Important events like wedding cost a lot of money. It also takes a lot of time and efforts to plan for such an event. However thorough and careful you are in planning, you can’t control everything. There is still a chance for the event to be cancelled. In such cases, you will feel relieved that you have had an event insurance policy. Let’s see how much an event insurance policy costs.
- How Much does Event Insurance Cost?
- What Benefits should I Consider When Purchasing Event Insurance?
- What does and doesn’t Event Insurance Cover?
How Much does Event Insurance Cost?
According to The Knot, the average wedding today costs $33,931. Wedding insurance costs between $155 and $550, depending on the amount of coverage you want. If you want a general liability policy as well, that will cost about $185 for up to $1,000,000 in coverage.
Given how expensive the wedding is, it might be worth it. Wedding insurance will cover your investment in case there is a huge snowstorm the day of your wedding and you have to cancel. Wedding insurance will cover the cost of rescheduling the wedding.
Special event insurance for events other than a wedding depends on what state you live in and if alcohol is being served. Even if you sponsor a BYOB event, you probably still need liquor liability insurance. Some states require it.
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What Benefits should I Consider When Purchasing Event Insurance?
You’ll probably need:
- General liability insurance
- Liquor liability insurance (if alcohol is being served at your event)
You should also consider:
- Waiver of subrogation. This protects the vendor in the event something happens. It says you waive their responsibility in case they are sued.
- Cancellation insurance. This can come in very handy in case of major snow storms or hurricanes, or if the venue suddenly goes up in flames.
- Third-party damage insurance. This covers any damages to the venue during your event.
- Hired auto liability insurance. If you rent any vehicles for your event.
- Workers’ compensation insurance. If you’re hiring anyone for your ecent.
- Terrorism insurance. This may be unlikely, but in today’s world it is possible if your event is in a big city.
What does and doesn’t Event Insurance Cover?
Depending on the policy, special event insurance covers things like:
- Problems with the site
- Weather
- Vendors
- Key people (like if the bride or the groom become sick)
- Sickness
- Injury
- Death
Neither wedding insurance nor event insurance will cover you if you get cold feet or cancel the event for any reason not listed above. For example, if you decide your betrothed is not the one for you, wedding insurance won’t help you. If you’re hosting an anniversary party and the guests of honor announce their divorce, insurance won’t help you there, either.
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