Birthdays. Reunions. Anniversaries.
We celebrate life’s big moments with a special event. But between the invites and the cleanup, there’s an important step few people consider.
Special event insurance.
It often comes as an unexpected expense. But what is special event insurance? Why is it important?
Here are answers to the most common special event insurance questions:
1. Who Needs Special Event Insurance?
Anyone can purchase special event insurance to protect their financial assets. However, most often it is a requirement of the venue or location housing the event.
For example, if you are getting married, the venue may require a certain dollar amount worth of general liability insurance.
2. How Much Does Special Event Insurance Cost?
Multiple factors impact the price. The type of event and the presence of alcohol make the biggest difference.
Here at American Speciality Express, the cost of special event insurance starts at just $95.
3. What Types Of Events Does Special Event Insurance Cover?
Special event insurance can cover a variety of events. Some of the most common include:
- Corporate events
- Birthday parties
- Retirement parties
- Car shows
- Business meetings
4. Why Do You Need Coverage For Your Special Event?
There are two big reasons.
First, you want peace of mind as well as financial protection. You plan special events to create memories and celebrate milestones. However, the unexpected can happen. If someone gets injured at your event, your homeowner’s policy is unlikely to respond. Special event insurance protects you instead of individuals coming after your personal assets or your business assets.
Second, special event insurance is often a requirement of the particular venue.
5. What Is The Difference Between Named Insureds And Additional Insureds?
Special event insurance can cover two different groups of people or businesses.
The named insured is the policyholder. Most often this is the individual or the company hosting the event.
Additional insureds are other entities that need protection under that same policy. The most common example is the venue itself. If you are hosting an event at a facility, that facility will often request that you add them as an additional insured on your policy. This offers protection for both of you.
6. What If The Special Event Includes Alcohol?
Alcohol is a consideration for every policy and your event will fall under one of three categories.
If no alcohol is available, such as a child’s birthday party, your event falls under this first category. It’s the least expensive category because it excludes all alcohol-related claims.
At this type of event, alcohol is provided for free to guests. Examples of this could be a wedding with an open bar or a class reunion in which class funds were used to purchase the alcohol.
The third category, also referred to as liquor liability, is a bit more complicated. It is applicable when someone derives profit from the selling, serving, or distribution of alcohol. Concerts that sell beer are an example.
However, retail liquor extends to more than just direct sales. The following example events would fall under this category:
- A fundraiser that charges $100 per plate that includes alcohol with the meal
- A fish fry that hires a local tavern to sell beer and receives a percentage of the proceeds
Contact American Specialty Express if you have any alcohol-related questions.
7. Are Event Setup And Teardown Dates Also Covered?
Yes. With American Speciality Express, you receive coverage seven days before the event and seven days after the event, provided you purchased the policy far enough in advance.
8. Why Should You Get Special Event Insurance From American Speciality Express?
American Speciality is one of the top event insurers in the country. That alone provides peace of mind, but we also make the process simple:
- Apply online
- Get your quote
- Purchase insurance in minutes
In less time than it takes you to finish a cup of coffee, you can have quality insurance that both meets the requirements of your venue and provides the protection you need.