Insurance Basics: What Do I Need For a Special Event?

Can you imagine spending months, maybe even years, on a planning an event? Perhaps it’s easiest to keep your fingers crossed and hope that nothing goes wrong, but there is always a chance that something could happen when you least expect it. Thank goodness for special event insurance.

Whether it’s your own wedding, a big company party, or a conference, it’s always a good idea to make sure you’re covered in the case of an accident. No event is too small to refuse coverage. Worse case scenarios can include:

  • Guests slipping and falling at the venue
  • Property damage at the venue
  • Photographer’s camera and images stolen at the event
  • Natural disaster occurrence that prevents guests from attending
  • Lost or stolen items

Seeing this list might evoke a small heart attack, but it’s so important to think ahead. We chatted to our friends and insurance experts at CoverWallet to answer our most pressing questions.

This is the type of insurance coverage you need for a special event.

What qualifies as a “special event”?

“Any single event can qualify as a “Special Event”. This can be anything from a wedding, anniversary party, baby shower, religious celebration, social gala, auction, sporting event, etc. The list can go on for quite a bit as any event that can draw a crowd or have any risk of someone getting hurt in any way associated with it can and should have Special Event Insurance.”

What types of coverage are offered?

“The two main coverages offered by Special Event Insurance are Event Cancellation Coverage and Event Liability Coverage. As you can tell by the names, the coverage is pretty straight forward. Some examples would be a concert that was cancelled due to an artist being too sick to play or a wedding that is cancelled due to the bride getting cold feet.”

This is everything you need to know about special event insurance.

What should someone beware of when buying special event insurance that could be ineffective down the line?

“A buyer needs to be very specific with their needs and must check and double check the insurance they are getting. Let’s say you are having an auction and have coverage for General Liability and Cancellations. Now, what if you decide to serve alcohol at the event and someone drinks a bit too much and unluckily goes and crashes their vehicle into someone else’s. Who is responsible for the damage? If your event is blamed for the intoxication of the guest, but your special event insurance didn’t cover Liquor Liability, you could be in big trouble.”

Any pro-tips for someone thinking of getting special events insurance?

“There are a few rules when it comes to Special Events Coverage. Usually they are about timing, such as you generally can’t buy a policy more than two years out from coverage needs or, at times, past two weeks before the start date. Some companies will lump almost any Special Event together in one application whereas others differentiate between weddings, concerts, sports, etc.

Most of all, figure out exactly what you need! When it comes to dealing with special event risks, you will never go wrong with contacting an experienced licensed agent or broker who can help you navigate through what you will need and make sure you are covered.”

For more Insurance Basics, start off with our Insurance Buzz Words list!

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