If you’re planning a special event, whether it’s a wedding, charity event, or festival, you may have heard of special event liability insurance. But what is it exactly, and do you really need it? Well let’s get to it, I’m here to break it down for you.
What is Special Event Liability Insurance?
Special event liability insurance also known as, one-day event insurance, single event insurance, one time event insurance or day-of event insurance is a type of insurance that protects event planners, hosts, and vendors from financial loss due to accidents, injuries, or property damage that occurs during an event. The coverage typically includes protection against lawsuits and medical expenses if a guest is injured at the event, as well as protection for property damage caused by the event.
Why Do You Need Special Event Liability Insurance?
While it may be tempting to skip out on getting special event liability insurance to save a few bucks, it’s important to consider the potential financial consequences if something goes wrong. For example, if a guest is injured at your event and sues you for medical expenses, legal fees, and lost wages, you could be on the hook for thousands or even millions of dollars in damages.
Additionally, many venues require event hosts to have liability insurance before they can rent out the space. Even if it’s not required, having liability insurance can give you peace of mind and protect you from potential financial ruin if something goes wrong.
How Much Does Special Event Liability Insurance Cost?
The cost of special event liability insurance depends on a variety of factors, including the type of event, the number of guests, and the level of coverage you need. However, as a general rule of thumb, you can expect to pay anywhere from a few hundred to a few thousand dollars for coverage.
Special Event Liability Insurance Is A Real Life Saver
Still not convinced that you need special event liability insurance? Consider these real-life examples:
- In 2019, a Florida man was awarded $1.25 million in damages after he was injured at a charity event. The event organizers did not have liability insurance, so they were forced to pay out of pocket.
- In 2017, a wedding guest in Pennsylvania sued the newlyweds for injuries she sustained when a drone being used to capture wedding photos crashed into her. The couple had liability insurance, so their insurance company covered the cost of the lawsuit.
In conclusion, special event liability insurance may not be the most exciting thing to think about when planning an event, but it’s essential for protecting yourself and your guests from financial loss. Don’t wait until it’s too late – make sure you have adequate coverage before your next event.