When planning a special event, remember to protect yourself from the unforeseen. Did you know that you are responsible for the safety of your guests (as well as their actions), damages caused by a vendor, having to cancel or postpone an event? Event insurance may protect you and cover legal representation if needed.
When you are planning a special event, you put a lot of time and effort into ensuring that everything goes right. You are also likely to have significant upfront financial expenses. But how much thought do you put into planning for what could go wrong?
No one wants to imagine a less-than-perfect occasion, but it’s a reality that needs to be planned for. And, as a social host, you a-sume certain legal responsibilities, such as the safety and welfare of your guests, as well as for their actions and behavior during, and sometimes after, your event. If a caterer, band, or other vendor you’ve hired causes harm or property damage related to your event, you may be responsible for that as well.
Special event insurance exists to protect your a-sets and provide legal representation if your event is held directly or indirectly responsible for someone being injured or for property being damaged. Special event insurance also protects your financial investment in planning and executing the event itself. Unlike homeowners, auto, and other types of insurance, special event policies are limited to the specific event date(s) and times, and may be extended to cover a certain period before and/or after the event.
“You a-sume risks for people and property when you’re a host — especially if alcohol is involved,” said Kristin Ryan, a Trusted Choice independent insurance agent with Hanson & Ryan Inc. in Totowa, NJ. “Depending on the scale of the event, you may also make significant upfront investments, like deposits for reserving a venue, caterer, and entertainment. Special purchases, like a wedding dress, may also require upfront payments. Special event insurance policies can be crafted to protect against risks specific to each particular situation.”
Cancellation or postponement coverage provides reimbursement for financial losses or expenses incurred due to canceling or postponing your event for reasons outlined in the policy. Severe weather (hurricane, dangerous heat, snowstorms), damage or destruction of the venue, and non-appearance of a vendor or key performer are common named causes covered in policies. Other causes may also include military deployment if the host, an immediate family member, or active event participant — such as the officiant — is called for duty, or an act of terrorism.
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