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Families, schools, enterprises, and many others hold events. This is why businessmen in the United States run venues that cater to festivals, sports events, parties, one-day events, weddings, and other types of special events.
If you’re managing one yourself, consider getting venue liability insurance and other business insurance. In this guide, learn what venue liability cost insurance, how much it costs, the best insurance companies to purchase the coverage from, and more.
Venue liability insurance is a collective term for different insurance products that will protect your venue business against specific third-party claims. One that’s very useful is general liability insurance. General liability insurance covers the following:
General liability insurance for an event venue business can be added with optional policies so that it provides more protection.
Liquor liability coverage is useful if your business has a bar or any other similar facility where alcoholic drinks are sold. It will shoulder or reimburse medical expenses if a client or guest files a claim and accuses your business of over-serving alcohol, which resulted in personal injuries or property damage.
Tailored insurance for venue businesses may include commercial property insurance. Commercial property insurance functions to cover your business’s physical assets. Primarily, this will:
If your venue business’s building and facilities become damaged or destroyed due to floods or earthquakes, commercial property insurance can’t help. Such business hazards are covered by earthquake insurance and flood insurance respectively.
A venue business will not run smoothly without employees. Ideally, the workforce consists of kitchen staff, servers, and maintenance technicians. If the serving of alcoholic drinks to guests is offered, then a bartender will also be part of the payroll.
Workers compensation insurance is a type of venue business insurance you’re sure to get. You can use the money it provides to pay for costs when an employee experiences a work-related injury or disease. Costs covered are:
Does your venue business have an automobile for hire or rent? If so, consider getting commercial auto insurance too. Commercial auto insurance is a coverage for your commercial vehicle. It provides the following shield:
The following are more insurance available for your venue business. These aren’t as crucial as the ones we discussed above but can be equally useful in specific situations.
Employee dishonesty insurance will cover losses if an employee commits a crime against your business. Crimes, this insurance covers are:
It will cover attorney fees, administrative costs, compensatory payments, and other legal expenses. if an employee decides to sue you for negligence after experiencing a work-related injury or disease. While employer’s liability insurance is available as a stand-alone policy, this is usually offered as an inclusion in workers’ compensation insurance.
Depending on which state you’re located in, employer’s liability insurance might not be useful if you have workers’ compensation insurance. It’s because specific states have workers’ comp laws that prohibit employees from suing employers who have workers’ compensation insurance.
Get all the best quotes from leading providers in a click of a button!
Any wedding venue requires insurance, given the many liabilities it is exposed to.The good news is that the wedding venue policy protects against a wide range of incidents.
For example, this policy would cover the losses that may arise when an intoxicated guest accidentally falls on another person’s expensive items and damages them.
Insurance for wedding venue business has a coverage that will take care of personal injuries, property damage, or financial loss these services cause.
It is primarily offered as a general liability insurance coverage that covers third-party personal injury claims or property damage claims. This type of venue insurance for weddings covers claims filed because of advertising or reputational harm.
Products liability insurance is an inclusion in general liability insurance for wedding venue businesses that will take care of expenses if your business causes personal injuries through food poisoning, improper food mishandling, and other related incidents. Note that product liability insurance is also sold as a stand-alone policy.
Another type of liability insurance available is public liability insurance for wedding venues. Just like general liability insurance, this covers personal injury claims and property damage claims filed by third parties. However, public liability insurance is limited in terms of what exposures are covered because you can’t add optional policies to it.
If you own an event venue, a situation that should be prevented is failing to meet the expectations of the client due to equipment defect, HR issues, unexpected property damage, or mistakes in handing schedule records. Therefore, it is essential to get event space insurance.
Event center insurance offers general liability insurance, commercial property insurance, and workers compensation insurance. Equipment breakdown insurance and liquor liability insurance are protections you can decide to have at an additional cost.
Everyone likes entertainment, and this means the demand for entertainment venues is high. If you operate an entertainment venue, you know the various risks that come with it. As much as this is a lucrative business with good profit, it could see you face several lawsuits.
Given the fun and excitement of entertainment sessions, the chances of injury are high. People could fall and sustain serious injuries. If a person feels the injury was due to the dire state of the entertainment venue, they could sue you for damages. This is why it is essential to get entertainment venue insurance otherwise known as event venue business insurance.
