Is Your Special Event Covered?

Tony Grahn
Written on October 7, 2019

When planning a large event, you want to think about everything going right rather than what may go wrong. Worst-case scenarios are difficult to discuss, but every good event planner prepares as best they can.

Having your event covered in case of cancellation, property damage, or other unexpected incidents is essential. Event liability insurance adds a layer of protection event planners need so everything runs smoothly on the big day.

Because event liability insurance is flexible with size and budget, choosing the right insurance means understanding the different types of coverage. With the right information, you can make an informed purchase and get back to planning your event without worry.

Special Event Insurance

The broadest type of event insurance covers legal costs from potential future lawsuits. If someone is injured at an event, or if the property is damaged, the insured party can file an insurance claim to cover the legal expenses.

Event planners usually add their venue to the policy as an additional insured. The hosts then benefit from the coverage as well in case something goes wrong. For this reason, special event insurance is typically required to rent a venue.

Event Cancellation Insurance

This type of insurance often doesn’t just cover a cancellation. If a member of the event crew is a no-show, such as a photographer or a videographer, insurance can cover the related expenses. Lost or damaged clothing and jewelry can be reimbursed as well. Event cancellation insurance may even cover counseling for those affected by unfortunate circumstances.

Host Liquor Liability Insurance

Many events serve alcoholic beverages in venues other than bars and restaurants. While most attendees drink responsibly, the possibility of bodily injury or property damage resulting from liquor consumption will always exist.

If you’re hosting your event at a bar, brewery, or restaurant with a liquor license, you may not need this particular type of insurance. Events in other venues, such as a wedding reception with an open bar, should strongly consider host liquor liability insurance for the added peace of mind.

It’s best to check with the venue and see what is covered by their preexisting insurance. You may need to supplement their coverage with host liquor liability insurance. Your insurance agent can help you.

The Right Coverage

Event insurance costs vary depending on the size, duration, and type of event. Coverage can start as low as $200 and have an aggregate policy limit of $3,000,000 or more. Compared to the average cost of hosting an event, insurance coverage is a minor expense with a potentially life-saving benefit.

You can typically purchase insurance as close to 24 hours before the event, but there’s no reason to wait until the day before. Deciding on the right type of coverage early can save you from future troubles and give you plenty of time to plan your event stress-free.