Sometimes referred to as one-day event insurance, special event insurance provides coverage that can help protect you in the event someone is injured or property is damaged during your event. Also, you may be able to purchase coverage for reimbursement in case you need to unexpectedly cancel the event. Additional optional coverage may also be added to the policy to help you fill potential gaps if needed.
You don’t expect to cancel a special event, but planning often takes a long period of time. Illnesses, accidents, and unanticipated life events can get in the way of the most carefully laid plans. Event cancellation coverage is there to help you avoid a financial loss if you need to cancel an event you’ve already scheduled.
Event planning comes with fees and deposits you pay weeks or months before the occasion. Further, event cancellation coverage reimburses you for these fees up to the limit of your policy when emergencies crop up. Besides paying fees when you’re forced to cancel the entire event, cancellation coverage can also apply to fees that arise when professionals are unable to complete their services. For example, if your photographer or caterer goes out of business, you could be reimbursed for your deposit and additional expenses related to securing a replacement.
While you hope your event will be a complete success, it pays to be prepared for potential risks. A special event is typically a celebration that puts a large number of people in one place. This can lead to potential risks that don’t usually occur in standard situations. Event liability requires coverage in most public venues.
Liability coverage typically includes:
It’s a good idea to purchase event insurance early in the planning process. As soon as you start making deposits on the venue, it’s time to purchase insurance. Restrictions on when you can purchase insurance may apply. Most commonly, you can purchase the policy no sooner than two years in advance and no later than two weeks before the date of your event.
The law does not require event insurance. However, many venues will require you to purchase general liability insurance. You could lose your spot if you can’t provide proof of insurance within a certain period of time. More importantly, you could end up with significant financial losses if you don’t have proper insurance coverage in place for your event.
Yes, event cancellation requires a small fee. In fact, liability claims carry a larger deductible depending on your desired coverage limits.
Emergencies happen and we understand that. Examples of covered emergencies include:
There will most likely be some exclusions of coverage in your special events policy. Some exclusions cover purchases with optional add-ons or endorsements. For example, the most common exclusions include:
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No matter what type of event you’re planning, having the right insurance coverage is an essential component of any celebration. Thus, for more information about special event insurance, get in touch today. Our experienced agents are standing by to answer your questions, provide a quick quote, or offer advice about commercial and personal insurance policies that fit your lifestyle.