Event Insurance
An event is a high pressure, all focus on a one-day scenario. All your effort, months of hard work, and sweat goes to prepare for that one day. For the peace of mind and to protect your big day, it is always a good idea to protect your one special day with Event insurance. It lets you focus on the big day with no worries and eliminates the “what if.”
Event Insurance is a policy to protect your investment in a specific event, such as a concert, race dealer gatherings, etc. It provides package coverage for the sponsor of public or private events, such as concerts, festivals, conferences, trade shows, sporting events, and celebrations, to name a few. Available coverages include property insurance, general liability insurance, employers liability insurance, and cancellation insurance.
If your business holds an event that differs from its day-to-day operations, it could benefit from special event insurance. Certain venues may even require it. This policy can help small businesses pay for unanticipated costs related to the event, such as an injury or venue cancellation fees.
Thousands of details you have to take care of, take one worry off your list get a comprehensive insurance package customized for event managers.
Event Cancellation Coverage
Event cancellation coverage reimburses you for deposits lost and other fees — up to your limit — should something force you to delay or cancel your function. If your photographer does not show, you’ll likely be covered for the cost of the lost deposit and unexpected charges from having to book another photographer at the last minute. If your priest breaks his leg the day before your wedding and you’re forced to postpone, event insurance coverage may help pay fees associated with rescheduling the venue, caterer, and vendors.
Event Liability Coverage
Event liability coverage may help protect you if you’re found responsible for property damage or an injury caused during your event, and many venues require you to have it. If the band you hired damages a wall with their gear, for example, this coverage may help pay for repairs. Some policies also cover incidents caused by your guests. So, if someone gets a little wild on the dance floor and trips a waiter as he walks by, event liability coverage may help pay for medical expenses resulting from an injury. Remember, a coverage limit will apply. Keep in mind that while event liability coverage may help protect equipment that you rent from your venue, it likely will not pay for damage to equipment rented from a third-party company that’s not associated with the venue. Again, make sure to read your policy to find out what kinds of situations it does and does not cover.
Equipment
Covers equipment for sound, projection, lighting, filming, sound recording, broadcasting, and reproduction, in case of accidental damage or destruction, burglary, theft, short circuits, over-voltage, or inductions.
Non-Appearance
Covers the expenses incurred following a postponement, cancellation, or abandonment of an insured event resulting from the death, accidental wounding, illness, or detention against their will of a person named during the period of cover and of their relatives up to 1st degree.
Additional Costs
Covers the additional costs incurred to continue the production after a loss, damage, burglary, theft, non-delivery of goods, damage to location, etc.
Entrusted Property
Covers the amount that the policyholder could be held legally liable for, for the loss, damage, theft, or destruction of the property of a third party during the policy cover.
3rd Party Property Liability
Covers damage to the property of third parties that are occupied during the event, such as fire, electrical and/or water damages, and glass breakage, except damage to vehicles, buildings, and natural sets.
Inclement Weather
Covers the net loss suffered by the insured because of the cancellation or total postponement of the event following extreme weather under specified circumstances.
Personal Accident Insurance
Covers staff and crew in case of death, permanent disablement, temporary disablement, and medical fees.
While you can find insurance for most types of events, there are some that insurers typically avoid covering, including:
Activist events, such as protests or rallies
Motorized sporting events, including tractor, pulls
Aircraft, boating, and hot air balloon events
Haunted houses
In some cases, you may be able to find an insurer who offers specialized policies for one or more of the above events. Also, if you purchase event cancellation insurance for a wedding, you won’t be covered if you call it off due to cold feet. Cancellation coverage is specifically for things outside of your control that force you to cancel your event.
To help give you a better picture of some things that could happen at an event, we’re including a few real-life examples from Private Event Insurance.
According to their testimonials, someone canceled an event after “ten inches of rain fell, State Highway closed and attendees could not get to the venue.”
Another event needed to cancel when the event host “experienced chest pains and went to the hospital. Newly diagnosed heart condition forced him to postpone.”
A venue fell through after “construction prevented the event from being held; venue refused to refund the deposit.”
Guests can be injured by falling due to a slippery floor, chairs or tables can break, air conditioners can go out, airlines can lose luggage, and the list goes on.
These examples are not to scare you but to show you just how endless the possibilities really are. Of course, you buy insurance hoping to never use it, but it’s always better to be safe than sorry.
However, buying event insurance can be quite overwhelming and confusing because there are so many different types. We’ll walk you through each of the different types of event insurance below.
The price you pay for event insurance depends on the size and duration of the event, as well as the type of coverage you choose.
In general, you can get event insurance for anywhere between $100-$200 per day. When you consider how much you are insuring, it’s a no-brainer to purchase the event insurance.
Special event insurance, sometimes called “wedding insurance,” can help protect your investment in a private event such as a wedding. When you purchase event insurance, you have two coverage options: event cancellation and event liability protection. They might have different names because of the nature of the event, but they totally have the same coverage.
Keep in mind that it’s a good idea to purchase special event insurance as soon as you start making deposits or purchases for your event. There may also be restrictions on when you can purchase coverage — often no later than two weeks before your event but no sooner than two years prior.
Conclusion
Hopefully, your party goes off just as you hoped, but event insurance can help take your mind off the “what ifs” and let you focus on your special occasion.
Find out what coverage you may already have through the home, auto, or liability insurance as well as credit cards.
Ask if your venue and vendors have liability insurance. Know what is and is not covered by the policy, such as honeymoon costs, special attire, and gifts.
Call the experts at CompareAquote.com to help and guide you to protect your one special day.
