Are you a seasoned event planning pro or are you putting together your first big event? Whether it’s a concert sponsored by your company, or your organization’s annual 5K run or Food Truck Festival, your event requires a tremendous amount of planning and organization. It also brings a tremendous amount of risk. So many risk factors are present for a single-day event that your organization’s regular insurance coverage probably won’t be adequate. You’re going to need the specialized coverage of one day event insurance.
What is One Day Event Insurance?
One day event insurance covers your company or organization for an event lasting 24-hours or less. From chili cookoffs to music festivals, carnivals, races, rodeos, fun-runs, golf tournaments, and more; if your event is scheduled for a single day, you can benefit from the coverage that one day event insurance provides.
What does One Day Event Insurance Cover?
Special events can bring out big crowds and big opportunities for fundraising or brand building. But they also bring along big risks, too. Imagine if something went wrong with a fireworks show concluding your Fourth of July festival. The more people you have participating in your event, the higher the risk… and the higher the cost if something goes terribly wrong.
Event insurance is designed to protect you against some all-too-common risks associated with events with the following coverage:
Event Liability Insurance
If a guest is injured during your event, liability coverage is designed to protect you against the high-costs of lawsuits over injuries and medical bills, as well as third-party property damage caused by attendees, volunteers, or employees.
Event insurance can even provide casualty coverage, in the event the absolute worst-case-scenario. Casualty coverage is there to provide for lawsuits, medical bills, and even lost wages if an accident during the event results in a fatality.
What sort of equipment are you renting for your event? From tables and chairs to lighting, generators, speakers and sound systems to generators, your equipment rental contract most likely specifies that you’re responsible for any equipment damage or loss. And many venues require you to carry a certain amount of property or liability coverage in order to use the facility.
The property portion of event insurance ensures both the venue and physical property used for your event are covered against damage or loss.
Depending on your specific event, your event insurance may even include additional coverage, such as:
Many events serve alcoholic beverages, which brings additional risks that need coverage. What happens if an attendee has too much to drink and gets out of hand? If you are serving liquor at your event, you can be responsible for damages or injuries caused by intoxicated guests.
Host liquor liability coverage is typically included with one day event insurance and provides protection against bodily injury or property damage lawsuits brought by parties injured as a result of an intoxicated guest who was served alcohol at the event you hosted.
If your event is alcohol-free, you may be able to get event insurance coverage at a lower rate, so be sure to let your insurance provider know.
Cancellation and Non-appearance Coverage
So much effort and expense goes into planning an event, so what happens if it’s cancelled and never goes off? There are many reasons why an event could be cancelled at the last minute. The concert performer could no-show. Severe weather, such as a winter storm, hail storm, or even a tornado or earthquake could occur with no warning. Even a wildfire could come out of nowhere and prevent your 5k run or food truck festival from taking place.
Cancellation coverage can help you recoup nonrefundable or lost deposits if your event is cancelled or postponed. It could also help you recover from financial losses, such as your investment in event planning, promotion, and even lost profits.
Successfully pulling off a fun run, festival, concert, tournament, or race is no small feat. The amount of planning and organization that goes into a one-day event is enormous. With all that goes into planning an event, don’t leave its success to chance. Be sure that your planning includes obtaining event insurance coverage for the big day, and you won’t have to rely on luck to have your big event go off without a hitch.