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Event insurance can help people or businesses get protection for private, company or public events. Although you can expect to pay a few hundred dollars, the cost ranges based on the number of people attending, days the event spans and types of activities planned. At the least, you’ll probably need event liability coverage to meet the venue’s minimum requirements before the big day.
Event insurance is a package of insurance that can protect a variety of special occasions or functions, including business and private events. You can buy one-day event insurance or annual coverage if you hold regular events throughout the year.
Insurance companies offer two main types of coverage to consider: event cancellation and event liability insurance. Many venues require a certificate of insurance showing general or event liability insurance at least.
Many event policies include exclusions for diseases that could mean denied coverage for canceling an event. However, event insurance might help if you bought specific communicable disease coverage. What you should know about getting reimbursed:
Some events will get excluded from coverage:
Because every event cancellation involves different factors, contact your insurance company if you’re unsure whether your situation qualifies.
Your business should consider event liability insurance, especially if you don’t have general liability already. General liability can work for smaller events like company dinners, as long as your policy doesn’t exclude factors you’re planning in the event.
However, event liability insurance can protect risks specialized for the event. It also acts as the primary insurance, leaving your business liability as a backup.
Buying event liability for a private event comes down to the amount of risk and personal preference. You might consider special event liability if you invite many guests, serve alcohol or plan an expensive occasion. Event cancellation can also help in case an unforeseen situation causes you to postpone or call off the event.
Event insurance includes key coverage your business or private event may need:
To tailor extra protection for your event, you may want these options:
Special event insurance could cost you $75 for a small company dinner or $250 for an event with a few hundred guests. You can expect more if the event gets bigger. Factors that influence your premium:
Some of the following events could benefit from liability coverage:
Make sure you understand your event policy inside and out so you don’t forgo important coverage. You may find these exclusions on your policy:
Planning an incident-free event means setting up strategies to minimize potential danger. You can lower the likelihood of damage by:
Planning and running an event exposes you to unique risks if your guests, employees or vendors get injured or damage the venue’s property. Finding the right coverage ensures adequate protection should something go wrong. You can also double-check your business policy to see if it covers event liability, especially for small events.
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