Special event insurance is a policy offered to safeguard an event investment. Though event venues carry their own insurance, their policy coverage starts and ends with their venue. In the event of an injury to persons or property damage, the event holder covers the costs. It is such eventualities that are covered by this unique insurance product. Functions covered include all occasions that have some cultural, religious, or personal significance. It includes events such as weddings, anniversaries, baby showers, and birthdays.
Should You Get Special Coverage?
Event insurance coverage is essential for an individual but critical for a business owner. An events company has more to lose should an event not play out as planned. Lawsuits, cancellations, injuries, and damages drastically affect revenue. Any accompanying dismal reviews and testimonials are equally bad for business. You avert these outcomes by getting event insurance services.
Some exclusive venues will require you to have a one-day liability cover to protect them from any damage. If the event venue is in a location with a history of adverse weather, the policy will help you recover your costs or relocate the event to a new location.
Serving liquor at an event introduces certain risks. Liquor liability policy ensures any incidences caused by overindulging, including bodily harm and property damage, are covered.
Catering services can make or break an event. Event insurance coverage protects against any undesirable health outcomes from consuming served food or drinks.
Finally, the coverage offers protection against equipment malfunction. Sound and lighting equipment can be expensive to replace if it breaks from a fall or an electrical fault.
Different event insurance agencies offer varying covers in their policies. Regardless of your chosen insurer, these are the basic covers to expect:
General liability- To protect guests at your events from any incidents or accidents. These include medical bills generated from bodily harm.
Cancellation coverage- To protect against losses incurred from the cancellation or postponement of an event due to natural causes. If you must get a second photographer or caterer at the last minute, the policy will cover the extra costs incurred. The extent of coverage is defined by the providers and may have exclusions. Comprehensive policies cover things like venue bankruptcy and illness of the host.
Liquor Liability- For any incidents resulting from drinking alcohol at your event. Check to see if it is included in your cover or offered as an option.
Auto Insurance- To protect all the vehicles hired to carry guests and equipment to and from the venue.
Event insurance companies are specific about the events they cover. While private events and some corporate functions are usually covered, public ones are exempted. Your insurance agent can expound on eligibility.
The scale of your event determines the cost of insurance based on how much protection you want. The more the risks to insure against, the more the coverage required, and the greater the cost. Find out what other insurance policies may be overlapping, like liability insurance, to avoid unnecessary costs. Purchase your special event insurance as soon as you start planning or paying for the event.
Please contact TWFG Insurance at 713-388-6681 to receive a free quote today.