What is special event insurance coverage?
From holiday parties to weddings, special events are a part of just about every family and company. If you’ve ever rented a venue for a special event, you may have been asked to purchase insurance. It is also known as 1-day event insurance. It helps protect you from losses related to a special event, such as a wedding or party. The most common type covers liability in case someone gets injured or property gets damaged during an event. There is also event cancellation/postponement coverage, which can protect your costs in case of an event cancellation or postponement.
What type of insurance do event planners need?
People who plan special events for a living need to be extra careful to make sure they are insured properly. Event planners typically need professional liability insurance for event planners. This is sometimes referred to as errors and omissions or E & O. This protects you if a client complains that you did something wrong or didn’t do something you were supposed to do.
What is a rider for an event?
Riders mean you’re adding a specific item to your policy. This usually covers items not typically covered or insufficiently covered by your policy. They can often increase coverage or decrease deductibles for certain items. They can also cover accidental loss for something like a wedding ring, which would not normally be covered.
How much does it cost?
While the price for insurance varies by provider and coverage, The median price for a 1-day event is $182. The premium cost for a 2-10 day event has a median price of $250, while an event of more than 10 days has a median price of $257.
Do I need insurance for a private event?
While there isn’t a legal requirement to have insurance for your private party, it’s recommended to have insurance and often required by the venue you rent as part of their terms and conditions.
Why is special event insurance important?
It can protect you from financial costs associated with having to postpone or cancel an event unexpectedly or from disasters and accidents that happen at the event. So, while you’re planning your next big event, make sure to plan on peace of mind as well. Don’t let the unexpected happen to you. Contact us to plan ahead today.