Event Insurance

Planning an event is not an easy task, especially when you want everything to go perfectly. Sure there will be times when something unforeseen happens and you don’t know how to solve it. For this reason, event insurance is important and will help you take a load off your shoulders.

It is made to give you financial protection. It may happen that the event is canceled or postponed due to natural disasters beyond your control.

The event insurance will give you protection to varieties such as:

• Wedding.
• Engagement parties.
• Business meetings.
• Non-profit events.
• Retirement parties.
• Anniversary parties.
• Corporate events.
• First Communion.
• Quinceañeras.

These are some events that can be covered, but it is not limited only to these.

You may think; is insurance necessary for a day? And the answer is yes. There are sites that require insurance so that you can proceed to use their facilities. Also, unforeseen events can always happen and, at the very least, liability insurance would be very useful.

There are several insurers that can provide the service, but first, you have to know the nature of your event. How many people will attend? Where will it take place? Will you hire external services, such as food, music, and entertainment?

The better planned your event is, the answering all these questions will be easier. There is more than one factor that you must take into account.

Event insurance: is it necessary?

These policies typically cover damages related to liability and equipment. Perhaps you still don’t have in mind how necessary event insurance is. For this reason, we mention other characteristics that can be covered in an insurance contract:

• Clothing problems, in case the companies that provide this service declare bankruptcy or the clothing is accidentally destroyed.
• Protection for gifts, against damage or theft thereof.
• In case the honeymoon trip has to be canceled due to bad weather, illness, or other circumstances.

What are the types of event insurance that exist?

Within the various types, there are specific policies that you can get:

Liability insurance

It protects you in the event that a member of the public is injured as a result of the event, whether they are event attendees or people who might pass by. It may happen that the site already has this type of insurance, but it only protects the owners of that location. You as an event organizer will not be covered.

This coverage is, at least, the one that every event should have.

Employer liability insurance

The law usually requires that you take out this type of insurance, in case an employee is injured during the event.

Equipment insurance

This type of insurance will cover you in case the equipment used in the event is damaged or stolen. These can be microphones, cameras, sound systems, or projectors, among others.

Cancellation and abandonment insurance

Take out cancellation insurance if there is any risk that you will have to cancel the event. Within this category are setbacks caused by forces of nature, such as floods, storms, rain, among others.

Alcohol liability insurance

If you will be serving alcohol at your event, this insurance is quite helpful. It will cover you if a drunk person damages something or injures someone, as well as the accidental delivery of alcohol to a minor.

Multiple event insurance

If you are a constant event organizer, this insurance will be of use to you. You’ll save quite a bit of money, as well as the hassle of purchasing a new policy for each event.

Factors to take into account when hiring an event insurance

There are several recommendations that we make for you when you are planning to hold an event and require insurance:

• Get insurance for your event as soon as you have the place insured.
• Do a site risk assessment. Have this information in advance when you want to get event insurance.
• Make sure the premises already have liability insurance. If negative, negotiate so that the price of the policy can be shared.
• If the people who are going to attend come from far away places, be assured of transportation. In case the event attendees do not arrive, you will require cancellation insurance.
• Keep a record of all potential attendees. If it is a very large event, at least the possible number of people.
• Once the event is taking place, take more precautions into account. Wet floors or electrical failure may cause damage to third parties.
• Gather all the necessary requirements to be granted insurance.
• When getting the insurance service make sure you know what is and what is not covered by the policy.
• How much compensation would you receive if you used the policy?

How much does event insurance cost?

To answer this question you have to keep in mind all the possible factors that will affect you. As well, contact the insurer you are going to work with.

Depending on the type of event, the risk will vary. If your event is a wedding, you are more likely to need alcohol liability insurance. On the other hand, if it is an outdoor event, mishaps due to weather are more common. As you evaluate, you will know what kind of insurance you will need.