Guest list…check. Flowers…check. Catering menu…check. Event insurance…???
There’s no shortage of to-dos when you’re planning an event. After the invites have been sent and the menu has been finalized, you’re ready to enjoy the celebration – but did you remember to get event insurance?
Event insurance is important because you’re hosting an event, you run the risk of one of your guests becoming injured or causing damage to the venue’s property. Weddings, parties, and corporate meetings are just a few events for which you should consider purchasing special event insurance.
With months of planning and a large cost put in, you want to make sure you are protected in case something were to happen.
What does special event insurance cover?
• Event liability coverage: Many venues require you to have this coverage before you can use them. This coverage will protect you with any uh-ohs that might happen during your event. This could be accidental property damage or bodily injury. Event liability will take care of the property damage and medical bills up to a specific amount.
• Liquor liability coverage: If there is alcohol at your event, there’s a good chance you need liquor liability or host liquor liability. In fact, the venue may even require you to have this liability insurance. If someone who was intoxicated drives home and hurts someone or even themselves, you could be liable. The liquor liability coverage will help protect you in this situation.
• Food liability coverage: This coverage is for if a guest at your event were to get food poisoning from the food you served and held you responsible for this sickness. Food liability coverage can help deal with this situation.
• Event cancellation coverage: In some cases, you can even purchase event cancellation coverage. This coverage will help you get reimbursed if your event is cancelled or postponed due to an unforeseen situation. This policy usually covers non-refundable expenses and only covers event cancellations that are outside of your control.
What type of events does it cover?
Some events that may be included in special event insurance are:
- Birthday parties
- Baby showers
- Anniversary parties
- Holiday parties
What is not covered?
Events that may not be covered are public events, such as sporting events. Something else that usually cannot be insured under this coverage is bachelor/bachelorette parties. Some business functions like fundraisers or private corporate parties might not be eligible. Reach out to your agent to know what specific events may qualify.
How much is special event insurance?
This all depends on the coverage you select, the number of guests, and the duration of the event. Event insurance is typically affordable and is usually paid as a one-time payment, unlike other types of insurance.
When do I need to get special event insurance?
When you are going to have an event, of course! Whenever you start putting down deposits or purchases for your event, that’s when you should get special event insurance. It’s better to purchase it sooner rather than later.
Make sure you are properly covered in all areas of your event and have fun!