Event Insurance for Special Events like Weddings, Sports. Event Insurance is an insurance policy for those who are organizing an event, and putting a lot of money in the event. It is also called special event insurance. This kind of insurance is mostly used by organizers of events that generally have a large enough crowd, or the investment of money is high. Events can be wedding, sporting event, fairs, Christmas tree sales, and company events. Many firms and organizations generally hold conferences and events to look at new developments. In many cases, the organizers are actually investing a huge sum of money to conduct the event. The Special Event insurance is designed to cover some risk for the organizers.
What is the need for Event Insurance ?
Well, just like any other insurance, event insurance is created to cover and transfer the risk. There can be many risks in successfully conducting an event, most of which can have a financial bearing. So, event insurance pays for some untoward or unforeseen mishaps that may occur during an event. In general, these are the three main reasons why event insurance is useful.
- Event Liability Insurance : This coverage takes care of any liability that the organizer may be held for by the attendees or other people like the ones who rent the place. Event insurance can also cover in some case of specific legal liabilities as well. Most common problem that may occur with your event is that you may be forced to cancel it due to a reason. Event insurance covers the liabilities in case of event cancellation. Sometimes, people may make claims for damages etc during the event. Event insurance also protects against such legal implications.
- Cover Financial Losses : An event can get disrupted by forces that we may have no control over. Mother nature sometimes plays havoc. What if there is a hurricane on the day of your event ? There can be immense financial losses due to natural and man made hazards like floods, fire, hurricane, earthquake etc. Event insurance companies know that there is very little possibility of such a thing happening. They cover a lot of events. But, for the organizer, if the event is not insured and it gets destroyed in such a case, the financial loss to the organizer can leave him or her in a state of misery.
- Other Relevant Risks like low attendance. What if your event did not pull off massive crowds ? In some cases, an event can have very low attendance. Since most events depend on the revenue generated by tickets, low crowd numbers can mean significantly low revenue.The whole event may have turned into a loss. Many event insurance companies cover this risk.
How much does Event Insurance cost ? The cost of premiums for event insurance depends on the scale of your event, the financial value which is at risk and the types of coverage you select. In general, special one day events like weddings, private parties and gatherings can be secured by a single premium of about $ 100. Larger events, like sporting events, industry conferences, management conferences, fairs etc may be insured by premiums of about $ 500. Events that run for more than 10 days, or the value of goods that are risk is very high may require some more money to pay for the insurance.
How much coverage do you get ? The coverage provided in return for premium depends from company to company. Also the coverage depends from place to place, depending on the geographical location and how hazard prone the region is. So, insurance coverage value may be different in California and Texas. You should take some insurance quotes and then compare their plans.