If you're planning a special event, whether it is a personal function such as a wedding, anniversary or graduation party, or if it is a business event, such as a festival, tradeshow, or farmers market, J.P. Perry Insurance recommends you protect yourself with a special event liability insurance policy. This policy, also referred to as Commercial General Liability or Spectator Liability, covers short-term private and public events against bodily injury and property damage claims. In most cases, you are able to purchase two types of coverage to protect your special event - liability coverage and cancellation coverage.
The reasons for having a special event policy include...
- Many venues will require you to have this coverage because they are unwilling to take on sole responsibly for damage and injuries and will demand a certificate of coverage from you;
- Event coverage can help recoup costs due to cancellations or moving the location due to weather conditions;
- Many vendors will not offer refunds due to cancellations or postponement and the policy can help cover these costs;
- Homeowners insurance doesn't usually provide enough protection and certainly would not cover cancellation costs.
Some events may not be covered under special events insurance. Functions such as sporting events, bachelor/bachelorette parties, or various public events are not usually covered. Certain business functions, such as fundraisers or private corporate parties may or may not be eligible. Your J.P. Perry Insurance representative can help determine the events you want to cover.
You need to be aware of when you should purchase special event insurance. It is recommended that you buy insurance as soon as you start making deposits or purchases for your event. There may also be restrictions on when you can purchase the coverage. Often it is no later than two weeks before your event but no sooner than two years prior.
Before you purchase a policy, you need to know...
- What coverage you may already have through your home, auto or liability insurance policies, including your credit cards;
- See if your venue and vendors have liability insurance;
- Know what is covered by special event policy to avoid any surprises.
Your J.P. Perry agent can ease your mind on one aspect of your event by helping you with all of these details and obtain the appropriate coverage you need.