June is the start of “wedding season,” due to its consistently warm temperatures and plethora of beautiful sunshine. The problem with wedding season? That weather isn’t always predictable, and large storms can easily derail outdoor wedding plans. Add in problems with vendors, issues with venues and caterers, as well as the potential for guest injuries and those summer weddings suddenly sound like they need to be insured, don’t they?
In order to protect the happy couple and all of the guests, consider investing in event insurance, just in case the unexpected happens. Not familiar with the “ins and outs” of event insurance? Here’s what you need to know.
What Is Event Insurance?
Event insurance is exactly what it sounds like: an insurance policy that will protect you financially should something go wrong on your wedding day or the evening of that fancy event that you’re hosting. These insurance policies come in two different types: liability coverage and postponement or cancellation insurance. Both are important to have when you’re planning an expensive party.
The first, event liability insurance, is designed to cover any accidents that happen during the party. If Aunt Meg slips and falls on the dance floor after Uncle Jim spills his drink, you won’t have to worry about paying out of pocket for their medical bills because your liability insurance should cover them.
The other type of insurance, cancellation or postponement insurance kicks in when something goes drastically wrong. If you have to postpone the event, cancel it, or have to find a new venue quickly because the other went bankrupt, this is the insurance policy that you need.
On top of that, many of the venues that you speak with during the planning process require you to have an event liability insurance policy in place prior to your event.
The Risks Surrounding Large Parties and Weddings
The example provided above aside, large weddings and parties come with plenty of drama. The caterer may cancel or not have enough employees to serve the meal, the venue might get damaged should your party get a little rowdy, and more. You can even lose the money that you put down on a venue should they close their doors permanently before your event. You never know what may happen, so it’s a good idea to have insurance in place.
When Do You Need Event Insurance?
Not every party needs to be insured. Think about those small gatherings around the BBQ in your backyard that have ten people in attendance. They don’t really need event insurance. However, if your party has a huge guest list, plans on serving alcohol, and takes place at an expensive venue, then event insurance is a smart idea. In addition, destination weddings should have event insurance coverage, and possibly even travel insurance, and any large party taking place outdoors needs insurance protection as well because you never know when the weather will turn.
Contact Spivey Insurance
Big events, like weddings tend to include large investments, both financial and emotional. Thankfully, there are insurance policies to help with the financial part of that. If you’d like to learn more or take out an event policy, please reach out to Spivey Insurance. Our knowledgeable agents can help you decide what policies you need to insure your wedding or special event.