If you have started an event planning business, or are simply planning a large event such as a wedding or graduation party, you may ask yourself if event planner insurance is necessary. Anything could go wrong at your gathering. A guest could get hurt, someone could accidentally damage venue property, or an unexpected situation could force you to cancel the event.
But let’s backtrack a bit. What exactly is event insurance? Event insurance provides general liability insurance over the basics, and most of the time, a venue will require a one-million-dollar coverage plan. Certain events may require to you have additional coverage over other aspects of your event such as liquor liability and third-party damage insurance. The venue itself may have insurance coverage, but your own event insurance company may ask that you use that as a third-party damage coverage so all your bases are covered.
In the event of a claim, you will need to contact your insurance agent as soon as possible. In general, event insurance should only cost you between 100 to 200 dollars a day. This might seem like a steep price but if you compare the cost to what protection it gives you, it’s a no-brainer.