When you plan a special event, it may consume a lot of money and time in terms of coordinating vendors, booking a venue, choosing the menu, selecting the interiors, and many other such details. Even though we always plan at our best, something unexpected may happen. So what can you do if something goes out of planning? There might be several reasons for changes in events such as a family member being critically ill, undue demands of the vendor, natural occurrences, etc. However, you may still be responsible for paying all your dues even if you postpone or cancel your event. In that case, you may think about buying a Special Event Insurance.
What is covered under Special Event Insurance?
Coverage for event cancellation may reimburse the loss of fees and deposits if you have to cancel your event because of something unexpected. For instance, if your caterer suddenly decides to close his/ her business, you will be reimbursed for booking another caterer at the last moment. If an officiant falls critically sick on the day of your event, you will be reimbursed for the fees of rescheduling your venue, vendors, and caterers. You must check your Special Event Insurance for the events and things it covers.
Coverage for event liability may protect you in case you happen to be responsible for injury caused to someone or damage to property on your event. Many venues today require their customers to have Special Event Insurance before you book any event there. For instance, if you hire third- party vendors to perform or serve at your event, such as musicians, and they cause any damage to the venue, then the insurance provides coverage for the losses. In this case as well, you must read the situations covered under the event liability clause of your policy.
Events eligible for Special Event Insurance typically include weddings, baby showers, anniversary parties, religious celebrations, birthday parties, etc. The policy does not cover public events such as sporting events, dance recitals, exhibitions, bachelorette/ bachelor parties, etc. However, certain business events may be eligible such as private corporate parties, fundraisers, etc.
- General Liability Insurance
It provides coverage to the company and the parties involved in an event such as the planner, caterer, venue, etc. for losses occurred due to property damage or bodily injury caused by the agents or employees of the insured. Agents and venues usually need a liability of $1,000,000.
- Liquor Liability Insurance
If you are holding your event where bartenders are not insured or in case you are employing third- party bartenders, you may require liquor liability insurance. The policy covers incidences arising from the acts of an intoxicated person, accidentally providing alcoholic beverages to an under-aged person, etc.
- Cancellation insurance
This policy provides insurance coverage in case of unprecedented circumstances such as storm, hurricane, inclement weather, etc. when the venue cannot be used for the event. This policy helps cover several costs and deposits.
- Third Party Damage Insurance
This policy covers you for damage to the location while your event is taking place.
- Non-Owned/ Hired Auto Liability
This policy provides coverage for any kind of vehicles rented exclusively for the event or injury occurring from the vehicles to the property or third parties.
- Workers compensation
This offers salary compensation and medical benefits to the employees for any kind of injuries occurred under your employment.
Special Event Insurance is particularly useful for event planners since they are the ones in charge of the entire event.