Special event insurance is not just for large events. This coverage is designed to protect you, the event owner, from liability, whether you are hosting a small wedding or a large business trip. Coverage applies to claims from third parties for bodily injury or damage to property that occurred during the event. Some special event insurances also provide cancellation coverage to compensate you for lost deposits or other costs that may arise if the event is interrupted or postponed.
What are the reasons for buying special event insurance?
It is always a good policy to plan for the best results and prepare for the worst. Despite your careful planning, things can go wrong at an event of any size. Employees you hire to work for your event or guests may inadvertently cause other damage or property damage. If alcohol is served at your event, a guest may become intoxicated and cause problems, such as exhibiting aggressive behavior. Special insurance can cover health care costs as a result of an injury that occurs during the event or damage to property caused by someone you hired. Some of the possible hazards of a special event include:
- Slip and fall accidents
- Conflicts between participants
- Collapsing structures that cause damage
- Car accidents caused by drunken guests
- Fires or damage to property caused by employees
Many meeting place owners will not rent to you without proof of liability insurance. You must show your insurance certificate to the facility. Depending on the location, you may also be asked to add the facility as an additional insured to your insurance. This is a common requirement for many places.
Most special events continue as planned, but in some cases they must be canceled or postponed due to circumstances beyond your control. The cancellation may be due to severe weather, such as a hurricane or tornado, a fire at the site, or a key speaker or artist's failure to show up. A wedding can be postponed due to an unexpected illness of the bride or groom or a close family member or even military action. Event cancellation insurance can reimburse you for deposits made to sellers (meeting place, catering company, bands, florists, etc.) and can help reduce your losses.
What is not covered by special event insurance? to the specific date and event described in the certificate. They usually exclude activities involving:
- Ski jumping or other flying maneuvers
- Rodeo events
- Amusement equipment
Certain events and restrictions may apply 1
The cost of special event insurance depends on the type and size of the event and who buys the insurance. Basic, one-day insurance for a small event can start as low as $ 100 and increase from there, based on several factors. If you are planning a special event, our knowledgeable agent can help you find the insurance coverage you need to protect your investment and protect you from liability at the lowest available rates.