Planning a special occasion such as a wedding, birthday, business event, or festival means you must plan with care. In the rush of making arrangements and feeling excited, event insurance may be put aside—but it should not be! An event insurance review is important to keep your day safe from sudden problems. In this post, we explain what event insurance is, why it matters, and share top tips to guard your special day.
What Is Event Insurance?
Event insurance is an insurance policy that helps you handle money losses when you host an event. The policy can cover losses if property is damaged, if someone is hurt, or if other unexpected things occur. With an event insurance review, you check the plan’s limits, what is not covered, and the reputation of the company. This way, you make a clear choice.
Why Conduct an Event Insurance Review?
Checking your event insurance choices lets you:
- Find missing protection: Make sure that risks related to your event are fully dealt with.
- Weigh cost and coverage: Look for a plan that keeps costs low while giving full protection.
- Know the policy terms: Avoid surprises by carefully reading all details.
- Meet rules: Some places require valid event insurance before they let you book.
If you skip an event insurance review, you could face big costs if trouble occurs.
Types of Event Insurance Coverage
Before you start your event insurance review, get to know these common types of coverage:
Event Cancellation Insurance
Pays back nonrefundable money if you cancel or delay your event because of reasons you cannot control, such as harsh weather or sickness.General Liability Insurance
Guards against claims if someone gets hurt or property is damaged during your event.Property Insurance
Covers damage or loss for rented equipment, decorations, or the event space.Liquor Liability Insurance
Needed if you serve alcohol, it protects against claims linked to problems from alcohol use.Event Equipment Insurance
Covers losses or damage to rented sound, light, or other equipment.Weather Insurance
A special plan that gives back money if bad weather stops your outdoor event.
Top Tips for Your Event Insurance Review
When you check your event insurance, keep these best practices in mind:
1. Start Early
The insurance companies often need a head start on coverage, especially for big events. Begin your search months before the event date so you have time to check and compare plans.
2. Assess Your Event’s Unique Risks
Every event is different. The place, size, planned activities, and guests all change the risks. Think about what might go wrong: damage to the place, injury, weather, or a supplier not showing up. Choose a plan that fits those risks.
3. Compare Multiple Providers
Do not take the first quote you get. Look at different companies. Compare plan limits, deductibles, what is not covered, and the price. Many companies such as Hiscox, EventHelper, and Allianz Global Assistance have plans to check out.
4. Read the Fine Print
Study the policy details. Look for:
- What is not covered (for example, certain weather events or disease outbreaks)
- How to file a claim and what documents you need
- Deadlines for canceling to get coverage
- Limits on coverage for each incident and in total
5. Confirm Venue Requirements
Some event places ask for specific insurance to protect their property and lessen risks. Talk with your venue early to check that your plan meets their needs.
6. Document Everything
Keep a record of all talks with insurance companies, contracts, receipts, and any reports if issues come up. This record helps when you need to file a claim.
7. Consider Adding Extra Coverage
If your event involves risks like fireworks, rides, or big catering, ask if you can add extra protection to your plan.
Benefits of Event Insurance for Your Special Occasion
- Peace of Mind: You can enjoy your event when money loss is kept low.
- Financial Safety: It stops you from losing deposits, payments to vendors, or facing lawsuits.
- Professional Look: It shows your guests, vendors, and the venue that you are organized and responsible.
- Meeting Rules: It meets the rules that many event places or local laws need.
Event Insurance Review Checklist
Here is a checklist to help with your event insurance review:
- [ ] Note your event date, place, and size
- [ ] List risks that could happen at your event
- [ ] Get quotes from at least three insurance companies
- [ ] Check the protection options and limits
- [ ] Read the details and find out what is not covered
- [ ] Confirm what insurance your venue needs
- [ ] Ask how to file a claim
- [ ] Confirm when the plan starts and ends
- [ ] Save all documents related to insurance
Frequently Asked Questions About Event Insurance Review
1. How much does event insurance cost?
The cost changes based on event size, type, location, limits of protection, and risk level. In general, plans cost between $100 and $1,000 or more. A careful event insurance review helps you find a good plan that keeps your costs down and your coverage complete.
2. When should I start my event insurance review?
It is best to start as early as you can, ideally three to six months before your event. This allows enough time for quotes, questions, and buying the plan without stress.
3. Does event insurance cover COVID-19 cancellations?
How COVID-19 cancellations are covered depends on the plan and the company. Many standard policies do not include pandemics, so check if protection for diseases is part of your plan or can be added during your review.
Our Top Picks For Liability Coverage
Be sure to check your venue’s insurance requirements before securing a policy!
GatherGuard
Starts at $75 for $1M/$2M GL coverage
Min. Damage to rented premises limit: $250,000 (Upgrade to $1M for $25+)
Medical expense limit: Not included
Waiver of Subrogation Endorsement: No
Primary Noncontributory Endorsement: No
Free quote feature available
SpecialInsurance.com
Starts at $160 for $1M/$2M GL coverage
Min. Damage to rented premises limit: $300,000 (Upgrade to $1M for $75)
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