There are many occasions throughout our lives that inspire celebration with family and friends. Certain special events are once-in-a-lifetime opportunities to enjoy the company of others, and all those in attendance should be able to celebrate as much as possible – including the host. On a commercial level, businesses that host special events have much to consider when it comes to safety and delivering on promises to customers.
This article will tell you everything you need to know about special event insurance, a specialized category for those planning to make the most of their hosted celebrations.
What is special event insurance?
Special event insurance is a specific plan type that covers short-term private events, and some public events as well. This coverage protects the host against the consequences of many unforeseen circumstances, so that in case of an accident the host has support in paying for medical expenses or repair costs.
There are two main categories to explore when considering special event insurance:
- Event cancellation coverage: Unfortunately, not every special event can go exactly according to plan and cancellations happen. Without assistance, this could mean lost investments in different services that can be costly and time-consuming to schedule. For example, a major accident that requires you to reschedule a wedding also involves the rescheduling of venues, caterers, photography services, and much more. Event cancellation coverage can help to alleviate a lot of the added stress following a delay.
- Event liability coverage: Liability insurance protects policyholders from legal action in cases of bodily injury or property damage. Both of these are unfortunate possibilities of any hosted event. Many venues require that hosts have liability coverage as a safeguard in case property repairs become necessary or injuries occur on the property. Always be sure to thoroughly read and understand your policy to avoid mistakenly thinking certain damages are covered – for example, many plans don’t cover damage repair to items owned by a third-party organization you hire for the event, like a photographer or band.
What types of events aren’t covered?
Special event insurance applies to many private events with limited guest lists. Simply because of their implied size and scope, some events are excluded from most special event coverage. These include:
- Large public events, like sports games, art exhibitions, and theater performances
- Some corporate events, like private corporate parties and short-term fundraising events
- Some private events, like bachelor/bachelorette parties because of high risk
Be sure to read the terms of your policy and ask your insurance agent any questions you may have to understand what is and isn’t covered.
Hosts should be able enjoy their special events with the knowledge that if anything goes awry, they will be in good hands. Special event liability insurance makes sure that this is the case, so everyone can enjoy the festivities worry-free. In our next article, we’ll provide a list of criteria and examples of events to help you determine if you should consider special event liability insurance for your next important gathering.
Have more questions about the different possibilities that can be achieved with special event liability insurance? Wondering what insurance coverage is possible for you, your family, or your business? Superior Insurance and Auto Tags helps customers like you find quality insurance along with convenient auto tag services. Contact us today to get started.