What Is Special Event Insurance?

Planning an event can be a rewarding and stressful task to take on. Setting up the venue, decor, catering, and photographer all while being mindful of your guests is a near superhuman undertaking. After all the set-up is complete, what happens when things do not go as planned? What if someone gets injured, drinks too much and gets into an accident, or a fire in the venue results in significant damages? In the event of an injury or unforeseeable disaster, the event host is the liable party and is now left with potentially hundreds of thousands of dollars in bills - or worse, is being sued. This is where special event insurance, aka one day event insurance, can save your efforts and protect you financially so that you can focus on the important parts of your special day.

Lawsuits resulting from event-related damages are at an all-time high and continue to rise, therefore, it’s important to ensure that you’re protected financially from all the costs for which you could be liable. Special event insurance is a type of liability insurance that covers events and their hosts when an unforeseen accident occurs. One day event insurance covers the catastrophe and medical costs if severe weather affects your event, if damage is done to the venue, and if bodily injury is sustained by attendees or vendors. It also provides additional coverage for liquor liability. Without an event insurance policy, event holders may be liable for claims amounting to hundreds of thousands of dollars. With the purchase of event liability insurance, however, event coordinators are protected from a litany of potential damages for a mere cost of $150 or so. These plans provide peace of mind on your special day and protect all the costs and efforts you invested into your function.

What events does special event insurance cover?

Special event liability insurance is an investment that can save you thousands in the case of an unexpected situation during your corporate, private, or community event. Event liability insurance is an excellent option for a variety of social gatherings, including (but not limited to):

• Weddings
• Birthday parties
• Concerts
• Music festivals
• Trade Show conferences
• Political Rallies
• Boat shows

Many other types of events can be covered as well, with a potential need for different limits or additional coverages added onto your quote depending on the type of event. Communicate with one of our trusted agents regarding any questions about your type of gathering.

Are there additional special event coverages I can add on to my policy?

Most venues require the event holder to carry general liability insurance for events, and, depending on the event, you may need extra coverages to be added on to your policy (i.e. liquor liability, equipment coverage, artwork coverage, medical expenses, wedding ring coverage). One day event insurance enables consumers to bundle these add-ons for a small price. The general coverage requirement for an event insurance policy that meets venue expectations is $1 million per occurrence / $2 million aggregate. This means that for each claim you are covered for up to $1 million, but that total costs cannot exceed more than $2 million. Due to the recent increase in event-related lawsuits – especially in the wake of the COVID-19 crisis – venues are beginning to require a $3 million aggregate. We recommend being safe and taking a higher limit since it is usually a few dollars more for another few million dollars in coverage.

What is the difference between a claims-made policy and an occurrence policy?

When purchasing event insurance, it’s important to consider more than just the price of the plan. You will see a difference in premium based on both the quality of the carrier and whether they sell a claims-made or an occurrence policy. A claims-made policy will only cover you for claims that occurred and were reported within the window when the policy was in effect. While this poses no significant concern for life or auto insurances, this kind of policy would not provide coverage for an event insurance holder who failed to report a claim within a 1-2-day timeframe. An occurrence policy covers you for claims reported during the life of the policy, regardless of when the incident occurred. In the midst of your busy lifestyle, this kind of policy can help ease your concerns about the timing of the claim or when you have to file it.

Can I purchase an annual policy for all my events?

On top of selecting the right policy, additional coverages, and limits, it’s important to choose the right length of coverage. If you are a venue, or if you’re a vendor that works at multiple events (i.e. catering company, florists, band), or a DJ that plays lots of shows, then an annual policy may be the best option for you. Rather than spending time and effort researching and purchasing individual policies for each event, speak to an agent about the benefits of an annual policy. If you plan on having more than two events in the next year beginning from your policy’s effective date, this will prove the most cost-efficient option.

Is special event insurance necessary?

Most venues require that event hosts purchase special event insurance. However, is it really necessary to have if the venue does not have these requirements in place? In short, absolutely. Lawsuits can cost upwards of $50,000 and take significant time and resources to settle. Even the best planned events cannot prepare for the unexpected. Whether this is a natural disaster, a fire, or an injury to an attendee, you need to protect yourself from anything you may be liable for. Enjoy your gathering and let the representatives at One Day Event manage any other surprises you encounter along the way!

Who should I purchase my special event insurance from?

It’s crucial to make sure you purchase your event insurance coverage from a company you can trust. As the savvy consumer does their research, they will find that many companies sell low quality policies, do not payout on claims, or have disappointing and inaccessible customer service departments. At One Day Event Insurance (onedayevent.com), we believe that the customer should never have to be inconvenienced by these shortcomings. We provide our clients with quotes from multiple reputable insurance companies to ensure that they get the best coverage available for their event at the best possible price. We work only with the top-rated A++ insurance companies in the nation, so you never get a policy with poor coverage or poor claims payout ratio. In addition, our top-rate customer service team will be there to answer all your questions. Whether you need help ensuring your policy meets venue requirements, or you have questions about claims and coverage, our team is here to help. Once you purchase an event insurance policy through One Day Event, we immediately send you and your venue the Certificate of Insurance, so all you have to focus on is your special occasion. We have a Customer Guarantee to confirm that you are always getting a quality product with the best service. Find us online at onedayevent.com and get your personal or corporate event covered now! We look forward to insuring your event, and ensuring your peace of mind.