Special Event Insurance: The Basics
Imagine you are having the perfect event— the food is tasty, the decor is beautiful— and then someone trips over one of the band’s electrical cords, damaging the wall outlet and injuring themselves. Who has to pay for those damages? If you don’t have special event insurance, it might be you who ends up paying.
What is special event insurance?
Special event insurance, sometimes called wedding insurance, protects you, your venue and your guests. It can cover injuries, property damage and even some cancellation costs, depending on the policy you choose. It typically costs less than $100, which is a drop in the bucket compared to other wedding costs.
Only private events are covered by special event insurance. Bachelor/bachelorette parties are usually excluded.
What Coverages Are Available?
- Liability Coverage: Some venues actually require this coverage. Liability insurance will cover the costs of damages to the venue or injuries to your guests.
- Event Cancellation: By adding event cancellation to your special event policy, your deposits to other services, such as catering, are covered in case you have to postpone or cancel your event.
- Special Coverage: These coverages can include the cost of wedding rings, photographs, dress/attire and more.
When should I purchase special event insurance?
When you get to the stage in your party planning when you have to start making deposits, you should also start considering special event insurance.
There may be a time limit on when you can buy special event insurance, typically no later than 2 weeks before your event and no earlier than 2 years before.
Before you buy this coverage, do a little research. Check to make sure that your event is not covered by another type of insurance such as your homeowners insurance or the insurance on your credit card. Also check to see if the venue you are using already has special event liability coverage.
Special event insurance can be a great option for a stressed bride or a prudent event planner. To learn more about this coverage or to add it to your policy, call an Infinity agent today at 1-800-INFINITY.
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