Your business insurance protects you during your typical daily operations, but you might not be covered if you host a special event, like a fundraiser or party. Adding on events insurance gives you the extra, temporary coverage you need to make sure you’re protected during these occasional events.
Insurance for special events that are outside of your normal business activities provide extra coverage for the extra risks that come with hosting events. Your event liability insurance can apply for many events, like holiday parties, fundraisers, staff retreats, fundraisers, trade shows, and special marketing events.
Event liability insurance is versatile and is added on to your business general liability insurance. You can choose a policy that covers a one-day event, or choose a multi-day policy for a longer event.
Hosting a special event carries many risks. A guest could injure themselves during the event and sue your business for medical bills and other expenses. Your business could accidentally damage the venue’s property, and you could be liable for the repair expenses. Special event insurance helps protect you against those risks.
Additionally, if you’re going to be holding your event at a property that your business doesn’t own, the property owner will probably require you to have a minimum amount of event insurance.
Event insurance coverage can vary depending on your needs and the insurance provider, so be sure to carefully read your event insurance policy. Most event liability insurance policies will include several coverage types:
While event insurance can cover many of the risks of hosting an event, most policies exclude some higher-risk activities, such as sporting events, obstacle courses, trampolines, and fireworks. If you plan to incorporate those types of activities, you will need additional coverage to protect your business.
Event insurance policies tend to be very affordable, and you’ll pay for the policy in full when you purchase it. Several factors will impact your rates, including the type and duration of your event, the venue location and its cost, the number of attendees, and whether you need liquor liability coverage.
Paige Cerulli Paige Cerulli is a freelance content writer and journalist who specializes in personal finance topics. She graduated from Westfield State University and brings more than a decade of professional writing experience to the ConsumerCoverage team. Paige’s work has appeared in outlets including USA Today, Business Insider, and more.
