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Party Insurance - Do I Really Need It?

By Edited Nov 13, 2013 0 0

Event Insurance

24 hour Insurance

Party insurance may just be an absolute necessity when throwing an expensive get together or even one where your current homeowner's coverage or venue insurance may just not be enough.

Let's face it large parties which include major wedding anniversaries, weddings and even more elaborate birthday parties, may just need party insurance.

Think of all the things that could go wrong with just a simple party of four or five, now multiply it times 100 when considering a party for a larger audience. Also consider any financial devastation that could take place, if other people's money is involved as well. Particularly parties or large events that have sold tickets to participants.

Large parties or elaborate festivities often need caterers, florists, bands, decorators, costume makers and even event planners. And while these vendors may in fact carry their own insurance, there are times when their coverage WON'T cover you. 24 hour insurance is that kind of coverage that allows for you to cover vendor catastrophes when needed.

For instance, if you drop your fabulous cake transporting it from one table to another, your baker likely won't cover anything was your fault.

Also consider any injuries a person may have while attending your party, it may be that the venue's coverage takes care of this accident or even your homeowner's policy – if you're event is at your home. But what if it isn't? You could be in trouble. This is where party insurance is needed, especially if you shelled out a lot of money to cover a huge event.

 Event insurance is nothing really new. People get wedding insurance and destination wedding insurance all the time, to cover vendor and material damage.

Event insurance provides that peace of mind that having a large costly party needs. And when consider the cost of a one time event, it may in fact be worth it. Event insurance can be very cheap.

 What is the Cost of Party/Event Insurance?

 Party insurance can be as low as $180 for $1,000,000 coverage. This is actually a huge peace of mind, consider what may all go into planning a large party or even a small expensive one.

 Say you have an outdoor party and the rain causes you to postpone the party, event insurance would cover any deposits you've made to vendors in order to postpone the event.

 And as you know many vendors won't return your deposits if they've already started to use the money to perform services. So while some deposits may be able to applied to a postponed event, consider a same day cancellation.

You could be out of a lot of money without party insurance. Most major events and tournaments actually would never put on an event without some kind of insurance, you shouldn't either, if the postponement could end up hurting your financially.

 Cheap Party Insurance

 You could get cheap party insurance, if you consider using the insurance company you already have for other policies you carry like home, auto, life etc. Also make sure that there is no duplication of insurance. If your venue offers coverage for accidents, then maybe you don't need that coverage.

What Should I Consider Party Insurance For?

  • Transportation/Limos/Buses
  • Decorators
  • Caterers
  • Florists
  • Entertainment/Band/DJ

 So as you can see party insurance is often a need rather than a nice to have, depending on the event size, location and cost.



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