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Special events are complex. And if you’ve planned one before, you know just how much resources it takes to execute everything perfectly. Special event insurance is a long-term or short-term insurance policy for events.
This covers any property damage or bodily injury that might occur during the special event. Suppose you must cancel your special plans for the anniversary, graduation party, birthday or wedding. In that case, you can leverage the insurance to recoup some expenses.
As an industry standard, most venues require that you obtain special event liability insurance. Primarily offered as a commercial general liability insurance policy (CGL), this covers the following:
It’s become apparent that you can lose your event spot if you fail to present proof of special event general liability insurance as most rental venues won’t offer their services if an event isn’t covered with it.
It has inclusions available at an additional cost. Such additional inclusions are:
Advertising injury coverage – Advertising injury coverage will cover attorney fees, administrative costs, settlements, and other legal expenses if a third party sues the special event organizer for slander, libel, and other forms of advertising or reputational harm
Rented premises liability coverage – Rented premises liability coverage will reimburse the property owner if a rented venue is damaged during a special event
Another type of special event liability coverage is public liability insurance. This one functions the same as general liability insurance. That is, cover personal injury claims and property damage claims. But still, this coverage is a bit different because you can’t add optional policies to it. Thus, its premiums are cheaper due to the limited protection provided.
Once you purchase special event insurance, you can opt for liquor liability insurance. The latter is an optional coverage that protects the event organizers when a guest sustains personal injuries/property damage or gets overserved with alcohol. Specific costs covered are:
The special event liquor liability insurance offers protection for Bring Your Own Bottle (BYOB) and open-bar events and should cover any violation of statutes and regulations pertaining to the distribution and use of alcohol.
While general liability insurance covers third-party bodily injury and property damage, it doesn’t cover employee injuries or illnesses.
A special event workers’ compensation insurance protects you from these uncovered liabilities. Particularly, workers’ compensation insurance provides coverage for the following:
If a special event is canceled due to a particular incident, or any other possible causes, cancellation insurance will cover non-refundable expenses such as:
You will need to rent equipment for a special event. Special event rental equipment provides replacements if rented equipment becomes damaged or lost due to fire, theft, vandalism, and other covered risk. Common items covered by special event equipment rental insurance are:
The amount of coverage is $25,000 – $100,000 depending on the type of event and the equipment rented.
1 day special event insurance covers the policyholder holder against personal injury and property damage claims through its general liability coverage. It lasts for 3 hours, 6 hours, 12 hours, or 24 hours depending on your needs. The amount of coverage you’ll get is $1 million-$2 million.
It is a coverage for those organizing sports events, graduations, camping events, musicals, festivals, and more. Particularly, this is useful for event planners, associations, companies, and other similar entities.
The cost vary depending on various factors, including the type of event, its duration, and the number of participants. Typically, the premium will set you back at $150 for a one day coverage. Long-term coverage, on the other hand, costs $75 per month or $900 per year.
Best Special Event Insurance Companies
CoverWallet is an insurance broker selling a tailored special event insurance offering general liability coverage, rental equipment insurance, and cancellation coverage. CoverWallet allows you to get an instant certificate of insurance, allows you to add additional insureds for free online, and doesn’t mind if you cancel a policy at the spur of the moment.
Average cost: $35 for one-day coverage
Our rating: 10/10
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Founded in 1922, State Farm Mutual Automobile Insurance company’s goal is to help its customers manage the risks they face every day. As a top provider of special events insurance, State Farm handles an average of 39,000 claims a day across the 50 states.
Average cost: $41 for one-day coverage
USAA offers affordable liability policies tailored specifically to the realities of life in the military. These policies cover all events within the States and its territories and include events on cruise ships.
Average cost: $56 for one-day coverage
Our rating: 9/10
Geico
Geico, special event insurance can be purchased as far back as two weeks before the event and should cover the non-refundable deposits, any cancellation fees inquired, and bodily harm or property damage during the event.
Average cost: $130 for one-day coverage
Our rating: 8/10
Average cost: $105 for one-day coverage
Our rating: 8/10
AAA Insurance
American Automobile Association (AAA) offers a collection of branded products to protect you during special events. While the average premium is considerably higher than the rest within the list, AAA offers various discounts to help customers save money on the initial premium.
Average cost: $160 for one-day coverage
Our rating: 8/10
Liberty Mutual Insurance
Liberty Mutual ranked at position 78 on the U.S. Fortune list in 2021, given that it was the 6th largest global property and casualty insurer in 2021. Since its inception in 1912, the insurer’s goal has been to provide comprehensive solutions for complex risks.
Average cost: $78 for one-day coverage
Our rating: 7/10
Allstate is a nationwide national insurance service provider that offers special events coverage for weddings, business meetings, parties, and corporate events. The insurer offers two broad products-event cancellations and event liability coverage.
Average cost: $89 for one-day coverage
Our rating: 6/10
Nationwide Insurance
Nationwide Mutual Insurance Company, has become one of the ten most revered insurers. Their special event insurance coverage stands out as it includes:a brand-new belongings clause that ensures you are paid enough to restore the damaged property or replace it with a brand new item if you see fit.
Average cost: $68 for one-day coverage
Our rating: 6/10
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