Special events can be a lot of fun and create memories you’ll cherish for the rest of your life. Event planning, on the other hand, can be quite stressful. Whether you’re planning a corporate event or celebrating a special day for personal reasons, a lot of work and worry goes into it.
Are all the details just right? What if the caterer doesn’t show? The venue can’t just cancel the party last minute, right? Where’s uncle John? Did someone take his keys before he left? Whatever the event, it has the potential for great joy and colossal disaster. That’s why it’s so important to protect yourself with special event insurance. That way, if the venue falls through, a vendor doesn’t show, a drunk guest causes damage, or other unexpected issues arise, this event liability insurance has you covered.
How Much Does Special Events Insurance Cost?
Though it can vary for several reasons, the cost of special event insurance, also sometimes called one-day event insurance, is often only around $200. Considering the value that it provides and the circumstances it protects against, that’s a really great deal. Here are some things that can be covered by a special event policy:
- Damage to the venue or vendor equipment
- Bodily injury to employees, contractors, or guests
- Accidents caused by alcohol consumption
- Costs related to you deciding to cancel
- Damage to your reputation
- & more
Cost Of Special Events Insurance By Event Types
The kind of event you’re having will change the cost of special event insurance. There are many other factors that can affect the cost of insuring an event as well so these prices aren’t concrete but here are some general numbers for the average cost of special event insurance by type of event:
What Influences The Cost Of Special Events Insurance?
When getting special event insurance, there are many factors that will influence the cost. The insurer will likely want to know the following:
- Duration: The longer an event goes on for, the more likely an accident is to happen.
- Desired Coverage Amount: If the company is expected to cover a million dollars of liability, they’ll want less than if they’re expected to cover 2 million dollars.
- Alcohol Policy: Will you be serving alcohol? Drunk guests lead to a higher risk of mishaps. Also, if you provide alcohol for free, you’ll generally pay less than if you sell it. Selling alcohol causes you to take on more liability.
- Activities: What will happen at the event can raise the risk and therefore the price. For example, if you plan to have pony rides, a roller coaster, or pyrotechnics, that could lead to more accidents.
- Other Insurance: If the vendors have their own coverage, that could limit the price.
Should You Get Special Events Insurance?
If you are a business or individual hosting any kind of event, it’s wise to purchase special event insurance. Some venues even require a certificate of insurance. For a business, one bad accident at an event you host can ruin you if you don’t have coverage. For individuals, you likely can’t afford to cover medical bills for a guest if something should happen. I know it may seem that a special event policy is overkill for your Nana’s 50th birthday party, however, if she spills her drink on the DJ’s $5,000 amp, you’ll be glad you got it!
Where To Find Special Events Insurance
While many individual insurance companies sell these liability policies and will give you a quote on their website, there’s no reason for you to pay more than you have to. To ensure that you get the exact amount of coverage you need for the lowest price possible, consider using an online insurance marketplace like CoverWallet. They’ll match you with companies that meet your needs at prices that match your budget.
Special event insurance is nice to have and can be a lifesaver if something goes wrong. You might be determined to stick to your budget, but if there’s an injury, a vendor drops out and you need to replace them last minute, or any property damage occurs, you could be out thousands of dollars in unexpected costs you can’t afford. All things considered, special event coverage is an investment in peace of mind.