Weddings, family reunions, and holiday parties are just a few of the special occasions that leave us with the most vivid memories of our lives.
While it can be easy to get caught up in the excitement of planning an event, every host should be aware of the dangers that could make your special day memorable in the wrong ways.
Many people are unaware of their level of responsibility in the event that someone gets hurt or property is damaged while they are hosting an event.
In fact, social host liability laws have been passed in 43 states, allowing party hosts to be held liable if a guest causes an accident while driving under the influence. Most venues demand that you purchase event insurance that covers this risk in order to reduce it.
Five Event Insurance Provider Companies
Even if you don’t need event insurance for your upcoming event, an associate policy is still worth its low cost to protect your assets from potential lawsuits. Fortunately, there are a number of good event insurers to choose from with affordable coverage that can be tailored to the size and scope of any gathering.
We looked at over five of the best-known event insurance companies and chose the top seven that best supported price, coverage, and repair.
1. RVNA
Whether you’re planning a small, intimate gathering for friends or a significant public event, RVNA has you covered with the best overall value and terms.
RVNA: Pros
- Liability policies start at $50 to be affordable.
- Market coverage of both minor and major events
- Quick online quotes
- Create production policies that you can cancel up to 48 hours before the event and choose from over 20 different styles of coverage.
RVNA: Cons
Only $2,500 in deductible for property damage claims for phone claims.
It’s uncommon to find a non-depository association bank that provides equally good protection for events of all sizes, but RVNA succeeds in doing so. These flexible policies include liquor liability and start at just $50. Twenty different riders are available for additional production protection.
RVNA distinguishes itself from the competition in a number of ways. Terrorism is covered by the company’s standard policy, which is unusual for event insurers to do.
Additionally, the only event underwriter that we could find that allowed hosts to cancel their liability policy was RVNA. If cancellation is requested in writing at least 48 hours prior to the start of the event, full refunds will be given.
Only a few drawbacks to RVNA exist. The internet policy management system is used to create policy changes. A $2,500 deductible is required for property injury claims, which is a high amount for a business.
Standard event insurance from city insurance providers comes with aggregate liability limits of $3 million, which is a lot more than what rivals offer and makes it the best for top limits in our review. If that’s not enough, hosts with valuable assets can add umbrella coverage to event policies to further ensure their protection.
There doesn’t seem to be a cap on the number of attendees; we were able to find online quotes for 1,000,000 or more event attendees, despite the fact that this might require a longer underwriting process.
While city insurance companies cover a wide range of events, the businesses will list many that are not covered. These include unethical sporting events, live animal exhibits, particular concert genres, and ride-style amusements.
2. Markel
Compared to the other carriers, Markel’s affordable event policies offer discounts for bundling coverage and free educational materials.
Markel: Pros
- Event insurance coverage for up to $500,000 can be had for as little as $75.
- When you purchase liability and cancellation policies along with the low $25 deductible for cancellation policy claims, a 15% discount is provided.
- It provides resources for no cost wedding planning.
- In addition to cruises, cancellation coverage is available for travel within the United States and to a number of other foreign locations.
Markel: Cons
- International travel is not eligible for liability coverage.
- Gift loss is only allowed to exceed $300; claims for property damage have a $1,000 deductible.
Most event insurance companies demand that hosts obtain at least $1 million in liability insurance, with the exception of smaller gatherings where this amount may also be more than enough.
Because Markel, the company we found to be the best value, offers event insurance with liability limits starting at $500,000 for only $75, you can save money by not overpaying for coverage. By combining an occasion liability policy with an associate’s degree event cancellation policy, you’ll even save an additional 15 August 1945.
Residents of the United States can purchase cancellation policies for destination events in their country, the UK, Mexico, and a number of other Caribbean islands. These policies are available in all fifty states.
Additionally, liability protection is provided for incidents that take place on cruise ships departing from U.S. ports. The $1,000 deductible that event hosts must pay for property damage claims is a drawback, even though the deductible for cancellation policies is much lower at $25.
