What Is Event Insurance?
Event insurance is a broad type of insurance that can include several types of coverage designed to protect event hosts. The most common type of event insurance is general liability, which covers lawsuits related to bodily injury or property damage resulting from your event. Many policies also include host liquor liability coverage, which protects you if a guest is overserved and causes injury or damage. Another popular form of event insurance is cancellation coverage, which helps recoup lost deposits and other costs if a major event such as a wedding needs to be cancelled due to circumstances out of your control.
Why Should I Get Event Insurance?
Event insurance is required by most venues, so you may not have a choice if you’ll be booking a space for the day. However, you should still consider event insurance if it’s not required or if you’re hosting the event at your private residence. While many homeowners insurance policies include a certain amount of liability coverage, limits aren’t usually sufficient for large gatherings. Talk to your home insurer before planning an event to see what is and isn’t covered and identify areas that might need supplemental insurance.
How Do I Get a Certificate of Insurance for an Event?
If your venue requires you to purchase event insurance, they’ll probably ask for a certificate of insurance (COI) as proof that you have enough coverage. These days, many insurers allow you to purchase event insurance online instantly and download your COI electronically within minutes. However, if you’re planning an event with a large number of guests or more unique coverage needs, it may take a few days to complete the underwriting process. If this is the case, the company should automatically send you a COI as soon as the policy has been issued.
What Does Event Insurance Cost?
According to the companies we reviewed, event insurance usually starts between $50 and $150 for $1 million in liability coverage. Your premium will depend on the event location, number of guests, whether alcohol is being served, and which types of coverage are included. Make sure to get multiple quotes when shopping for event insurance and compare not just pricing but also the exclusions listed in each policy.
How We Chose the Best Event Insurance Companies
Our evaluation of event insurers looked at more than 15 of the most popular companies for event hosts. We analyzed the types of coverage each insurer offers and asked for quotes to compare pricing. We also scrutinized customer service for each company, including the ease of getting a quote and purchasing coverage, which contact methods are available, and whether customers can retrieve their policy documents and certificate of insurance online.