Even small events require a considerable amount of planning and coordination. As the event planner, you have to work with various vendors who each have their own specialty and focus, and whose interests and needs will go far beyond the individual event you have hired them for. It is your responsibility to make sure everyone does their best work and supports your clients’ goals. While your primary mission is the success of the event, one thing you cannot overlook is what could go wrong. Whether that means someone getting hurt, property damage, or some other failure resulting in monetary losses for your client or some other party. You can only do such much to control for these potential liabilities. The best way to protect yourself and your company is with special event insurance.

We have put together this guide to help you understand special event insurance cost. In it, we provide some information and suggestions you should consider when searching for your own policy.

We Cover in This Guide

• How much does special event insurance cost?

• What is special event insurance?

• What does special event insurance cover/not cover?

• Benefits and risks

• Tips for buying

• Types of insurance you may need

• FAQ

• Summary

How Much Does Special Event Insurance Cost?

Special event insurance cost ranges from $150 to $257 depending on the event duration, size, cost, location, attendees, your provider, risks, limits, and whether or not alcohol is served. These prices reflect events with around a hundred people. When you are talking about significantly larger events, like an enormous music festival that goes on for several days, and has tens of thousands of attendees who are drinking and camping at the location, the price will obviously be much higher.

What is Special Event Insurance?

There are countless potential risks you may face when putting on a special event. No matter what precautions you take and all the potential dangers and problems you consider and take active measures to avoid, accidents will occur and things will go wrong. You can not control everything. That is why special event insurance is the best way to protect your business. It is a policy specially designed for the particular needs of your individual event. This insurance is essential for every type of event, small or large, and should be investigated with equal importance while you are considering every other type of vendor.

What Does Special Event Insurance Cover/Not Cover?

Whether you are getting coverage for a holiday party, marketing event, networking gathering, school fundraiser, or even a family reunion, most of the risks you face are fairly commonplace. A guest can fall and injure themself. While setting something up, one of your employees or a vendor can damage the venue. Weather or some other factor may prevent the event from occurring. Typical special event insurance policies cover these scenarios and others that fall into the following categories:

• Third-party bodily injuries

• Third-party property damage

• Breach of contract with vendors

• Event cancellation

• Liquor liability

There are certain liabilities that are not included in these ordinary policies and require the purchase of additional coverage. They can include:

• Employee injury or illness

• Damage to your own equipment or assets at the venue or in transit

• Auto accidents while employees or vendors are driving to the venue; either in their own cars or in company-owned vehicles

Benefits and Risks

Special event insurance provides numerous benefits to protect your business against the risks of planning all kinds of events. The following are some examples:

• Protecting business assets: Without insurance, if you cause significant harm or somehow your actions result in lost income for your client, the cost to pay damages could completely wipe out your company’s earnings. Special event insurance will cover these liabilities.

• Peace of mind: Event planning is stressful and complicated. Knowing that you are covered in case something you can not control occurs allows you to focus on the things you can.

• Compliance: Certain partners require you to have insurance. You may lose out on a venue or vendor without adequate coverage. Having the proper insurance in place will allow you to quickly sign contracts with everyone you need for your event.

• Cover legal expenses: Fighting legal claims can be extremely costly and detrimental to your company. The time and expense required to defend yourself against even one lawsuit can destroy your business. Proper coverage will cover the legal fees and potential damages.

Tips for Buying

Special event insurance costs can sometimes be a little difficult to navigate. The following are some suggestions to consider when seeking your own policy.

• Work with an independent agent: An independent insurance agent can point you toward the insurance companies with the best rates and the most experience with your types of events.

• Identify your risks: In order to be certain that your needs will be met with your chosen policy, consider your vendors, employees, venue, and other factors to identify the risks you may face.

• Compare quotes: Premiums often vary considerably between insurance providers. Consider at least three quotes to find the best rates and coverage.

Types of Insurance You May Need

• General Liability Insurance: Protects you against third-party claims of property damage, personal injury, bodily injury, and other related scenarios.

• Workers’ Compensation Insurance: Workers’ compensation covers your business from medical expenses and lost wages if an employee is injured or gets sick while working.

• Commercial Property Insurance: Pays to replace or repair covered damage to your own assets.

• Commercial Auto Insurance: Protects you from property damage and other liabilities from car accidents involving business-owned vehicles.

• Hired & Non-owned Auto Insurance: Covers damage and injury from car accidents involving personal and rented vehicles.

• Inland Marine Insurance:Covers damage to or theft of your assets in a vehicle while being transported between locations.

• Liquor Liability Insurance: Protects you against liabilities resulting from harm and damage caused by an attendee who gets drunk at your event.

FAQ

- How do I increase my coverage limit to meet a venue's requirements?

Consider umbrella liability insurance. It is a supplemental policy that covers damages over the typical limits of your policy.

- Do I need workers’ compensation insurance?

Depending on your location, it may be required. In many states, workers’ compensation insurance is mandatory if you employ at least two people.

- Can you explain what “named insured” means?

A “named insured” refers to whoever is covered and pays for an insurance policy. They will be the one receiving a check from the provider in the case of a claim payout.

Summary

While planning for your event, acquiring insurance should be equally as important as securing a venue, caterer, or any other vendor. In fact, it really should be the first step. In addition to offering pivotal protection, you may have to provide proof of coverage in order to sign a contract.

Now that you have a greater understanding of special event insurance cost, you can feel confident that whatever policy you choose will have everything you need to protect your business.