Planning an event, whether it’s a wedding, baby shower, or birthday party, comes with various responsibilities, one of which is ensuring you have the right insurance. A common question that arises is, how much is event insurance for one day? The answer depends on several factors, including the type and size of the event, the coverage required, and the insurance provider.
Factors Influencing the Cost of Event Insurance
Type of Event
The nature of your event significantly impacts the cost of insurance. A low-key private party will generally cost less to insure compared to a large public concert or sports event.
Event Size and Duration
The number of attendees and the duration of the event are crucial determinants. Larger events with more participants typically require higher coverage, which increases the premium. Although we are focusing on single-day events, note that longer events may have proportionally higher costs.
Coverage Requirements
The extent of coverage also plays a critical role in the cost. Basic general liability coverage, including property damage and bodily injury, is essential. However, you might need additional coverage such as alcohol liability, especially if alcohol is being served, which will add to the total cost.
Location
Where the event takes place matters. Some venues might have specific requirements or higher risks, which impact the insurance cost. Urban locations, for example, might have different rates compared to rural settings.
Average Cost
On average, one-day event insurance can cost anywhere from $75 to $200 based on the factors mentioned above. Smaller private events might find themselves at the lower end of this spectrum, whereas larger corporate events or concerts might lean towards the higher end. It is advisable to get quotes from multiple providers to ensure you are getting the best deal.
Why You Need Event Insurance
Event insurance protects you from unpredictable incidents that could otherwise become financially burdensome. From accidental injuries to property damage, having insurance ensures that you can address any issues promptly and professionally without disrupting the event’s success. It provides peace of mind, knowing you are prepared for unforeseen circumstances.
How to Purchase Event Insurance
Purchasing event insurance is a straightforward process. Most insurers provide an online purchase options. Insurers that allow for online purchases include: Markel, GatherGuard, Allstate, SpecialInsurance.com, and State Farm.
Our Top Picks:
Be sure to check your venue’s insurance requirements before securing a policy!
GatherGuard
Damage to rented premise limit: $250,000
Medical expense limit: Not included
Waiver of Subrogation Endorsement: No
Primary Noncontributory Endorsement: No
Free quote feature available
SpecialInsurance.com
Damage to rented premise limit: $300,000
Medical expense limit: $5,000
Waiver of Subrogation Endorsement: Yes
Primary Noncontributory Endorsement: Yes
Free quote feature available
Coverage can extend beyond midnight depending on state liquor laws, in which case only 1 day of coverage is required