Concert halls are venues where modern to classic musical performances are held. If you operate a concert hall, it is important to get it insured. This is vital because concert halls come with a wide range of risks such as stampedes, electronic equipment explosions, and many more.
This could see you spending a lot of money on medical expenses and possible lawsuits. Concert hall insurance covers such claims and helps you save a lot of money.
The average venue insurance cost is about $51 per month or $612 per year for a $1 million general liability insurance. On the other hand, the average one-day event venue insurance cost is $177.
Venue insurance price varies due to different reasons. Similarly, the size of the event venue business influences the cost of venue insurance.
Here is a summary of the average venue insurance cost for different types of tailored solutions.
| Type of Tailored Venue Insurance | Monthly Cost | Yearly Cost |
| Event Venue Insurance | $48 | $576 |
| Entertainment Venue | $62 | $744 |
| Banquet Hall Insurance | $57 | $684 |
| Party Hall Insurance | $71 | $852 |
| Concert Hall Insurance | $88 | $1,056 |
In addition, here’s a table showing the pricing of the recommended insurance companies:
| Cost per Month | Cost per Year | Best for: | |
| CoverWallet | $46 | $552 | Venue insurance quotes comparison online |
| Thimble | $50 | $600 | On-demand and short term insurance for venue businesses |
| Hiscox | $53 | $636 | Basic business insurance coverage for venue businesses |
The average cost of wedding venue insurance is $177.2 for a one-day wedding venue insurance. A long-term plan costs $62 per month or $744 per year. Keep in mind that different factors affect the cost of wedding venue insurance. For instance, the size of the wedding venue could increase or decrease the cost of insurance.
Here are some reviews showing the pros, cons, and $1 million general liability insurance rate of the best venue insurance companies.
CoverWallet offers policies of the most reputable and established companies offering business insurance for commercial venues. Note that you can pay premiums online via the site or the MyCoverWallet app.
Best for: Venue insurance quotes comparison online
Average cost: $46
Our rating: 10/10
Thimble underwrites is available as an on-demand and short-term insurance policy having general liability insurance and liquor liability insurance as inclusions.
Best for: On-demand and short term insurance for venue businesses
Average cost: $50
Our rating: 9/10
Hiscox offers insurance products as stand-alone policies. you can get general liability insurance, commercial property insurance, and others from this company. Note that you can also decide to buy Hiscox’s insurance via independent agents or partner companies such as Geico.
Best for: Basic business insurance coverage for venue businesses
Average cost: $53
Our rating: 8/10
10 / 10
For me this company has proven to be the best to do business with and worth my hard earned money. Contractors this is your company look no further.
7.7 / 10
Decent experience with Hiscox business insurance
10 / 10
Good company. Good and knowledgable customer service. If they don't know something they will pass you on to a more experienced rep that is more knowledgable. So far so good.
10 / 10
Best insurance ever
10 / 10
Coolest concept, I wish this was applied to other insurance products too.
9.4 / 10
Fastest ever online insurance quote and purchase! Also, great rates and professional customer reps that helps with whatever you need, if you need. Nice company!
2.8 / 10
Embroker sells a product that it doesn't honor. We purchased a combination D&O and EPLI policy. However, when it came to renewal, it told us that we only had D&O coverage even through our ACCORD certificate clearly mentions we have both. Basically they refused to honor the EPLI coverage and will leave you hanging with the bag. At time of renewal, they more than doubled our quote to get similar coverage. Basically BAIT & SWITCH. Unacceptable tactics. Easy to buy and pay but you may not be... Read More
2.8 / 10
Great platform. Terrible policy. There is no teeth behind it. No coverage. It's a fake policy that they sell. Sold us an EPLI policy that later we came to find out had no EPLI coverage. Amazing that they can get away with outright fraud. Check the positive reviews. They are all 'Anonymous' posted by Emroker staff. Stay away and find a real policy that will actually provide you coverage. We've been bitten by them and hope to find restitution via a lawsuit.
Paul Burns Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
It has been 70 days since I made a claim on the roof of my building. No one from the company will return calls. We are in hurricane season and located in Louisiana. My building is tarped to secure it.
Felicia Broadus Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
They are the worst, my truck was hit in January 23 and the claim adjuster has not been out to this very day! They have every excuse in the book as to why. They have not been to the collision shop. PLEASE AVOID THESE SCAM ARTIST!
Felicia Broadus Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
Avoid these SCAM ARTISTS! They don’t pay claims!!! Save yourself the trouble and money!
