Spring is in the air (almost) and so kicks off the season of celebration. We tend to get a little more creative with our party planning at this time of year as our venue options open up and weather becomes less of a factor in planning our good times. Indoors or outdoors weddings birthdays or announcements – no matter the reason any successful event starts with smart planning.
Do I really need event insurance?
The answer to this is probably a ‘yes’ . If it’s a small gathering in your home you are likely covered by the liability in your home policy. Although if there is anything out of the ordinary such as special equipment rentals shows or displays you’ll want to connect with the third parties providing the services and it can’t hurt to check-in with your broker too.
Any other special event will need some special insurance considerations. Here are some thoughts to factor into your planning:
Event Liability Insurance
Liability insurance is the minimum you will need to have in place to host your event. Just like the liability on your home policy this covers you against bodily harm and property damage. Most venues will request proof of this insurance as a condition to a rental agreement.
Keep in mind if you intend on serving liquor a copy of the liquor license and liquor liability insurance policy will be required to obtain your event liability insurance.
Event Liquor Liability Insurance
If you plan on serving liquor at your event first you’ll need to get a liquor license. The type of event you are hosting dictates what kind of license you’ll need.
Once you have the appropriate license talk to your broker about party liquor insurance. Not only will you be protecting yourself in the event of a lawsuit just like the liability insurance but there is also a good chance your venue of choice requires this insurance too. Premiums for this will be determined by the nature of the event the number of attendees and whether or not minors will be in attendance. Be prepared and have this information ready when you are asking for a quote.
Event Cancellation Insurance
Once you start to do the math on your planning you realize how quickly the numbers add up. Hosting an event is a significant financial commitment. Since venues and service providers often need to turn away other business to commit to your dates many of these expenses are non-refundable.
Even the best planning cannot account for uncontrollable circumstances – in these cases cancellation insurance is worth every penny in premium. Not only will it cover the lost expenses of event production but some companies will also offer coverage for loss of anticipated revenue if the event was intended for profit.
Are there any other event insurance options I should consider?
These are just the basics. However sometimes putting on an extraordinary event means liabilities that don’t quite fit into basic event insurance.
Talk to your broker and be sure to give them all the details. They can tailor a plan and a policy to help your event run without a hitch and give you peace of mind.