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What Is Special Event Insurance and Why Is It Important?

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September 5, 2022 by JMG Insurance Corp

special event welcome areaOften, people arrange special events like graduation parties and weddings but forget that things could go wrong at some point. An average wedding costs around $20,000. While many of us do not envision anything going wrong in an event, in truth, numerous things might put you in financial difficulties.

Many factors can disturb an event. For instance, when you plan an event, you pay for the venue, decorators, and catering in advance, but bad weather or a natural disaster can postpone your event. There is little to no chance that you will get your money back. In cases like this and other similar scenarios, special event insurance can offer significant help.

What Is Special Event Insurance?

Special event insurance is a set of policies that provides financial coverage when you have to cancel or postpone an event. Apart from natural disasters, it also covers costs for accidents.

If you unintentionally damage the venue property, or if someone gets hurt at your event, you might find yourself in the middle of a lawsuit or face penalties. In such cases, your personal insurance will not be of any help. You will need special event insurance; it offers two types of coverage.

Special Event Liability Insurance

Event liability insurance will cover you if you or your guest are held accountable for property damages or if someone gets injured during the event. The chances are the venue will require you to have event liability insurance. A venue can cost around $10,000; with additional charges, it can go up a few more thousand dollars.

Even if adults in the events are careful, children or the band you hire could accidentally damage the venue.

The special event liability insurance also covers medical expenses for people if they get injured during the event. For example, the band you hire or the guests while dancing can accidentally hurt the staff and waiters. The insurance policy will pay for the medical expenses of the catering staff. However, the event liability insurance will only cover the damages and costs associated with the venue; it will not cover any third-party equipment damage.

Event Cancellation Coverage

event cancelled due to covid 19While booking the venue, catering, band, or decorators, many will charge a fee upfront or at least ask for a percentage as a security deposit. Let’s say you have made the payment, which can be thousands of dollars, but bad weather or natural disaster causes you to postpone or cancel the event.

Most people cannot afford to pay twice for all the arrangements. If they have event cancellation coverage, it can cover their last-minute charges or lost deposit fees. Suppose a family member has an injury or emergency, and you are forced to postpone the event. In that case, event cancellation coverage will help you to pay to reschedule your event.

Why Is Special Event Insurance Important?

Special event insurance may seem unnecessary to some people, but even the most minor inconvenience can ruin your special day. Here is why special event insurance is as important as any other insurance:

Damage to Property

Special event insurance comes with a limit for property damages. If you rent out a space and invite hundreds of people, but a fire erupts and causes thousands of dollars worth of property damage to the venue, equipment, and guest’s belongings, you will be held accountable.

But, special event insurance can cover all the damages depending on the limit. You can ask for a high limit if you have a spacious venue with many people.

Accidents

It is impossible to foresee accidents; even if you take strict measures, accidents can happen anytime and anywhere. Special event insurance covers all types of accidents during your special event.

Liquor Liability

people enjoying drinks in partySome special event insurance comes with liquor liability coverage; it is different from the liquor liability insurance that bars have. If your special event has alcoholic drinks, someone can drink too much alcohol and hurt themselves or others.

In both cases, people can sue you for allowing access to excessive alcohol and causing the damage. Special event insurance will cover liquor-related issues in your events.

Liability

Your regular general liability insurance is unlikely to provide coverage for damages done to property in the custody or care of others. For example, your liability insurance will not provide coverage for the crack to a dance floor under the control of an event organizer. If an accident happens, you can find yourself owing thousands of dollars. However, with special event insurance, you don’t have to pay from your pocket; the special event insurance will do it for you.

Get the Best Coverage for Your Special Event With JMG Insurance Corp

No special event insurance is a risk that can cost you thousands of dollars and even trap you in debt. It is better to secure your special day with special event insurance from John M. Glover Insurance Agency. Visit our website today or give us a call to get in touch with our professionals.

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JMG Insurance Corp has been serving the insurance needs of our clients in Connecticut, New York, New Jersey, Massachusetts, Rhode Island and Hawaii since 1916.

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JMG Insurance Corp 29 Haviland Street Norwalk, Connecticut 06854 1-844-304-7332 1-203-857-7848
Google Rating
4.8
John M. Glover Insurance Agency
John M. Glover Insurance Agency
4.8
Tammy Weiner
Tammy Weiner
14:53 09 Aug 23
Amazing personalize service. They were able to consolidate all of my insurance needs and save me a lot of money, while also upgrading my coverage and making sure all of my needs were met even in potential unforeseen circumstances. Would highly recommend, and I have not been so pleased with an insurance agency in many many years.
Dani
Dani
14:24 06 Aug 23
I have held multiple insurance policies through the John Glover agency, for as long as I can remember. The company is wonderful! All of the staff members are kind, personable, compassionate, and speedily efficient! I highly recommend them!
Chris R.
Chris R.
11:34 25 May 23
I have been a client (auto, home, and umbrella) for several years. The entire team at the agency is excellent. Francesca is always prompt in getting back to me, and the claims group is great. I also purchased a life insurance policy through them as well.
William Schrade
William Schrade
18:25 26 May 23
I'm so pleased with the service at JMG Agency. They shopped and saved me money on my policy even when I didn't request it. I needed insurance in another state where they are not licensed to sell but they went the extra mile and found an agency to rewrite my policy saving me almost 50%. I have complete trust in my agent Francesca and her assistant Crystal. I highly recommend this agency.Bill Schrade
Melanie Craig
Melanie Craig
11:13 08 Aug 23
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