Kasey Arey Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
This company gives you a price that was in place for a year and when you have to use it there is fine print were they can go back and charge you more. Would not recommend them to any one. Crooks
John Murphy Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
Worst insurance comapny I have ever dealt with. A commercial vehicle represented by GUARD t boned my wife and daughters family vehicle in the middle of the day. Driver was cited and insurance claim insued. Fast forward 4 months and refusal of full amount of claim is still happening. Driver was found guilty, repairs started on my vehicle and when it comes to the final bill and diminished value we cannot get any help. I am out a family car, have an injured and traumatized wife and children,... Read More
Harshadray Patel Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
Extremely bad service, when you call , will make you wait on the phone for ever (over an Hour) and still no one to answer , so you end up hanging up. To cancel the policy, bounce you from one department to the other. They are supposed to refund from the date other insurance started and after sending the proof of other insurance policy, still they did not refund based on that actual date instead they use the date i managed to get hold of them. They charged me $7000.00 for a year's insurance on... Read More
Aaron Wensel Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
Guard Insurance is terrible. They were so bad I cancelled them because them couldn't figure out why I would never get a paper copy of the bill . Verified my address with them and still intermittent billing. I cancelled them in March through my local broker. Today 6/27 I get a letter in the mail from a collections company saying I owe 87.97. This was the first myself or my broker heard of owing this money. Here is some advice for this failure of a company send me a god damn bill and I will pay.... Read More
Michael Swink Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
My employer had to have workers compensation by law. He obtained a policy through this Berkshire Hathaway GUARD and they failed me. I fell from a ladder and fractured my spine in 7 different places, my clavicle in 4 places, and the base of my skull. Going to my Dr visits I was prescribed medication for pain and the insurance company placed a pre-authorization hold on me picking up the medication from Walgreens. The hold lasted 5 days! My weekly benefits have never been on time, right now... Read More
10 / 10
Liberty Mutual is one of the more simple companies to deal with. I had to file a claim for my business owner policy after I caught one of my employees stealing a large amount of products from my business. Liberty mutual paid the claim fast and with no efforts. I wish the legal process was as easy…
10 / 10
For me this company has proven to be the best to do business with and worth my hard earned money. Contractors this is your company look no further.
7.7 / 10
Decent experience with Hiscox business insurance
9.4 / 10
Very pleased with Hiscox - their small business insurance rates are very good and they specialize in small business which gives me a peace of mind as a small business owner. So far so good!
10 / 10
Their customer service is absolutely fantastic. Very patient, knowledgable and provided excellent explanation of the purchased policy. I would highly recommend this insurance company to anyone that's looking to protect their business from unexpected expense. Thank you Hiscox for doing a great job for my business!
0.6 / 10
STAY AWAY! I wouldn't recommend hiscox small business liability insurance to anyone. Better not waste both your money and your time. Hiscox customer service is extremely unpleasant, not organized and not professional. It is the worst company we have dealt with in almost 25 years in business!
10 / 10
Good company. Good and knowledgable customer service. If they don't know something they will pass you on to a more experienced rep that is more knowledgable. So far so good.
10 / 10
Extremely fast and simple. Wasted a lot of time and money until I found these guys! I feel like my business is in good hands now.
10 / 10
Hiscox's the best! My business is insured with them for over 12 years and am not planning to switch!
10 / 10
Excellent experience with Hiscox BOP for my coffee shop. They provided all it needed.
10 / 10
My HI barbershop is well covered with their great BOP product for 5 years already! not planning to switch!
10 / 10
Best insurance ever
10 / 10
Coolest concept, I wish this was applied to other insurance products too.
10 / 10
Great experience
6 / 10
Didn't relate to the concept much, but it makes sense if you need insurance to go
0 / 10
It doesn't really feel sustainable to me and doesn't offer business interruption, product liability and commercial property insurance. They have no local agents and despite their technology first approach you cannot file claims online. Additionally, product manufacturers are not covered by Thimble and they don't provide enterprise solutions.
10 / 10
As a contractor that works 3 times a week for a few hours, Thimble gets really handy for me and saves me money. I have no use for these massive business insurance coverages offered by traditional insurance companies.
10 / 10
Excellent concept which is useful to many small businesses!
10 / 10
Been waiting for this type of solution for a long time!
10 / 10
Love their business insurance solutions for freelancers! Great app!
Not all those who wander are lost.
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