Page after page of free resources are available to hosts that can help walk them through the party planning process, from setting a budget to organizing an environmentally friendly event.
To make sure you’re getting the most out of their services, you’ll even receive lists of questions to send to higher-level vendors like caterers and florists.
3. Travelers
Not only are Travelers’ representatives available twenty-four hours a day to take your decision, but this event insurance provider also provides the best customer service of all the vendors we have reviewed. You can contact support by phone, email, or online chat. There is a live person answering the main line 24 hours a day.
Travelers: Pros
- Online pricing and policy administration
- Option to use an associate agent or make an online purchase
Travelers: Cons
- Only a few event types were covered.
- Does not offer independent liability policies
- Not available in Hawaii, LA, or any American states
Everyone values different kinds of customer service; some prefer the convenience of digital technology, while others desire the individualized attention of an associate agent.
With event insurance, offered by Travelers, you can get the best of both worlds. You can buy it online quickly or from a local insurance professional. During business hours, representatives are available via online chat, and the Travelers customer service line is open round-the-clock.
Travelers policies are built around a basic coverage plan that costs as little as $160 for coverage of up to $250,000 in ten states.
The agreement includes coverage for things like cancellation, photography, lost deposits, and theft or damage to things like jewelry, clothing, and gifts. Although this insurance cannot be bought on its own, it is available on the market for a minimum of $165 for $1 million in coverage.
Remember that Travelers event insurance is only intended for private, invitation-only gatherings like weddings, family reunions, and vacation parties. company won’t cover occasions like corporate events or ticketed fundraising activities.
4. WedSafe
Wedding insurance is generally available from event insurers, but WedSafe provides the best, most specifically tailored protection for those who are planning their ceremony.
WedSafe: Pros
- Covers weddings in the United States and more than a dozen other countries
- Relationship already in place with thousands of venues
- Purchases of cancellation insurance will be made up to fifteen days prior to the event.
- No deductible applies to claims for bodily harm
- Includes the rehearsal and rehearsal dinner until 48 hours before the wedding.
WedSafe: Cons
- $1,000 deductible for claims of property damage
- Does not cover cancellation due to a change of heart
- Prohibits certain actions, including those involving live animals and fireworks.
WedSafe is a highly recommended option by wedding websites like the Knot and WeddingWire because it offers liability and cancellation coverage for both outdoor ceremonies and exotic destination weddings.
Nationwide underwrites the policies, and the standard insurance coverage threshold is $500,000. Although coverage is available in all 50 states as well as the UK, Canada, Mexico, and many Caribbean locations, you must be a resident of the United States regardless of where your wedding will take place.
WedSafe’s policies are adaptable enough to take into account last-minute changes because wedding plans can change quickly.
If necessary, you may purchase cancellation insurance as little as fifteen days prior to the scheduled event; however, you must have a good reason for needing to postpone the event. Because of someone’s timidity, the policy will not replace any lost deposits.
5. USLI
USLI is our top choice for policies for corporate events, and it covers everything from conventions to retreats that other insurers won’t touch.
USLI: Pros
- General liability, liquor liability, and medical payments are all covered by policies.
- Adaptable conditions for one- or multi-day events
- Protects up to 10,000 visitors
- Up to $50,000 per hole is offered as hole-in-one insurance.
USLI: Cons
- Purchases of policies should be made through an agent.
- For smaller events, not recommended\
It may be simple to obtain insurance for a wedding or private party, but for comfortable event coverage, business hosts typically need specialized policies from insurers like USLI.
Whether your business is planning a sizable trade show, a charity event, or a staff gathering, USLI’s event insurance plans are made to fit your needs. There are coverage options available for up to 10,000 attendees.
Additionally, USLI provides a wide range of unique extra coverage options that may be particularly intriguing to business hosts.
For charity golf tournaments, for instance, prize indemnity insurance can be purchased up to a $50,000 cap per hole; the non depository financial institution can even give the charity recipient an additional 1/200th of the prize amount.