What a year it has been!
If you’re one of those people with a big life event this year, I feel for you! Graduations, weddings, baby showers, retirement parties…they’ve all been up in the air!
Heck, even our company Christmas party was canceled just this week! COVID has made it a real challenge to plan on anything!
At the same time, if you have been planning a bigger event, you may have run into a vendor that is asking you to provide Special Event Insurance. This product protects those you contract as well as yourself in the case that something goes wrong with your big day.
And for many folks right now the biggest thing that goes wrong is having to cancel or postpone your event.
So, with that very real possibility, are insurance companies still selling Special Event Insurance?
Well, I wish the answer were a simple, “Yes.” But the answer is a little more involved, it’s more of a, “Yes, but…”
To give you a clear picture of what you can expect from Special Event insurance during the era of COVID, let’s talk about:
- What Special Event Insurance will cover
- What Special Event Insurance won’t cover
- And How much this insurance will cost
What Does Special Event Insurance Cover
Special Event Insurance can be purchased for a single-day event. It’s not limited to weddings, but can be purchased for any larger-scale private event like retirement parties, baby or wedding showers, or holiday parties.
(There are also special event coverages that can be purchased for multiple-day events or events open to the public, but for the scope of our discussion we’re just going to limit it to private one-day events.)
Before we talk specifics, I should also note that your coverages will depend on the insurance company that writes your policy and on your specific needs for your event.
In general, Special Event Insurance can provide coverage for property damage, bodily injury, and liquor liability.
Property Damage
Venues
Your policy will cover damage to any venue that you are using for your event.
For example, let’s say that you rent a hall for your event. During your event, you have a cooler that leaks all over the hardwood flooring causing significant damage. Without a Special Event policy, you would have to pay for that damage, but with coverage, you can file a claim.
Equipment
Venues are not the only thing that may be damaged during an event. Your policy also covers equipment damage.
Imagine you hire a D.J. for your event. During the night of dancing, one of your guests slips and spills their drink on the D.J.’s soundboard. You would have to pay for the damaged equipment. With Special Events Insurance, this would be covered.
Other property
A Special Events policy also can include coverages on special attire, jewelry, and gifts. Your insurance agent can help you understand the specifics of the property coverages on your policy.
Here’s an example of when you might need this coverage. You pick up your beautiful wedding dress from the bridal salon. After opening the bag, you notice a large tear in your dress. Your Special Event Insurance could cover the repair or replacement of the dress.
Bodily Injury
In addition to property damage, your policy also covers bodily injury. This coverage is in place for your event attendees and contractors like caterers who will be present at your event.
Let’s say that on the way into the reception hall, one of your guests slips and falls. Your policy will cover medical expenses related to the fall. Or, if one of the hot pans falls from your buffet table and burns a guest, your policy will cover that accident.
Liquor Liability
One special coverage that may not be standard on your Special Events coverage is liquor liability. To acquire this coverage, the venue must serve the alcohol. You can also hire certified bartenders to serve all alcohol.
This coverage will protect you if one of your guests causes an accident due to alcohol consumption. For example, if one of your guests causes an accident on the way home from your event, your liquor liability will help protect you.
What Special Event Insurance Doesn’t Cover
In the past, Special Event Insurance covered the cost of postponing or canceling your event. Now, with COVID causing such disruptions, this coverage is just too risky for insurance companies to guarantee.
UNFORTUNATELY, DUE TO COVID, INSURANCE COMPANIES ARE NOT OFFERING CANCELLATION OR POSTPONEMENT COVERAGE AT THIS TIME.
How Much Does Special Event Insurance Cost
The cost of Special Insurance Insurance depends on which coverages you want or need for your event.
The most basic policy covers property damage and bodily injury and runs about $175. This may not include extra coverages for items like gifts and special attire. It will also not include liquor liability coverage.
If you need to include liquor liability on your policy, depending on the company you buy your policy from, the premium might go up.
For instance, if you place your coverage with Travelers, they will add $50 to your premium amount. On the other hand, Philadelphia Insurance does not add any extra charge to your policy as long as the alcohol is being served by the venue itself, the banquet hall, or ramp certified bartenders.
Finally, if you want the fullest coverage available – covering property damage, bodily injury, liquor liability, and extra property coverages – you should expect to pay at least $375 for the day. This type of plan will also cover costs associated with problems like your photographer not showing up for your event or lost gifts.
Looking for coverage for your special day?
While Special Event Insurance will not cover costs associated with cancellation or postponement, this coverage is a must-have for your big day!
One thing that COVID has taught us is that the unexpected can happen and sometimes things go wrong.
And when I say “sometimes things go wrong” that can refer to a lot of things on your special day…damaged wedding attire, lost gifts, the photographer doesn’t show up, a guest accidentally damages property at your venue.
At Baily Insurance, we have access to many insurance companies that provide Special Event coverage. Depending on the size of your event as well as your specific needs, we can tailor a policy to make sure your event is covered.
A simple phone call to one of our agents can take you one step closer to having your insurance policy in place. Our agents will take down the details about your special day and then price out your policy with various companies. After that, you can select the one that meets your expectations.
Give us a call today…and let the celebrating begin!
