What is Event Insurance?
Event insurance goes by numerous names: special event insurance, wedding insurance, event liability insurance, private event insurance, or one-day event insurance. Event insurance can help protect an event that you have paid for. This insurance coverage usually covers costs in the case of property damage or physical injury, as well as costs associated with holding the event.
Special event insurance can help protect you in cases where an event planner, event holder, sponsor, or the venue itself is sued for property damage, bodily injury, or other loss which is alleged to have occurred at a private event.
Many venues require you to purchase this coverage and provide a certificate of insurance to prove that you’ve obtained the coverage before the day of the special event.
What to Purchase Special Event Insurance For
- Baby showers
- Birthday parties
- Anniversary parties
What Does Special Event Insurance Cover?
There are two types of coverage you can typically purchase for your special event: event cancellation coverage and event liability coverage.
Event Cancellation Coverage: In 2020 the COVID-19 outbreak forced many brides to cancel and reschedule their weddings, or simply hold small ceremonies without guests present. Without event cancellation coverage, this can mean thousands of dollars lost—the money spent on the venue, catering, photography, a DJ, etc. An event cancellation insurance policy can help offset some of the lost costs associated with the cancellation of an event up to the specified coverage amount. This includes the cost of deposits and anything non-refundable.
Special Event Liability Insurance: Event liability insurance is a type of general liability insurance and often required by some venues in case of an accident that causes bodily injury or property damage during your event. If a guest attending your event gets a little crazy on the dance floor and accidentally injures a passing waiter, medical expenses can be covered. If your caterer accidentally damages a wall when a chafing dish mishap occurs, event liability coverage may cover the resulting property damage.
Why You Should Consider Liquor Liability Insurance
If you are planning to serve alcohol at your event, consider investing in liquor liability insurance. This insurance policy will cover risks that stem from the mistakes or misdeeds of the bartender, whether he or she allowed minors to drink alcohol or contributed to a person’s intoxication who then caused injury to a third party.
We recommend a one-time ‘host liquor liability’ policy. This is geared specifically towards special events where alcohol is served. It provides coverage in the event a guest becomes inebriated and causes property damage, assaults another guest, or gets in a drunk-driving accident. This is often something you can consider adding to your special event insurance—make sure to ask whether or not it’s included in your coverage.
What is NOT Covered by Special Event Insurance?
Some insurance companies—such as Nationwide—will only cover special events if the event is held during consecutive days, has under 12,000 people in attendance, and is held at a location you don’t own. Almost every insurance company will not cover large public events, bachelor/bachelorette parties, and certain fundraisers.
How Much Does Event Insurance Cost?
The exact cost of special event insurance varies depending on:
- Number of attendees at the event
- Length of the event (one day vs. multiple days)
- The coverage limits you choose for the event
A festival with thousands of people in attendance will cost more than a wedding with a couple hundred guests. Some insurance companies tout prices as low as $66 for an event up to $1,500 for a larger event.
Coverage limits are offered anywhere from $500,000 to a maximum of $5,000,000 depending on the insurance company. Talk with an agent to determine the level of coverage that is necessary for your event.
Get a FREE Event Insurance Quote
Do you have an upcoming special event? Contact one of our agents using the quick form at the top of the page to get a quote. We’ll help find you a competitive and affordable quote from the right insurance company for your special event.