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Why You Should Have Special Event Insurance and What It Covers
If you or your company hosts special events or your business wants to hold an event to promote your products and services, you may want to consider obtaining special event insurance. When you host a special event, you can face liability risks, as accidents at the event can lead to property damages, bodily injury, and more. Fortunately, special event insurance can help protect individuals and businesses from liability.
What Is Special Event Insurance?
Special event insurance is coverage for an event holder who faces liability or a lawsuit for property damage or bodily injury to third parties and more. Along with protection from damages, you may also be able to protect your investment in the event through special event insurance. This insurance can also provide coverage for the venue or event sponsors if they are added to the policy.
What is the purpose of event insurance? Although event insurance is typically overlooked, it is always a good idea to have it in case of accidents. The following are a few scenarios in which having special event insurance can be useful:
- Someone accidentally starts a fire at the property.
- A guest is injured after slipping and falling at a special event you are hosting.
- Someone becomes intoxicated at your event and injures another person while driving home.
- One of your employees damages property at the venue where your company is hosting the event.
- You need to cancel the special event because of an unforeseen cause that was out of your control.
If you or your company will be hosting an event, purchasing special event insurance is a wise investment that can offer you the protection you need and true peace of mind.
Common Accidents at Special Events
Accidents at special events are more common than we like to think. Unfortunately, accidents can happen easily and may be challenging to prevent. Common accidents at events include:
- Ankle injuries
- Head injuries
- Fractures or breaks
- Crushed in an overcrowded area
What common scenarios can lead to these accidents? At a special event, guests can slip and fall, fights can break out, a stage may collapse, guests can drink too much alcohol and cause a car accident, and employees can accidentally damage venue property. If there is an accident, what does this mean for the person who planned the event? If an accident leads to property damage or bodily injury, a liability claim could be made against you or your business.
More uncommonly — though certainly possible — injuries can be more severe or even fatal. Particularly at sporting events or events where fireworks are used, injuries and property damage can happen more frequently. The following are a few statistics on event accidents:
- Fireworks start an average of 18,500 fires every year, resulting in $43 million of direct property damage.
- Every year, extreme sports result in more than 40,000 neck and head injuries.
- Nearly 50% of the head injuries that occur in recreational activities or sports are sustained in skating, skateboarding, or bicycling accidents.
Since accidents at events are so common, purchasing special event insurance is crucial for many event hosts.
Why Is Event Insurance Important?
What is the importance of special event insurance? Special event insurance can protect you or your business if you are sued by a guest who is injured while attending your event or a venue that sustains property damage from your event.
Without event insurance, the costs of a lawsuit could fall to you if an accident occurs at your event. If your business hosts events, then special event insurance can protect both your business and your client. Purchasing special event insurance will give you and your clients true peace of mind.
Additionally, more venues are mandating that event hosts carry special event insurance. By carrying special event insurance, you may have a greater selection of venues you can choose from when you’re seeking a location for your event.
What Events Does Event Insurance Cover?
What are insured events? Special event insurance provides coverage for single-day and multiple-day events, including:
- Award presentations
- Anniversary events
- Baby showers
- Bar/Bat Mitzvahs
- Birthday parties
- Car shows
- Farmers markets
- Graduation parties
- Job fairs
- Proms or school dances
- Sweet sixteen parties
You may also want to insure events that are specific to the season. Some winter events that may be covered include:
- Holiday festivals
- Christmas markets
- Christmas tree lots
- Ski resorts
- Sleigh rides
Some fall events that may be covered include:
- Haunted houses
- Corn mazes
- Carnivals and fairs
- Petting zoos
- Paintball courses
- Pumpkin patches
For many of these events, hosts may not initially consider event insurance to be a necessity. For example, why might someone need special event insurance for a wedding? If you plan a wedding and it must be canceled due to circumstances beyond your control, you can recover the expenses through special event insurance.
What Is Covered With Special Event Insurance?
What coverage will you receive when you obtain event insurance? The following coverages are offered through event insurance:
- General liability: injuries that are sustained by a guest or participant as well as damage to a third party’s property
- Liquor liability: Damage or injury caused by an intoxicated guest.
- Event Cancellation: for when your event unexpectedly needs to be canceled or postponed due to circumstances beyond your control such as adverse weather or death
- Customized Coverage: You can also purchase additional coverage under special event insurance.
XINSURANCE for Your Special Event
XINSURANCE is where to get event insurance. Why is XINSURANCE a good choice for special event coverage? At XINSURANCE, we offer our customers several advantages. We provide our customers with customizable liability insurance policies to help minimize exposure and improve our customers’ peace of mind. Unfortunately, in the event of a lawsuit, many business owners and homeowners are open to exposure. XINSURANCE can fill that gap in liability insurance.
When you purchase special event insurance from us, you can enjoy the following benefits:
- All-in-one approach
- Availability in all 50 states
- Customized coverage
- Existing claims and underwriting
- Exclusions coverage
- Help with old and new claims
- True peace of mind
Our customizable liability insurance will ensure that you are protected.
Get in Touch With XINSURANCE Today
Special event insurance can protect you and your business if someone is injured or property is damaged during your event. Accidents at events can happen easily, no matter how many precautions you take. Coverage from special event insurance can provide you the protection and true peace of mind you need.