Event Insurance

Event Insurance Cost and Private Event Insurance

No matter how carefully you plan your event, mishaps may still occur beyond your control. If that happens, you could suffer a financial loss. Event insurance costs tend to be less than one might expect. There are many different types of insurance for events to help ensure that things go smoothly on the big day.

What is an Event Insurance Policy?

Private event insurance covers financial losses that may occur when an illness, accident, or problem puts a stop to the covered event. It is generally a good idea to obtain insurance for events as soon as deposits are made since unforeseen issues can arise at any point.

There are two types of event insurance now offered: event cancellation insurance coverage and event liability coverage. Both must be purchased to achieve full coverage, and they may be purchased up to 24 months prior to the scheduled event.

Event cancellation insurance covers lost deposits or other charges if unanticipated circumstances cause the event to be canceled or postponed. While every policy is different, this may cover special gifts, attire, fees associated with rescheduling, and damaged digital files. Changes of heart are not covered. Event cancellation insurance must be purchased at least 14 days before the date of the event.

Event liability insurance covers property damage or injuries caused during the event. This coverage is extended to all parties involved in the event – the planner, caterers, venue, etc. Some policies even cover accidents caused by guests. Many venues require event liability coverage be purchased before booking the space, but it must be bought at least one day prior to the event.

How Much Does Event Insurance Cost?

Event insurance cost varies depending on the type of event. Typically, insurance for a non-hazardous event lasting one day costs as little as a few hundred dollars. The more days the event lasts and the more activities planned, the higher the insurance will be. Other factors that affect event insurance cost include the nature, length and location of the event, the number of guest expected, crowd control provisions, outside vendors, etc.

Additional Insurance For Events:

Planners can purchase additional coverage depending on the nature of the event for protection from various things.

  • If there is a bar at the event, liquor liability insurance may be purchased (and is sometimes necessary, depending on the venue). Liquor liability insurance covers damage done as a consequence of intoxicated patrons. While it seems more logical to place blame and liability on the intoxicated individual, the establishment that allowed them to become intoxicated is actually held liable. Because of this, the planner or venue could be sued for excessive amounts of money, especially if the damage is severe.
  • Third-party damage insurance protects you from having to pay for repairs for damages done to the venue or location while the event is occurring/being planned.
  • Hired Auto Liability Insurance covers vehicles that have been rented specifically for the event as well as auto-related injuries to third-parties or their property.

What Types of Events are usually Included in an Event Insurance Policy?

  • Weddings
  • Engagement/Anniversary parties
  • Business meetings
  • Non-profit functions
  • Retirement parties
  • Corporate events
  • Baby showers
  • Birthday parties
  • Religious celebrations

What Types of Events are usually Excluded in an Event Insurance Policy?

  • Sporting events
  • Events with more than 500 guests
  • Events in remote locations
  • Bachelor/Bachelorette parties
  • Gun shows
  • Animal shows

How can American Integrity Insurance Solutions help you with Insurance for Events?

No one wants to anticipate something unpleasant occurring when planning a special event, but it is reassuring to know that there are policies to help protect from the unexpected. Every event is unique, and at AIIS, we’ll help you build a policy that meets all of your specific event’s coverage needs. Contact us today to learn more and obtain a quote for Event Insurance.

Get a Free Quote Today

Made with Integrity