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