Planning an event can be exciting, yet stressful. Every detail must be considered and planned down to the most minute detail. In addition, plans must be made in case there is some sort of problem. From bad weather to on-site accidents, it is always better to be prepared than to be caught unaware. Event insurance protects your event in a variety of situations.
The purpose of event insurance is to offer protection of your investment in the event. Coverage can include the costs of unexpected cancellations, property damage, or injuries sustained at the event. What is covered depends mainly on the event and the type of insurance you purchase. Event insurance is boiled down into two types of policies, a special event liability policy and a cancellation or postponement policy. When planning an event, it can be confusing to know which type of policy you need and what it covers. Liability coverage protects in the case someone is injured or there is property damage. Cancellation coverage will reimburse any lost or non-refundable deposits if the event is cancelled or postponed.
In many cases, an event venue requires the purchase of event insurance as added protection for their property. The investment put into an event is worth protecting with the purchase of event insurance. Insurance costs vary based on the coverage you choose, number of attendees, and length of the event. Unlike typical insurance, event insurance is not a recurring fee, it is just a one-time payment.
Event insurance is available for a wide range of events including weddings, birthday parties, meetings, festivals, and auctions. In these cases, coverage for liability, cancellation, and gifts and attire is available. Liability covers injuries that occur as a result of your event and damages to the property. Cancellation insurance covers deposits you lose as the result of cancelling or postponing the event. It can also cover rescheduling fees. The gifts and attire insurance can cover items that are damaged before, during, or after an event. Most commonly this insurance is purchased for weddings. Gifts, dresses, tuxedos, and other items are included under this coverage. Be aware that there are some events insurers avoid covering. Protests, rallies, and other activist events will not be covered. Event insurance is not available for tractor pulls and other motorized sporting events. Aircraft, boating, and hot air balloon events are also not coverable, as well as haunted houses.
As an event planner, it is important to research the type of coverage you need. Double check the insurance policies you already own. Check home and auto insurance policies to see if they cover car rentals or offer liability coverage. Credit card companies may offer to reimburse lost or nonrefundable deposits. Know what your policy covers to ensure that it meets all of your needs. Purchase the policy on time. In some cases, the policy must be purchased a certain number of days before the event. Even the best planned events can meet with unexpected problems. Event insurance can protect the event and your investment when things do not go as planned.