If you are holding an event, Special Event Insurance should be at the top of your to-do list. This type of coverage protects your investment when you organize a gathering, be it a wedding or a convention. Keep reading to learn more about how Special Event Insurance works, including the different types of coverage available and the factors that determine coverage rates.
What is Special Event Insurance?
Event insurance covers costs related to injury or damage that may occur during an event.
This type of coverage can be purchased by anyone holding an event, from an individual throwing a party to large organizations hosting big events such as concerts, weddings, trade shows, and fundraisers. Event insurance may cover risks like:
- Property damage
- Weather-related cancellations
- Among others
The cost of event insurance varies depending on the event’s size and nature, the number of attendees and vendors, the location of the event and the type of coverage required.
Types of Special Event Insurance
There are two primary types of event insurance policies: liability coverage and cancellation coverage.
- Liability coverage. This type of policy covers the costs incurred due to the injury of a third party or damage to their property during your event. This can range from food and drinks spillage to equipment damage.
- Cancellation coverage. This coverage helps with costs incurred when an event has to be canceled or postponed due to unforeseen circumstances such as natural disasters, severe weather, etc.
Who Needs Special Event Insurance?
Event insurance is essential regardless of the event’s size or nature.
If you plan on hosting an event with numerous attendees or vendors, it is important to have event insurance.
This applies especially to corporate events as the attendees may be clients, employees, or other stakeholders. Any accidents that occur during the event may have legal and financial consequences, making it important to have an event insurance policy.
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Choosing the Right Special Event Insurance
When choosing event insurance, it is important to consider the coverage you require. You need to assess the risks associated with the event and determine the type and level of coverage that would be suitable for your event.
It is important to know what is covered and excluded in your policy so that you can make informed decisions.
If you need help making sense of your options, contact our experts at Carter Bradley Insurance Solutions. We stand ready to answer your questions and help you enjoy peace of mind as you organize your next event.
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At Carter Bradley, our team is solely focused on your unique needs to find the best prices and coverage you require for your business, home, auto and life insurance.