Private event insurance may not be the first thing people think of when planning a special event. When they set out to design a retirement party, bar mitzvah, or wedding, planners know that certain risks go hand in hand with preparing for and taking part in such an occasion. But, as deposits are paid to caterers, event venues, and other vendors, the financial risks related to event planning increase. Private event insurance can offer protection for those planning and paying for events, to allow things to move forward as planned, even if something unexpected develops.
Private event insurance can protect against unanticipated cancellations by vendors by covering deposits and other related costs. Event insurance policies may also include liability insurance. It depends on an event venue’s individual requirements, but most require liability coverage when events are held on-site. In particular, most venues require liability insurance if alcohol is to be served at a private event.
Two Main Problems with Private Events
The two main causes of loss at private events are 1.) liquor and 2.) trip and falls.
In most cases, if alcohol will be provided, all servers at a venue must verify the age of guests consuming alcoholic beverages, and be trained to recognized when a person is intoxicated. The first consideration should be whether it is beneficial to serve alcohol. Cases for liquor liability, or dram shop liability as it is commonly called, are commonly over $1 million. If you are going to serve liquor it might be best to hire a caterer who has their own insurance and check the contract for assumption of risk by them. Check their liquor license and ask for verification of their liquor liability limits. Often they will carry only the minimum required by the regulatory board, which could leave you exposed. Makes sure they’re servers are TIPS certified. Make sure that they check IDs for legal consumption.
Most trip and fall losses occur due to faulty mats or wet surfaces. Someone needs to be designated to watch for problems and a procedure to remedy those problems put in place long before the event starts. Proper signage to warn of slippery conditions needs to be readily available.
Because each private event is different, each insurance policy associated with an event is also unique. It may not be immediately clear to event planners what kinds of coverage will best provide protection for their event, which is why they should contact an independent insurance agent. An experienced independent insurance agent, familiar with the concerns of those planning private events, will walk them through the available options for commercial insurance coverage in order to craft a policy that is tailored to their particular event. If an event is held outside rain insurance might be needed.
An independent insurance agent will review factors that are important to consider in purchasing a private event insurance policy, like whether a facility is located in a high crime area, or has had key building systems, like roofing and heating, updated. An independent insurance agent will also consider elements like the number of attendees or guests expected, if music will be live or provided by a DJ, and whether an event will include fireworks, a trampoline, a waterslide, or other potentially hazardous equipment.
Certain private affairs, like gun shows, haunted houses, or fishing tournaments, or events where there are dunk tanks, or temporary bleachers, may require additional kinds of event insurance coverage. An independent insurance agent will assess local guidelines and regulations to determine the coverage that can adequately protect against risks associated with a particular event.
A local independent insurance agent will provide the expertise and guidance that event planners need when it comes to choosing private event insurance. With a proper policy in place, they can concentrate on making their event one to remember.
Private Event Insurance may not be the first thing people think of when planning a special event such as a retirement party or wedding. But, as deposits are paid to caterers, venues, and other vendors, the financial risks of planning an event increase and Private Event Insurance can offer protection.
Private Event Insurance can provide both protection against unexpected cancellations by covering deposits to vendors and other expenses. Policies often also include liability insurance, which is frequently required by venues where events are held. Liability insurance is particularly important if alcohol will be served at the event.
Because each event is different, each Private Event Insurance policy will be unique. It may not be immediately clear to event planners what kinds of coverage will best provide protection for their event, but an independent insurance agent can walk them through the available options to craft a policy tailored to their event. A local agent can provide the insurance expertise so event planners can concentrate on making their event as special as it can be.
Other Enhanced Insurance articles related to Event Insurance:
Enhanced Insurance is not written by attorneys. If you’re looking for legal advice, you need to contact a lawyer. Further, insurance practices and forms change constantly and are varied from state to state. For definitive answers in your area, contact a local agent.
While the majority of people want an agent involved in their purchase of insurance, many people want to see if they can save money by buying direct from the insurance company. Others want to try a direct quote to make sure the premium they’re now paying through their local agent is fair. If you want a quote for your coverage, click on the competitive quote button on the right side of this page.