be forced out of business and lose everything that you have worked so hard to obtain. Other accessories that you need to protect yourself from would be photographs, gifts, and even gifts for the groomsmen, tuxedo rentals, and wedding entertainment.
Wedding Decorations: With so many different types of weddings, it is difficult for a new wedding planning business owner to know which products and services are legal and which ones are not. Also, many products are offered for a discounted price but are illegal. You may also find that you have to break the law in order to sell some items. Some examples of this would be liquor, illegal decorations, and catering supplies. You should also not allow other wedding professionals and wedding planners to assist you in the distribution of your goods or services.
Business Insurance For New Wedding Planners: When working without a business insurance policy, some new wedding planners may feel like they do not need to protect themselves because they will only be working with the bride and groom. However, they should realize that although they will be indirectly responsible for any damages, losses, or lawsuits that occur while assisting the couple, they still have a lot of work to do. Therefore, a good way to protect yourself from these issues is to purchase a policy that provides you with liability coverage. This coverage can typically be increased once you have hired your first staff member. This type of insurance can help you avoid being personally liable for things that happen during your time as a wedding planner.
Other Legal Issues For Working Without Business Insurance: There are many other legal matters that new wedding planners may run into while working on a wedding. For example, the vendors that you will hire for food, flowers, and decorating may break local ordinances and state laws. While these problems do not usually cost the bride and groom anything, they can create a lot of hassle and frustration for guests, which is never good for the party's bottom line. Therefore, it is always important for potential wedding planners to make sure they have business insurance so that they will not have to worry about being personally liable if something goes wrong.
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