Does Your Event Need Event Insurance?

Event Insurance, TJ Woods Insurance Agency, Worcester, MAWhen most people think of insurance, they think of insuring things: a home, a vehicle, or even a life. What most people don’t think of is insuring an experience. Event insurance helps cover all the time, energy, and potential costs of events. By their own nature, events bring together tens, hundreds, or even thousands of people, and the results can be very chaotic at times. Event insurance covers the liability of the event, the risk to the people at the event, and even the cancellation of the event. For many rented venues, event insurance is required, so it’s important to understand what event insurance really is.

Types of Coverages

Event insurance can be broken down into three major categories: liability of your attendees, protection of property, and coverage of event cancellation. We’ll go over them in more detail below:

Liability Coverage

With one person or a thousand, there is always the chance people will get hurt. Event insurance provides coverage against legal cost of lawsuits and medical expenses of bodily injury. Are you providing alcohol at your event? You’ll also want to invest in liquor liability.

Protection of Property

Generally speaking, you’re probably renting the venue and equipment you’re throwing the party with. If this property is damaged, you’re held liable for it. Event insurance will cover the cost of repairing or replacing such property that gets damaged by your event.

Event Cancellation

One of the biggest risk to an event is its cancellation. A lot of money has already switched hands, and if your event is ticketed, a lot of event goers are going to want their money back. Event insurance provides coverage if this has to occur. You can also insure parts of the event, such as a DJ’s appearance.

What Types of Events are Covered?

Not all events are created equal, and some events, either due to their nature or activities, may not be insurable with event insurance. However most events are, including meetings, showcases, celebrations and festivals, and weddings. Event not covered tend to include high-risk events such as gun and knife shows, raves, and events that aren’t in a set location such as activist and protest rallies or parades. To find out if your event is insurable, contact an event insurance provider. They will be able to tell you about the risks of your event, and most provide a free quote for event insurance.

When planning your event, think about the event’s scope and size, and what you’ll need to pull it off. If this is an event for your business, insurance can help keep your reputation sterling. If this is for a personal event with a lot of moving parts, such as a wedding, event insurance can help reimburse you for anything that goes wrong. To learn more about event insurance and what it can do for your next get-together, contact the TJ Woods Insurance Agency. You can learn also about all of our insurance, both personal and commercial, here.