The following is meant as general information to help you understand the different aspects of event insurance. This information is not an insurance policy, does not refer to any specific insurance policy, and does not modify any provisions, limitations, or exclusions expressly stated in any insurance policy.. Coverages and other features vary between insurers, vary by state, and are not available in all states. Whether an accident or other loss is covered is subject to the terms and conditions of the actual insurance policy or policies involved in the claim. References to average or typical premiums, amounts of losses, deductibles, costs of coverages/repair, etc., are illustrative and may not apply to your situation. Contact your Insurance Agent if you have questions relating to your special event.
- What is Event insurance?
Sometimes referred to as one-day event insurance is an insurance policy that helps protect your investment in a specific event, such as a wedding. Event insurance may help cover your costs if you unexpectedly need to cancel your event or if you're found responsible for property damage or an injury caused during your event.
This insurance consists of two different types of policies (a special event liability policy and a cancellation or postponement policy). Event planners often don’t know if they need one or both of these policies and what each policy covers. Understanding exactly what this insurance is and how to purchase it can be a challenge. Event insurance helps protect you from liability in case someone injures themselves or damages the venue’s property. Most insurers also offer cancellation coverage, especially for weddings, which reimburses you for any non-refundable lost deposits if you must cancel or postpone the event. Event insurance helps protect you from liability in case someone injures themselves or damages the venue’s property.
- Do I need event insurance?
Many venues require you to purchase event insurance in order to protect their property from damage, as well as reduce their liability if someone gets injured as a result of the event. If you’re investing a lot of money in your event, you may want to purchase event insurance simply for the cancellation coverage so you can be reimbursed for any lost deposits.
- How much is special event insurance?
The cost of event insurance generally varies based on the coverages you select, the number of attendees, and the duration of the event. For example, it can cost as little as $66 for a smaller wedding, and unlike other types of insurance, the price you’re quoted is just a one-time payment.
- What does event insurance cover?
While event insurance is a popular choice for weddings, it can be purchased for thousands of other events, including birthday parties, meetings, festivals, and silent charity auctions. Exactly what you can cover varies based on the event and the insurer, but you’ll generally be able to find coverage for:
- Liability: If someone gets hurt because of your event or damages the venue’s property, you’re financially protected from liability claims.
- Cancellation: If you have to cancel or postpone the event, you may be reimbursed for any deposits you lose, as well as any rescheduling fees.
- Gifts & attire: Most insurers offer optional coverage for gifts, dresses, tuxedos, and other items that may be damaged before, during, or after a wedding.
- What doesn’t event insurance cover?
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
- What to consider when buying event insurance?
Before you purchase special event insurance, take the time to research what kind of coverage you need. Here are a few things to consider as you start looking:
- Check your other insurance policies: Call your home or auto insurance provider to see if your current policies apply to the event you’re organizing. For example, your auto policy may cover car rentals, while your homeowners may provide some liability coverage. Your credit card company may also offer reimbursement for lost or nonrefundable deposits.
- Know what your policy covers: Some policies may only apply to your reception or exclude your honeymoon — it all depends on the insurer. Always double-check your coverages to ensure they’re in line with your needs.
- Buy your policy on time: Some insurers may require you to purchase event insurance a certain number of days before your event. Quote ahead of time to make sure you’re covered the day of.
Even the most well-planned event can be derailed by accidents and bad weather. Event liability and cancellation insurance can protect you financially if things don’t go according to plan.