Not sure about insurance, but if kids are eating what there decorating, would recommend being Serve Safe Certified.
It would definitely be worth getting liability insurance for your new business. It is in place to protect businesses from being sued by a third party due to negligence. Having liability insurance is a must for any business. Liability insurance, or business insurance, protects your company against lawsuits that claim you failed to use reasonable care.
Third Party Insurance is a Liability insurance purchased by the insured (first party) from an insurance company (second party) for protection against possible suits brought by another (third party).
Simple things like decorating cookies are always great for kids to do. It shouldn't be anything that involves cooking so they can't hurt themselves.
The first major duty that liability insurance for small business provides is to defend the small business when it is, for example, sued by another party. The second duty for liability insurance for small business is to pay all claims the insurer is liable for as well as to settle any clear cut cases submitted to insurer immediately.
Anything that you use make sure to use two of them. For example, if your decorating with rattles make sure to put two together.
You can find reviews for the Insurance Factory from independent third party reviewers like JD Power and Associates, Consumer Reports, and the Better Business Bureau.
"Errors and omissions insurance is business liability insurance for professionals such as insurance agents, real estate agents and brokers, architects, third party administrators and other business professionals. This type of insurance helps to protect a professional, an individual or a company, from bearing the full cost of defense for lawsuits relating to an error or omission in providing covered Professional Services.
The main decoration will be the karaoke machine, but if one wanted some additional decorating ideas or theme ideas, Pinterest is a wonderful resource for party planning and decorating or one could certainly ask around amongst friends for ideas and input for the party decorations.
This would be covered under your general liability policy for your business
Likely not, as they would have to show a reason for insurance on you. Otherwise, you could buy insurance on all your neighbors, and just collect as they pass on. The party would have to show a financial need to collect money upon your death (spouse, business partner, and the like).
The basic insurance/third-party liability covers third-party persons. But if you have comprehensive car insurance, it not only covers you, third-party persons but also your car.
Even if the company is now bankrupt they probably had insurance when they were in business but you will have to find out the insurance company. Try to contact the attorney that is handling their BK and notify him that you have a claim. Your best action is to file a claim with your insurance carrier and let them go after the other party. How this will affect your rates depends on the policies of your carrier. Ask your insurance agent.