If you love to host family, business, or other social events, you are most likely aware of the planning and preparation involved in such special events. Nevertheless, no amount of planning can ensure that all will go smoothly, without accidents or injuries. The best way to protect yourself on such occasions is to purchase a special event insurance policy that will cover your investment and pay for future uncertainties in case anything goes wrong.
When Is Special Event Insurance Needed?
Special event insurance is a must if you plan on hosting a wedding, anniversary party, graduation party, or religious celebration. Special events don’t happen every day, and they aren’t like any other family gathering. In most cases, special events also cost a lot more. Even with the best-laid plans, accidents and injuries may still occur. Yet, with special event insurance, you can rest assured of being more adequately protected.
Can You Get Special Event Insurance for Any Type of Event?
Special event insurance is designed to cover private events that you host in a rented venue. It will not cover any public events, such as sporting events and public functions like fairs or farmer’s markets. However, hosting a private party in a public place will make it eligible for special event coverage.
What Does Special Event Insurance Cover?
While there are multiple types of coverage included in a special event policy, there are two primary types of policies that are commonly purchased- liability coverage and event cancellation coverage.
Event Liability Coverage
Like with other types of liability insurance, this policy will cover the cost of any damages or medical expenses incurred at the event you are hosting. Being proactive and purchasing liability coverage for your special event will give you the protection you need to prevent extensive financial loss.
Event Cancellation Coverage
With large events, you may be required to pay for deposits to secure the venue and the services of certain companies. If you cancel the event at short notice, these deposits may be lost. An event cancellation coverage will reimburse some of the losses incurred due to such last-minute cancellations.
There are many other types of special event insurance coverage you may want to consider. If you are thinking of hosting an event, you need to talk to a reputable agent. The agents of J. Archer Insurance Group understand how important it is to protect your investment if you plan on hosting a large, private event. Call us today so that you can have the right coverage in place before you begin to make your plans.