Event insurance is insurance provided for large parties and events like birthday parties, anniversaries and even weddings.
It's insurance typically applied for a 24 hour event. Whereas of course, your homeowner's policy, is a policy that continues for as long as you own the home, car insurance etc, operates under the same standards.
Many people even wonder if they need event insurance. Well, you probably don't need event insurance to throw a small birthday party for your child, when only 10-20 people are attending. However, if your child has a 18th birthday party with 200 attendees, a caterer, florist, venue etc., you may want to consider event or party insurance not just for the money risk involved, but also for the personal liability.
If your party is at home, first check to see what things might be similarly covered in an event or party insurance plan. You may find that your home owner's policy is just enough coverage and that you don't need event insurance.
You might want to definitely consider party insurance, if your large event is being held at a venue. Again, check to see what is covered under that particular's vendor policy before purchasing event insurance. If your party is already costing you a lot of personal outlay and deposits, you may want to consider event or 24 hour insurance, particularly if your party could run the risk of being postponed.
Postponement of parties is often the primary reason events don't happen. Postponement can happen if the main host or attraction becomes sick, if there are weather related issues or if some other catastrophe occurs that causes your event to not take place.
How Much Is Event Insurance?
Event insurance can be as cheap as $180 for up to one million dollars coverage. That really is a small price to pay for an event that could cost your thousands if for some reason it doesn't happen as scheduled. You may get really cheap event insurance, if you use the same provider you have with your car, home, business etc. So get outside quotes, but also call your primary insurance provider first.
What Isn't Covered under Event Insurance?
While not all event insurance policies are created the same, nor cover the same things. Typically an event insurance policy doesn't cover any party cancellations that resulted in your own change of mind. This is similar to wedding insurance which doesn't cover the future bride or groom's change of heart. So be sure that you are sure you want to have this event before outlaying any deposit money to vendors because under this circumstance you won't be able to recover your investment.
What Is Covered Under Event Insurance?
Typically everything is covered under event insurance, but as you begin to add more things, be aware the cost to insure goes up with your initial premium. Some things covered with event and party insurance is:
- Entertainment and DJ's
- Event Planners
- Cake Decorators
So as you can see depending on the size, location and financial outlay you could need event insurance. Just remember that all policies aren't created the same. Some may be cheap and others may cost a lot more. Make sure to also check with vendor policies so that you aren't duplicating coverage and waisting more money. Also, compare event insurance policies. And always call your own insurance company first to see if you can't get the cheapest price.
Have you ever had event insurance?