Risks Associated with Holiday Parties and How to Prevent Them

Risks Associated with Holiday Parties and How to Prevent Them
December is a time for festive celebrations, whether it be family gatherings at home or company holiday parties. However, with this being such a celebratory time of the year, it’s easy to overlook some of the hazards that can come from the season.
It’s estimated that 83 percent of Americans will attend a holiday party this year and 53 percent will host a party from their own home. The party hosts (both businesses and individuals) face increased risk when welcoming friends, family, and co-workers to their property, such as fires, accidents, and theft. Insurance carriers can add a lot of value to their relationships with insureds by making them aware of these seasonal risks and how to prevent them.

Here are some of the most common risks associated with hosting a holiday party and how insurance carriers can help their clients mitigate these risks:

1. Theft
While most Americans are aware that the threat of theft increases during the holiday season, few consider the possibility that party guests could be the culprits. Surprisingly, 17 percent of people say that they have had a valuable item go missing after hosting a holiday party. As a best practice, encourage residential and commercial clients to tuck away their valuable possessions before inviting a crowd into their property. Another tip is to not leave the front door unlocked when hosting a party. Depending on the size of the crowd, a malicious character could easily slip through the door and have free rein to the insured’s property and its possessions without anyone even being aware. Installing inspection technology such as cameras and motion sensors can help to thwart theft during the holiday season.

2. Cooking-Related Fires
They say that food makes the party, and 87 percent of holiday party hosts plan to do a lot of cooking to prepare for the event. However, while hosts labor over putting together impressive spreads for their guests, they also increase the likelihood of experiencing a cooking-related fire. Less than half of Americans keep fire extinguishers in their home, which makes it difficult to be able to address a kitchen fire before it takes control of the entire house. In addition to having a fire extinguisher close by, insureds can take advantage of smart inspection technology to make them aware of potential issues in the kitchen before they become a problem.

3. Accidents
From your insured’s perspective, as soon as someone steps foot on his or her property, he or she is liable for accidents or injuries that take place on the property. Talk to insureds about ways to protect themselves from liability exposure, such as removing hazards where guests can trip and fall and hiring a bartender to help manage guests’ alcohol intake. It’s also important to discuss existing coverage levels with insureds that will help to mitigate their financial risks when hosting a holiday party.

Using an insurance inspection to make insureds aware of the potential risks associated with hosting a holiday party and how to mitigate them will help to strengthen relationships and can open up opportunities for new ways for insurance carriers to serve insureds.

Our team at Insurance Risk Services has been partnering with property and casualty insurance carriers for more than 35 years to help them determine which risks are worth taking. We rely on the latest inspection technology to complete thorough underwriting reports for our clients. Please contact us to learn more about how we can use inspection technology to help you deliver better customer service to your insureds.