Before purchasing event insurance, you should read the articles: Liquor liability, Property damage coverage, and Cancellation insurance. You will be glad you took the time to obtain this type of coverage. By the time you have finished reading this article, you may also visit Thimble.com so you will know whether you should purchase these policies. It is also essential to keep a log of incidents at your event.

Liquor liability insurance

You may be wondering how much liquor liability insurance will cost your business. The minimum coverage for this type of insurance is $250,000 per person/$500,000 per accident. This is the minimum amount required by Massachusetts law. In the event of an accident, you should have at least that amount of coverage, even if you have no alcohol on-premises. Depending on your business type, location, and sales volume, you need to pay. 

While claims involving liquor are rare, they do happen. They typically involve a car accident involving multiple people. However, when more than one person is injured, these claims can quickly top $1 million. To minimize the potential financial loss, you should purchase more than one million dollars in coverage. Additionally, your policy may have a liability deductible. Liquor liability insurance should protect your business in these situations.

Property damage coverage

If you organize events, you may need property damage coverage. Even if you don’t expect many guests to attend, there is a chance that some event attendees will damage their property. Property damage coverage from general liability insurance will cover these costs. While it is not necessary to rent equipment for events, it is always a good idea to obtain an additional insurance policy for such an event. In addition, event liability coverage may also include protection for the venue if used for public events.

Event insurance is also helpful for weddings, where liability coverage is essential to cover the cost of guest injuries or property damage. It could also pay for medical bills incurred by guests and cover the cost of venue repairs or damage to staff members. Since many venues require event liability insurance for their events, this coverage is crucial. Rental equipment can also be covered with event liability insurance. It is good to purchase event liability insurance before a wedding or an event to ensure it has adequate coverage.

Cancellation insurance

Cancellation insurance for events is a policy that compensates event organizers and others for expenses and revenue losses due to event cancellation. These policies are either standalone or part of a broader package and cover indoor and outdoor events. Weather-related events are also covered. In the past, event cancellation insurance policies had a buy-back option.

In addition to natural disasters, such as the COVID-19 pandemic, cancellation insurance markets are experiencing changes in the way claims are processed, premiums, and coverage areas. While this caused some insurers to withdraw from the market, high-profile sports events purchased hundreds of millions of dollars in coverage limits before the pandemic struck. As a result, more capacity is likely to become available. However, it is still advisable to research cancellation insurance for events in advance to avoid paying more than is necessary.

Costs

Event insurance costs vary widely depending on the size, location, and type of event. However, in general, the cost of event insurance in the US ranges between $100 and $200 per day. Event organizers should review their previous experience and policies during the planning process to identify gaps. They should also ask event vendors and visitors to read their policies.:

Consider liability coverage for the event. Liability insurance is essential for events that involve alcohol. It covers injuries and property damage that result from a third party’s negligence. This insurance policy also pays out if guests lose their purse in the punch bowl. Venues often require this insurance, so consider getting the proper coverage. When planning an event, it is essential to consider all costs, including property damage.