Special Event Insurance 101: 4 Reasons It’s Essential

Special event insurance is designed to provide additional coverage beyond general liability policies, offering protection for a variety of events, ranging from festivals to conferences. Investing in special event insurance policies is crucial, as they can provide ultimate protection should property damage, bodily injury, or other accidents occur.

Here are four reasons you and your small business could benefit from special event insurance:

Accident Protection

The challenge of event planning? Predicting the unpredictable. Special event insurance is designed to provide peace of mind and comprehensive protection in the event the unexpected occurs. Regardless of event type, there’s always the possibility of accidental injury. Special event insurance can help protect vendors and organizers by providing additional coverage for medical payments, legal costs, and more.

Scenario: Your business hosts an annual conference. While walking into the venue, an attendee trips over a power cord, falls, and breaks his leg. Should his medical payments be deemed your responsibility, special event insurance may cover the costs.

Property and Venue Damage

Whether your event is hosted in a private residence, traditional venue space, or another type of gathering hall, it’s important to protect against property damage. Should guests accidentally or intentionally damage property, additional coverage can help cover the costs of repair or replacement.

Scenario: While hosting a company holiday party at a local venue, one of your employees stands on the table, shattering the glass. Special event insurance can cover the costs of replacing the table.

Liquor Liability Coverage

If you plan to serve alcohol at your event, special event insurance is crucial. Liquor Liability protection is designed to cover any event holder who charges patrons money for alcohol. If an intoxicated guest causes property damage or bodily injury while under the influence of alcohol served at your event, during the event or after, Liquor Liability coverage provides the protection required.

Scenario: During your team’s leadership retreat, you provide alcohol, and an employee decides to drive while under the influence. Should she get into an accident along the way and injure another person, Liquor Liability insurance may help cover any medical and legal costs.

Cancellation Coverage

Weather can be unpredictable, and unexpected storms or natural disasters can force event cancellation. Consider the fact that almost a fourth of wedding insurance claims in 2017 were a result of severe weather that caused the event to be canceled or postponed. Special event insurance policies can provide cancellation coverage should your event be canceled due to inclement weather, venue issues, illness, and other reasons. Additional cancellation policies may cover many of the costs and deposits that have already been paid. 

Scenario: Your wedding is scheduled for this upcoming weekend, and the weather forecast shows a hurricane in its infancy. Additional cancellation insurance policies can help you recover the costs from deposits when rescheduling your nuptials.

Bottom Line

Special event insurance provides necessary protection for event planners, vendors, and organizers. Don’t let the unexpected topple your business or ruin your finances. If you’re unsure which insurance policy is right for you, consider asking a lawyer to read over the “legalese” and point you in the right direction. Prevention is key, and with the right planning and insurance policies in place, you can protect and grow your business.


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