Weddings, parties, and all kinds of events are special, but they can also be expensive. You need to pay for the venue, catering, decorations and more. Imagine if something goes wrong! If you’re not prepared with event insurance then your special day could go from joyous to disastrous in an instant. The good news is that there are plenty of ways to get special event insurance coverage so you can rest easy knowing everything will be taken care of. This article will discuss two types of special event insurance: event liability insurance and event cancellation insurance.
Event Liability Insurance
This type of insurance sometimes gets called something else based on what the event is. For example, you may be told you have to pay wedding insurance when most of the time, it’s actually event liability insurance or one day event insurance. The venue is usually asking for proof of liability coverage. In general, this coverage exists in case you or your guests either break something at the venue or someone gets hurt.
The reason more and more venues are requesting this is to protect not only themselves but also their insurance premium. Just like most insurance products, claims can have a negative effect on future premiums so they are offsetting this by asking renters to secure/provide their own insurance policy.
The best way to find special event liability insurance is through a broker or independent agent. They work with lots of companies and can find the appropriate policy for your specific needs. You will pay a premium for special event liability insurance, but it’s usually very low compared to what you would have paid if something went wrong. Oftentimes, the premium starts at under $100.***
Event Cancellation Insurance
Event cancellation insurance on the other hand covers you if something happens so that you cannot have your special event on the day/time promised in the ticket sales, registration or contract with your venue.
If your special day has been stricken by bad weather or some other natural disaster then having event or wedding cancellation insurance can provide peace of mind and help get things back on track.
Please note, that since the start of the COVID-19 pandemic, there are a number of venues that have added special clauses as it relates specifically to potential restrictions set forth by the government as it relates to COVID.
This insurance has historically not been required by a venue as the onus falls on the client to pay, but make sure to check with your special event venue as this may have changed.
What About Small Parties At My House?
At the end of the day, it is entirely up to you if you want to purchase something like birthday party insurance. Obviously, if there is a small gathering at your house you would not need any sort of cancellation insurance; but it gets unclear with liability insurance depending on who is invited and where it is held.
of Your Small Gathering
If you are having a special event at your house, then it is simple to add insurance. This will protect both you and any other special events that take place throughout the day. Alternatively, you can check with your current home insurance provider to see if that is covered already.
However, if it is a small outing such as hosting an afternoon barbecue for friends in your backyard or out by the pool area of your condo community, be sure to check with management first and see if they would allow this and what their insurance policy specifically says about renting space within the building/complex. You don’t want something like this getting back to them after the fact so make sure not only do they know but also get written permission beforehand (with someone from management signing off). The same goes for hosting in a public space such as a park.
If this is just a group of friends or family, then there isn’t much more of a concern. However, if this is a group of school friends or peers from a specific group such as a sports league or workplace, then there may be some unclear area if that would be considered a school event for example and it would be worth checking with them to confirm.