TOP 7 QUESTIONS ABOUT SPECIAL EVENT INSURANCE—ANSWERED!
Event insurance is crucial for keeping things on track and handling the unexpected. With 20% of organizers already recognizing it as a must-have for safeguarding vendor payments, venue fees, and overall expenses, there’s still plenty of room to spread the word and help more planners stay protected and confident throughout their event journey.
Whether you’re planning an intimate wedding or a large corporate gathering, here are a few questions we often answer regarding special event insurance.
1. DO I NEED INSURANCE FOR MY EVENT?
The simple answer is yes. In nearly all cases, vendors and venues require that organizers carry insurance covering property damage and certain liabilities at a minimum.
Generally, this is because your partners request that you have a risk management strategy that addresses potential financial losses and legal responsibilities in case of an emergency.
This includes insurance for the following events:
Nevertheless, speaking with your vendors or partnering with a trusted event insurance company is the best way to learn whether you need coverage or not.
2. WHAT DOES EVENT INSURANCE COVER?
An event insurance professional will create a policy that addresses the top liabilities associated with your event, including benefits that support the following considerations:
- Alcohol-related incidents
- Travel risks
- Damaged property
- Medical emergencies
- Weather-related liabilities and cancellations
3. WHAT DOES EVENT INSURANCE NOT COVER?
While event insurance covers several unexpected issues, there are exclusions. Common ones include lack of attendance, known risks (like pre-existing weather conditions), and contractual disputes. If you partner with us, we’ll walk you through your policy to ensure you understand its limitations and risks.
4. WHEN IS THE RIGHT TIME TO GET EVENT INSURANCE?
As providers of insurance for event planners, we know every occasion surfaces new challenges and adjustments as it evolves.
Still, getting insurance as early as possible or when you pick the venue are the best times to get covered. Doing so allows you to add endorsements that support new risks while potentially saving you time and money on premiums.
5. DO I NEED CANCELLATION COVERAGE?
Your mileage may vary, but we recommend getting cancellation coverage alongside special event insurance, given the rise in last-minute vendor no-shows, postponements, and unpredictable weather.
THE BENEFITS OF CANCELLATION INSURANCE
- Vendor No-Shows: Covers lost deposits or fees if a vendor cancels unexpectedly.
- Extreme Weather Events: Helps recover costs if severe weather forces a postponement or cancellation.
- Illness or Injury: Provides reimbursement if the event must be canceled due to a key participant’s illness or injury.
- Unforeseen Venue Issues: Covers costs if the venue becomes unavailable due to damages or closures.
- Lost or Damaged Event Materials: May cover costs for essential equipment, décor, or rented equipment that becomes damaged or lost.
Learn more about event cancellation insurance.
6. HOW DO I KNOW WHAT TYPES EVENT INSURANCE I NEED?
Partnering with an event insurance company that can complete an individualized risk assessment based on your party is the easiest way to get the right benefits tailored to your occasion. Doing so allows you to get the right endorsements, such as liquor liability or coverage for rented equipment.
7. CAN I TRANSFER MY EVENT INSURANCE IF I CHANGE THE DATE OR LOCATION?
Flexibility is a key advantage of party insurance. Depending on your policy and provider, special event liability coverage—coupled with a cancellation policy—may allow you to transfer your benefits to a new date and location.
CONTACT OUR EVENT INSURANCE COMPANY FOR AFFORDABLE COMPREHENSIVE COVERAGE
We know price is important. The best way to secure affordable event insurance without sacrificing protection is to compare policies, bundle coverages where possible, and purchase early. Some insurers offer discounts for advance purchases, and working with an experienced provider can help you find the right balance between cost and coverage. Contact us today for a complimentary quote.
