Special Event Insurance

Special events come in many forms, including weddings, amusement rides, festivals, auto races, rodeos, Quinceañeras, Mitzvahs, athletic contests, and parades. Regardless of the kind of event you organize, it's vulnerable to many types of losses if a problem arises. Special event insurance can provide the reimbursement you need if you must postpone or reschedule your event due to a covered cause.

Luckily, a local independent insurance agent can help you find the right event liability insurance. They'll get you matched to the ideal amount of coverage for the appropriate duration. But first, here's a breakdown of event liability insurance, what it covers, why it's necessary, and more.

What Is Special Event Insurance?

Also known as event liability insurance, event cancellation insurance, or simply event insurance, this coverage is designed to protect against losses that can occur if a function must be postponed or canceled. 

Event cancellation coverage can reimburse you for deposits you made for an event if you have to cancel or postpone it, such as fees to hold a venue or book a photographer. Functions must have been canceled or postponed due to a covered cause, such as extreme weather, for special event insurance to reimburse you.

A special event can be defined as a specific type of gathering with various potential exposures, such as bodily injury or an accident involving an attendee. Special events come with various risks that can be addressed by event insurance, such as the following:

Standard personal or commercial policies will not cover all of these exposures. In most cases, you'll need event liability insurance specifically tailored to cover your gathering. An independent insurance agent can help you compare quotes from multiple companies to find the private event insurance that's right for you at a price that works within your budget.

What Types of Functions Are Covered?

Many types of functions only last for one day, thus requiring just a single-day event insurance policy. However, you can buy special event insurance for whatever the duration of your event. 

Special event insurance can reimburse you for many expenses that occur at any of the following types of functions:

Short-term event insurance can be extremely beneficial if you host or organize any of these functions. In case of an event cancellation or postponement, special event insurance can help you recoup losses from any of your otherwise non-refundable deposits, such as for a caterer, photographer, or florist. 

What Types of Functions Are Not Covered?

Special event insurance may not apply to every type of function. It can be more difficult to find event cancellation coverage for the following types of functions: 

• Sporting events
• Gun shows
• Bachelor and bachelorette parties
• Large events with more than 500 attendees
• Animal shows
• Color runs
• Events held at remote locations

If you'll be organizing or hosting any of these events, be sure to ask an independent insurance agent if specialized coverage is available.

What Things May Special Event Coverage Provide Protection For?

Special event coverage provides protection against losses related to events that must be rescheduled, postponed, or canceled due to various causes, such as extreme weather events. 

These policies can reimburse you for lost deposits and other costs related to hosting and organizing these events. Your policy can reimburse you for losses extending up to its coverage limits after you've paid your deductible. 

An event cancellation policy can reimburse you for any of the following expenses:

• Lost or stolen special gifts
• Lost or damaged attire, such as wedding rings
• Damaged files, such as photos or videos
• Vendor no-shows

The liability coverage portion of event liability insurance can reimburse you for lawsuit costs if you're sued for bodily injuries or personal property damage that occurs because of your event. Events that serve alcohol have a greater need for this coverage, as intoxicated guests are often more likely to cause harm to others. 

In many cases, the venue in which you plan to host your event will require you to secure a policy before you're able to make a reservation. The owner of the venue in which you host your event may want to be named as an additional insured on the event insurance policy.

When Should I Buy Special Event Insurance?

Plan to buy your special event insurance policy right away once you've made any deposits for your upcoming function. Problems can arise at any time before your event occurs. 

Vendor and venue renters may need to purchase special event insurance before they're even allowed to book. In most cases, it's required to get event liability coverage at least the day before your event and an event cancellation insurance policy at least 14 days before your function is scheduled, though coverage is usually available to buy up to two years in advance. 

How Much Does Event Insurance Cost?

The cost of special event insurance for a one-day, non-hazardous event may cost just a few hundred dollars. The longer the event, the more activities you plan, and the greater the overall risks associated with the function, the higher the price for special event insurance will be. 

Event cancellation insurance can be found for as little as $130 but can be much more expensive depending on the nature of your function. The cost of your special event insurance can be based on the following factors:

Work with a local independent insurance agent to find affordable event insurance near you.

Special Event Liability Insurance for Weddings and Concerts

Weddings and concerts are among the most common special events that need coverage. Private church weddings don't typically require special event insurance due to the low presence of various risk factors. However, special event insurance is often necessary for more elaborate weddings, such as those held outdoors.

Concerts can vary from small, one-time events to large, elaborate affairs involving thousands of spectators and risky elements like fireworks. Large events can also involve issues related to crowd control. 

Having event liability insurance for concerts can protect you against many potential losses and liability claims. An independent insurance agent can help you find the right kind of event insurance for a concert or wedding.

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An Independent Insurance Agent Can Help You Find Event Liability Insurance

Special events come in all shapes and sizes, but one thing they have in common is the risk of injuries or property damage. A special event insurance policy is a must-have to protect you from the cost of lost deposits, lawsuits, and other risks that can occur at your event or if your function is canceled or rescheduled. 

An independent insurance agent can shop and compare event insurance quotes for you and provide you with results that offer the best overall blend of coverage and cost. And down the road, your agent will still be there to help you file claims or get additional coverage as necessary.

Frequently Asked Questions about Special Event Insurance