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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.
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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
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Disclosure: Insuranks.com is an independent educational comparison service and an advertising-supported publisher. Some of the companies/offers that appear on the website are from our partners which we may receive compensation from. This may influence which companies/offers we write about and where and how it appears on the site. However, this does not impact our assessments. We solely highlight companies, products, and offers that can help you make smarter insurance decisions.
