I was just at the smAlbany (get it, Albany is Small, smAlbany) Business Expo in glorious Albany, NY. This is the 6th smAlbany Business Expo that has been held by Liberteks.com, a local computer and IT firm.
The smAlbany business expo got my thinking about New York trade show insurance.
This event is a wonderful opportunity to get out and mix with local Albany business professionals who have come to do the same. Some people set up a classic trade show booths, 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.
New York Trade Show Insurance Risks?
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 trade show insurance coverage at this event?”
Why would anyone need trade show insurance? What could possibly go wrong at a trade show?
There’s 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 most business owners do not understand what is included and what is excluded on their NY business insurance policy. Some the vendors at this trade show are shop owners, it is within the realm of possibilities that their business insurance policy does not grant liability insurance 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).
New York trade show insurance provides coverage for the gap created by this endorsement.
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 commercial general liability insurance 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 commercial general liability insurance 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 trade show, and in most cases are just going to assume there is coverage, but they really need is trade show insurance.
Before you do anything outside of your normal operations, the operations you discussed at the time you purchased your policy, check with your insurance agent to confirm you have coverage for a trade show.
If you don’t pick up the phone and dial (518) 456-6688 and a Murray Group specialist will help you secure trade show insurance.
The Rub
There are a few other reasons why you may NOT have coverage at a trade show 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.
All the best!