Add special event insurance to your to-do list to protect your big day from potential risks.
What is event liability coverage?
The coverage requirements for your event may vary based on its specific nature; however, certain types of coverage are commonly applicable to most events. One such coverage is event liability insurance, which is often mandated by venues. This insurance provides protection against liability claims, including property damage or personal injury that may occur as a result of your event or actions of your guests. For instance, if a guest were to trip and fall, resulting in damage to a table, the insurance could cover their medical expenses as well as the costs associated with replacing the damaged table. Furthermore, this policy may extend to cover equipment rented from the venue hosting your event, although it typically does not include rentals from third-party sources.
Need to cancel your event? Insurance may cover it.
It is important to recognize that numerous venues and vendors typically do not provide refunds for deposits made. It may be prudent to consider acquiring event cancellation insurance, which could offer reimbursement for lost deposits and other associated fees in the event of cancellation or postponement. While your intention is to ensure the successful execution of your event, unforeseen circumstances beyond your control may necessitate its cancellation. For example, a critical vendor or the venue itself might face bankruptcy, leading to the event's cancellation. Additionally, severe weather events such as tornadoes, hurricanes, and blizzards could also result in the need to cancel. Furthermore, should you or a close family member fall ill and require a last-minute cancellation, you might find coverage under such insurance. This coverage may extend to cancellations due to communicable diseases, including COVID-19.
Serving alcohol at your event? Here’s what you need to know.
When organizing an event that includes the service of alcohol, it is essential to consider various risk factors that may arise. Acquiring a host liquor liability insurance policy provides an additional layer of security in the event that an incident related to alcohol leads to property damage or personal injury. For instance, if a guest consumes alcohol at your event and subsequently becomes inebriated, they may unintentionally harm another attendee or cause damage to the venue's property. As the host, you could be held liable for their actions, given that they were served alcohol during your event. Host liquor liability insurance can help cover expenses related to legal claims, medical costs, and property damage resulting from the service of alcohol at your gathering.
What types of events can be covered by special event insurance?
Generally, standard events qualify for coverage under your policy; however, exclusions can differ. For instance, certain occasions such as bachelorette and bachelor parties are usually not included in the coverage. Below are several examples of events that might be covered by a special event policy.
- Anniversary Party
- Baby Shower
- Birthday Party
- Family Reunion
- Graduation Party
- Retirement Party
- Wedding
When do you need to get insurance for your special event?
It is advisable to secure special event coverage as soon as you begin making deposits and payments for vendors, services, and other event-related expenses. The duration of your event, whether it spans a few hours or several days, may influence your coverage requirements and timing, so it is important to take this into account during your planning process. Regardless of whether your event takes place at a venue or in your own home, unforeseen incidents can occur and disrupt your plans. Every event, regardless of its size, necessitates thorough planning and preparation. Obtaining special event insurance is an effective means of safeguarding your celebration and ensuring coverage against potential risks. Are you considering hosting an event? We recommend looking into special event insurance. Please reach out to us to discuss your event and explore available coverage options.