What is Special Event Insurance?
Event insurance is designed to help protect an insured’s investment in certain occasions. This ranges from weddings, birthday parties, trade shows, concerts, and other special events. Specifically, special event insurance is a type of liability coverage that applies to claims made by third parties for bodily injury or property damage that occurs during an event. This type of coverage must be purchased before an event takes place and is relatively inexpensive. Compared to the financial burden you can put on your shoulders without insurance if things don’t go as planned, paying the small cost of coverage is a no-brainer.
What Could Go Wrong?
In short, anything and everything could go wrong when it comes to running an event so being protected is important. We live in a world full of unplanned and unforeseen events and the last thing you want to be is unprepared. An accident can occur at almost any type of special event. A guest might slip and fall, and sustain an injury. A fight could break out between two or more attendees, resulting in injuries to those fighting or to innocent bystanders. A stage could collapse, causing injuries to performers or guests. A guest might become intoxicated and cause an auto accident while driving home. An employee of yours could accidentally damage property belonging to the venue owner. Any of these incidents could result in a claim against your company.
Why Buy Event Insurance?
Buying event insurance is typically required by event venues. But even without the requirement, the need for coverage is still a necessity if you are an individual or business that plans to hold an event and is susceptible to claims or suits by injured attendees. Legal claims against you can be costly, particularly for a small business. If you have no liability insurance, you will then have to pay these claims out of pocket.
Types Of Event Insurance
General Liability Insurance is just one form of coverage. If your business is already insured under a general liability policy, it may still need other policies. This is dependent upon the length of coverage in their existing policy, type of event they are holding, and degree of protection.
Other popular forms of event insurance include:
For most venues, once you set the date for your event, and submit the deposit, everything is final. But we all know that things can happen, even on the date of your event. Cancellation is needed for those unplanned cases. This coverage is not available under standard liability policies. Its insurance that includes coverage for cancellation and postponement can protect against lost deposits and fees for rescheduling. Depending on the policy, covered causes may include severe weather, terrorism, non-appearance of a key performer, or a fire at the venue.
You may intend to have liquor at your event. If this is the case, you will need liquor liability insurance. You can safeguard your business from the possibility of lawsuits from injuries.
Exclusions Do Apply
Special event insurance policies may have exclusions on the type of events and specific activities they will not cover. Many special event policies are issued on standard ISO liability forms. The policy typically includes an endorsement that restricts coverage to the event and date described in the endorsement. Policies generally exclude activities like those listed below:
- Sporting Events (may be subject to additional exclusions or limitations)
- Bungee Jumping
- Aerial Maneuvers
- Amusement devices
The venue owner will likely require you to provide a certificate of liability insurance. The rental contract may require you to include the venue owner as an additional insured under your liability policy. The contract may also require a waiver of subrogation.
Quick and Easy Purchase Process
Eventsured provides the easiest online platform for securing event insurance. Coverage can be quoted and bound within minutes. You can also speak to one of our agents to walk you through the application process as well. Here are some examples of the types of information you may be asked to provide:
- Event Location
- Number of Attendees
- Length of Coverage
- Type of Event
- All Event Dates
- Coverage Options
- And More Depending On Your Type Of Event