Why Get Event Insurance?

Perfect party?

You are planning an event. You are booking the venue, tasting what your caterer can prepare, and hiring an entertainer. But have you purchased insurance for your event? Event insurance has evolved from a luxury few considered to an important investment.

Needs

There are many reasons why your event may require insurance. In some cases, venues require you to produce proof of insurance before they allow you to load in for your event. Rental companies and other suppliers may also demand proof that you are insured in case anything happens to their equipment.

Performers and entertainers regular ask to be added to an insurance policy, so that they cannot be sued should something happen during their performance.

Warning

Tipsy partiers

Even if you are not required to buy insurance, there are many reasons why you need to consider purchasing the coverage.

Event insurance responds when the unthinkable occurs, when even your careful planning is not enough to prevent a catastrophic loss. As an organizer, you place yourself or your company in a perilous situation if you are not protected against lawsuits or liability claims.

Events can and do go wrong. Guests drink too much and drive home, sometimes with horrific results. Your professional security team could cross the line and assault a troublemaker. Tents can blow down, pyrotechnics can malfunction, and over inebriated guests can find themselves in altercations.

Standard Features

At its most basic, event insurance provides you with liability insurance. Other coverages that you may wish to add, include:

Event cancellation covers you if the event is canceled due to sickness, natural disasters, or property damage.

Host liquor liability protects you should one of your guests become inebriated and hurt himself or another person is an expensive but wise option for all licensed events.

Failure to perform coverage steps in should your entertainer be unable to perform as planned due to illness, a transportation mishap or any number of other reasons.

Other Types

One area of event insurance that has grown dramatically focuses on events such as weddings, bar and bat mitzvahs, and other private social events. This category of event insurance protects the investment of the individuals who organize and pay for the celebration, in the event it must be canceled. Wedding insurance, for example, will cover the cost of the event should the death or illness of a family member cause the wedding to be canceled or postponed. The policy may also respond if one of your suppliers goes out of business prior to the big day.

Costs

Event Insurance is readily available for purchase online or by contacting a licensed insurance brokers who can guide you through the process. Event insurance is usually a small investment compared to the overall budget of your event.

References

• Private Event Insurance
• BizBash