You are hosting a large holiday party with the expensive venue, caterer, drinks, your staff and their families, your friends and family, and the best holiday decorations. One thing that may cross your mind is “What happens if something falls through?” This is where Special Events Insurance may come in. Every carrier is different in their rules for special event insurance. Some may cover corporate events and parties, but some may not. So, it is important to ask your independent insurance agent which carrier might be best for your party.
Special Events Insurance is really a 2-part policy. The first part is Event Cancellation Coverage. This coverage will help cover costs associated with having to cancel the event, vendor cancellation, costs associated with having to postpone the event, etc. Keep in mind that this will not cover gifts, special attire, etc.
The second part of Special Events Insurance is Liability Insurance. Liability insurance will protect you from damages to the venue or injuries. Sometimes policies will not cover third party equipment not provided by the venue, like if you rent a picture booth. Run this by your agent to see what your options are if your policy doesn’t cover it. Also, remember limits will usually apply so be sure to ask what your policy will and will not cover.
Most events that are covered by special events insurance are private parties such as:
- Baby Showers
- Birthday Parties
- Anniversary Parties
- Religious Celebrations
Some events that are not covered by this type of insurance are public events such as sports events and dance recitals. As stated above, some business events and parties are possibly not covered so it is important to ask your agent what you will need.
If you have any questions regarding your special event, give us a shout. We would be happy to walk you through the best coverage for your event.