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Event Insurance

Event insurance is an important small business insurance coverage that helps provide financial protection for event businesses. This coverage will help protect the business when faced with the unexpected, such as accidents, cancellations, or postponements. This insurance coverage helps cover liability claims, medical expenses, and property damage while also helping protect a business if held responsible for an accident that causes bodily injury or property damage.

Why Event Insurance?

If your business is responsible for special event production or management, there are unique challenges and risks that could hurt business operation and financial stability. Problems can pop up when working with clients who have issues with specific approaches, or in case of an incident at an event. That’s why it’s so important to consider special event insurance, which can help protect a business from losing everything. With event insurance, a business can have peace of mind regarding the responsibility for most or all of the costs if something changes and you have to cancel or postpone your event.

Who Needs Event Insurance?

Event planners, who handle all aspects of planning public, private and corporate events should consider event insurance. Covered events could vary by insurance provider so it’s important a business owner does their due diligence ahead of purchasing coverage.  Examples of events that could be typically covered under event insurance include:

  • Corporate events
  • Non-profit functions
  • Business meetings
  • Engagement parties
  • Retirement parties

Examples of events that may require the business owner to find a provider capable of covering include:

  • Gun shows
  • Animal shows
  • Sporting events

Types of Event Insurance

There are a handful of coverages that event insurance businesses should consider to help protect their business.  These include:

  • Professional liability insurance – also known as errors and omission insurance or E&O insurance, helps provide coverage for personal injury , defense costs, negligence and also claims against past-rendered services.
  • General liability insurance – event planners can also benefit from general liability insurance which helps cover property damage, claims of bodily injury and associated medical costs.
  • Business owner’s policy – includes a combination of general liability and business property insurance typically used to provide coverage to small businesses to help protect valuable equipment.
  • Other additional policy considerations include special event liability insurance, event cancellation insurance, liquor liability insurance, and more.

It’s important to speak to a licensed insurance agent to make sure you have the right insurance coverage for your event business.

How to Choose Event Insurance

You can get special event insurance from a variety of insurance companies, however, it’s recommended you research before committing to a single provider to ensure your business needs are met. At BuyLiability.com, we’ve studied and reviewed the small business insurance providers to help owners understand which insurance and providers may be a fit for their business

How Much Does Event Insurance Cost?

The cost of event insurance will vary depending on a number of different business factors, including the size and type of event, as well as the specific coverage that you need and the duration of the event. According to Insureon, a small business digital agency, The median premium for one-day special event insurance, regardless of policy limits, is $182. Business owners paid a median premium of $250 for events lasting two to 10 days, and a median of $257 for events longer than 10 days[1].

Get a Quote for Your Special Event Business

If you own an event business, it is important to consider purchasing business insurance. Get a quote from one of our favorite providers for photographer business insurance today.

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