Special event insurance is not only for large events. This coverage is designed to protect you, the event holder, from liability, whether you are hosting a small wedding or a large company retreat. Coverage applies to third-party claims for bodily injury or property damage sustained during the event. Some special event insurance policies also provide cancellation coverage to reimburse you for lost deposits or other expenses that could be incurred if the event was canceled or postponed.
What Are the Reasons to Buy Special Event Insurance?
Liability
It is always a good policy to plan for the best outcome and prepare for the worst. Despite your careful planning, things can go wrong at an event of any size. Employees you hire to work your event or guests may accidentally cause injury or property damage to others. If alcohol is served at your event, a guest may become intoxicated and cause problems, such as exhibiting aggressive behavior. Special event insurance can cover medical expenses resulting from an injury that occurs during the event or damage to property caused by someone you hired. Some of the possible hazards at a special event include:
- Slip and fall accidents
- Fights between attendees
- Collapsing structures that cause injury
- Auto accidents caused by intoxicated guests
- Fires or damage to property caused by employees
Venue Requirement
Many venue owners will not rent to you without proof of liability insurance. You will need to show your Certificate of Insurance to the facility. Depending on the venue, you may also be asked to add the facility as an additional insured to your policy. This is a common requirement for many venues.
Cancellation Protection
Most special events proceed as planned, but in some cases, they have to be canceled or postponed due to circumstances beyond your control. The cancellation could be due to severe weather, such as a hurricane or tornado, a fire at the venue, or a key speaker or performer’s failure to appear. A wedding might be postponed due to an unexpected illness of the bride or groom or an immediate family member, or even military deployment. Event cancellation insurance can reimburse you for deposits made to vendors (venue, caterer, band, florist, etc.) and help reduce your losses.
What Is Not Covered by Special Event Insurance?
Special event insurance policies restrict coverage to the specific date and event described in the endorsement. They generally exclude activities involving:
- Fireworks
- Firearms
- Trampolines
- Ski jumping or other aerial maneuvers
- Rodeo events
- Amusement equipment
Certain events may be subject to additional exclusions and limitations.
How Much Does Special Event Insurance Cost?
The cost of special event insurance will depend on the type and size of the event and who is purchasing the policy. Basic, one-day insurance for a small event could 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 shield you from liability at the lowest available rates.