5 Types Of Insurance For Events That Offer Total Coverage

There are many types of insurance for events that offer total coverage. Events are often ruined by unexpected accidents and mishaps, such as guests slipping/falling, or accidental damage to the venue. Purchasing event insurance is one of the best ways to mitigate these potential damages. It’s designed to provide general coverage for specific events. With the right insurance, your event marketers can plan for a great, safe business turnout. As a business owner planning an event, you may need to purchase multiple policies to maximize event coverage. Read on to discover the top types of insurance for events that offer total coverage.

Cancellation Coverage

Event cancellation coverage will reimburse you for deposits and other fees, up to a coverage limit, if you need to delay or cancel the event unexpectedly. For example, if your planned speaker suffers a medical emergency, cancellation insurance can pay fees incurred by the need to reschedule venues and caterers. Additionally, you’ll often be covered if you need to book replacements at the last minute in lieu of cancelling. However, you should always review your policy to ensure your understanding of the situations in which you are covered and the ones you’re not. Surely, cancellation coverage protects you from the significant fees incurred when unexpectedly cancelling events.

Terrorism Coverage

Terrorism coverage is a niche small business insurance trend that covers you in the unlikely event of malicious attacks. Usually, it’s split into three coverage types. Limited terrorism policies cover forced cancellations that result from acts of terrorism within specific vicinities and timeframes of your event. Typically, they cover up to 50 miles or 50 days. Full terrorism insurance covers forced cancellations without these restrictions. Should an incident that puts the entire country on lockdown occur, this policy will cover you. Additionally, separate political violence and terrorism coverage covers events such as insurrections, war, riots, and other malicious acts. Absolutely, terrorism coverage comprehensively covers your event in the unlikely scenario of violent political unrest.

Liquor Liability Coverage

Liquor liability coverage protects your from various alcohol related damages. If you’re serving alcohol at your event, this policy is imperative for lawsuit protection should an attendee damage property, cause injury, or cause an accident. In fact, you can still be held liable if an attendee gets in an accident after leaving your event. While some states have “social host” laws that make hosts liable for their guests’ actions, you can still be sued in states without them. For example, if you’ve planned a wedding or similarly joyous occasion marked by heavy drinking, you can be held liable if a guest backs their car into the venue. Of course, intoxicated attendees incur significant risks, but liquor liability insurance protects you from any damages they may cause.

Vendor Coverage

Vendor insurance coverage prevents vendor-related lawsuits from reaching you. Vendors are typically responsible for their merchandise, but, when working with a vendor, you’re responsible for any losses or damages they may cause. Since you can be held liable, ensure that you have proper vendor coverage. Additionally, determine whether prospective vendors have liability coverage policies before working with them. This way, you ensure that both yourself and your vendors are protected from any damages either of you may incur. You may want to look into business personal property insurance as well. Definitely, proper vendor coverage prevents damages incurred by others from reaching you.

Catering Business Coverage

Catering business coverage protects you from damages related to the catering services at your event. Since food is being served, there’s always the risk of allergic reactions or general illnesses. Incidents like this often result from a failure to inform guests of ingredients used or the ingredients’ improper storage. Additionally, equipment used to keep food at temperature and any spills may cause injury. Due to the high number of potential incidents involved in catered events, purchase a catering coverage policy to mitigate these damages and cover every potential risk. Indubitably, catering coverage protects you from many, often severe, damages that result from catered food.

There is a myriad of types of insurance for events that offer total coverage. One type, cancellation coverage, protects you when unexpected events force you to cancel or reschedule your event. Terrorism insurance prevents damages from various malicious political attacks. Liquor liability coverage protects you from the significant risks incurred by intoxicated attendees. Additionally, vendor coverage ensures you’re not held liable for your vendor’s actions. Finally, catering insurance protects you from the many severe food-related damages that may be incurred. When searching for types of insurance for events that offer total coverage, consider the types described above.