Whether you’re arranging your daughter’s wedding or organizing special events professionally for your clients, the process may be pretty overwhelming. Numerous things can go wrong, exposing you to liability in the event of a lawsuit. Special event insurance can assist you in protecting yourself if a guest is harmed, alcohol is involved, the location you booked requires liability insurance, or to ensure your peace of mind.
Why do you need event insurance?
Special event insurance like wedding insurance protects event organizers who risk responsibility or a lawsuit for property damage or injury to third parties, among other things. Along with damage protection, special event insurance may be able to protect your investment in the event. If the venue or event sponsors are added to the policy, this insurance can also cover them.
What can special events insurance cover?
Here are five reasons why buying party insurance for your special event is a good investment, whether you’re organizing it or a vendor.
Accidents
In how many instances have you witnessed or read about accidents during events? Accidents can happen at any event, no matter what type it is, and an event insurance policy is vital for the protection of both organizers and vendors.
Property & Premises Damage
Whether you’re renting a venue space or hosting an event in a private residence, regardless of the number of people in attendance, there’s a reasonable probability that some property damage may occur. To illustrate, if you rented a venue and a fire broke out during your event, resulting in $92,000 in damages, the cost of repairs would be totally covered by the insurance pending if your damage to premises maximum was $100,000.
Liability for Care, Custody, and Control
Most liability policies exclude coverage for physical damage or loss to property. At the same time, it is in the care, custody, or control of the event organizer or vendor, but coverage can be added if desired with special event insurance. Kristen and her husband’s 50th birthday party is a fantastic example of how this type of responsibility is advantageous. Kristen leased a magnificent ballroom for her husband’s birthday party, but a bottle of red wine was shattered during the celebration, damaging both the bespoke Persian carpet and the surrounding travertine floor. The ballroom owner sued Kristen to pay the $48,500 cost of replacing the entire carpet and a huge portion of the travertine floor. Kristen was fortunate to acquire the Care, Custody, and Control Liability, so the loss was protected.
Alcoholic Beverage Liability
Drinking-related injuries and property damage are covered by liquor liability insurance. If money is exchanged and drink is provided, Liquor Liability coverage offers the necessary protection for event organizers and vendors alike.
Conclusion
When it comes down to it, event insurance is all about protection. The most significant advantage of event insurance is that it is a single, comprehensive coverage that is expressly geared to the needs of people who conduct special events or provide vendor services at events. Accidents can happen during events, no matter how many measures you take. Coverage from special event insurance will offer you the security and peace of mind you require.