Why and When To Purchase a Special Event Insurance?

There are some things that you will need to make sure you remember to do as an event planner so that your event goes according to plan.

17:52 27 January 2020

One of these things is purchasing the proper special event insurance to make sure you and your business stays protected while hosting the occasion. 

 

It can be hard to understand when and why special event insurance is needed, so if you are confused, make sure you read this helpful guide. 

Why Should I Purchase Special Event Insurance?

Whenever holding a special event that will either be open to the public, serving alcohol or renting out a venue, you will want to make sure you purchase special event insurance to make sure that your business will be protected in the event of an accident. 

When planning an event, there are a lot of things that you need to remember and one of those things is event planning insurance. Even though a lot of planning goes into every event, it is not uncommon for accidents to happen. These accidents can include damages to real property or personal injuries due to slips and falls, or alcohol-fueled fistfights. Events will generally be serving alcohol and often times, this will increase the likelihood of an accident occurring. That is why it is important to protect yourself from any lawsuits that may arise due to damages or personal injuries sustained at your event. Purchasing special event insurance is a great way to protect you and your business from being sued and having to pay large amounts of money. 

Also, another reason you should get special event insurance is that it can end up saving you a lot of money in the long run. There is always a good chance that something could go wrong at any event. If you get sued for it, you may be on the hook for hundreds of thousands of dollars and it could have all been avoided if you have purchased a plan. Insurance coverage does not necessarily have to be expensive. As pointed out by experts from Netsurance, special event insurance plans are very flexible in terms of coverage, making it very easy to work into an event’s overall budget. Since the plans start so low, there should be no excuse for not purchasing one. Always remember that the cost of insurance is definitely worth it, as any event host will know that there is no way that they can prepare for everything. 

When Should I Purchase Special Event Insurance?

It is also important to make sure you speak to an insurance broker well before the date of your event. As a general rule, you will want to start speaking to an insurance broker at least a month before your planned event. Doing this will make sure you have lots of time to decide on which policy to get and come to an agreement with the insurance company. One thing to remember is that you may not want to purchase an insurance policy much later than a month away from the date of your event. This is because oftentimes while planning, circumstances can change and you may have to change something with your insurance policy. For example, you may have originally planned for your event to be alcohol free for a certain venue, and then all of a sudden a new venue becomes available that serves alcohol and you decide to move the location of your event. While you have already purchased insurance, you wouldn’t be protected with any incident relating to alcohol as it wasn’t on your initial policy. 

One important thing to consider when deciding to get special event insurance is the timing of when you contact the insurance broker. If you are looking for ways to get the best rate possible, the best time to call your broker is well in advance of your event so that you will not be desperate for coverage. If you wait until the last minute to get insurance for your event, often times the insurance brokers will charge you more for the same coverage because you waited until the last minute and it shows the insurance company that you may not be the most organized person. This, subsequently, in the eyes of the insurance company, increases the risk of something going wrong at your event and that is why you will be paying slightly more. 

Whenever planning a special event, make sure you speak to a reliable insurance broker so that you can get the right policy that will cover all the activities that will take place. You will want to make sure you do it ahead of time, so that you will be able to negotiate a good policy rate that won’t ruin your budget. Also, make sure you remember the general rule for when you will need special event insurance. If your event has a bar or is serving alcohol, open to the public, or renting a facility, you will want to make sure you get insured to keep you and your business protected at all times.