All About Event Insurance
By now, most event planners have heard the buzz regarding event insurance. Sure, you know it exists, but do you really know exactly what event insurance covers and how it can benefit your clients? Event insurance is a necessity for event planners looking to keep themselves, and their clients, protected.
There are two different types of event insurance– event liability and event cancellation.
Event liability
Event liability protects your client if someone causes property damage to the venue or someone is injured at their event (host/honoree must be liable). The coverage is typically primary over any other insurance protection, which means if a covered claim occurs at your client’s event; the client’s one-day event liability insurance policy will pay first – before any other insurance policy. Primary liability coverage by event hosts (such as your clients) is preferred by most venues because it helps minimize some of the associated risks and exposures of owning a venue, and many require it.
Examples of situations that would be covered under an event liability policy would be damage to a venue’s furnishings such as couches, mirrors, coffee tables – even toilets and landscaping. The event host would also be protected if someone slips, falls and gets injured at the event venue due to their negligence. Or, worse yet, the event host would be protected from the ultimate unfortunate liability claim when an over-served wedding guest is involved in an auto accident on the way home. Again, these situations would be covered only if the damage or injury was the fault of your client; venues should have their own liability coverage to protect from their wrongdoing.
Additional event liability coverage benefits:
· Limits vary by insurance carrier, but bodily injury and property damage liability limits typically are up to $1,000,000 per occurrence and $2,000,000 total
· Venue can be named as “additional insured” on the certificate of insurance for no extra cost
· Host liquor liability is included for free
· Set-up and tear-down is covered (within 24 hours of the event)
· Protection and peace of mind for a low cost - policies start as low as $75
Event cancellation
As an event professional, you’ve seen it all. Photographers go missing the day of the event, gifts get stolen, and hurricanes can ruin a perfectly planned event. Event cancellation insurance is becoming increasingly popular, because it protects the event host if they need to cancel or postpone their event due to unforeseen circumstances, such as a hurricane, military deployment or because of an accident or illness.
Unfortunately in today’s day and age, it is not so uncommon for even the most trusted vendors to unexpectedly go bankrupt and close their doors. Imagine if that happened with a reception venue, photographer, or florist that you referred to your client – your reputation could disappear along with your client’s deposit money. Event cancellation insurance would help reimburse your clients for some of these costs, and could make your life a little easier should the unexpected occur at one of your clients’ events.
Event cancellation insurance also covers additional expenses your client may incur to avoid cancelling their event, and pays for other losses or damages such as:
Lost wedding rings
Damage to special attire
Vendor no-shows
Lost or damaged photography
Lost or damaged videography
Lost or damaged gifts
Event professionals are often focused on the planning and execution of a flawless event, yet sometimes situations arise that no one saw coming. By recommending that your clients turn to a short-term event insurance provider for added insurance protection, you could save your client some headaches, and possibly your own reputation as well.
Markel Event Insurance is a special event insurance provider that offers both event cancellation and event liability coverages for events including (but not limited to) weddings, retirement parties, business meetings and non-profit functions. Policies start as low as $75. Learn more about Markel’s event insurance, including how Markel is an easy and affordable insurance solution for your clients, at markeleventinsurance.com/abc.
