Special events are exciting—and nerve-wracking—occasions to plan. There are a lot of details to go through when planning the perfect event, but make sure you don’t forget about your special event insurance! You’re going to need a special event insurance policy for the occasion, and your venue may also require you to carry it for the duration of the event.
Examples of events that may require special event insurance include conferences, high school proms, family or school reunions, galas, and weddings. Generally, special events such as these cannot be covered under commercial general liability or homeowners’ liability (if held at the house) due to the nature of the event.
Special event insurance provides liability coverage during the specified time frame of the event or the entire day if necessary (for set-up/take-down). Here’s more information you may need to know about special event insurance:
Most venues will require you to have it (even if they have their insurance). There are risks involved with just about everything—and plenty could go wrong. The big two concerns are cancellations and liability. Cancellations can happen from unforeseen circumstances like bad weather, family and medical emergencies, and more.
Liability is the number one reason to purchase special event insurance. Anything can happen, so you should be prepared for it. For example, a guest could trip over an extension cord and break something and sue; an attendee could damage something in the facility; the venue could even catch fire! There are many ways an event may go wrong.
You likely don’t need all of these coverages depending on the event you are hosting. You can pick and choose what you need for your special event. This is why you should know all the details of your event, or at least what you’re planning on having, before purchasing a special event insurance plan.
Bodily injury pays for an injured guest’s medical bills (if injured at the event). If the guest sues, the insurance will help cover the legal defense.
Property damage covers the cost of repairs if the venue is damaged in any way.
Rental coverage covers the equipment or rentals used at the event. This could include tables, chairs, lights, etc.
Cancellation coverage protects the investments put into the event. Sometimes cancellations can occur due to natural disasters, a global pandemic, or the bride and groom splitting up before the wedding!
Liquor liability is a must if you choose to serve alcohol at the event. If a bodily injury occurs or property damage incurs as a result of alcohol, then this will help cover the cost of repairs.
Automobile liability is ideal if you rent, lease, or hire drivers that need protection. You may also need this coverage if you are planning on having attendees use golf carts or all-terrain vehicles.
Worker’s compensation insurance is ideal if you hire workers like a catering company to serve food for the event.
Special event insurance can help protect your event from the unexpected. Contact an agent to learn more about how special event insurance will work for your event.