Should I Purchase Event Insurance? - NYCM Insurance Blog

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Sep 24, 2023

Should I Purchase Event Insurance?

When it comes to hosting a special event, the last thing you’ll want to worry about is how to cover the costs of an unexpected accident or cancelation. Event insurance is something that alleviates that stress at a relatively low price. Continue reading to learn more about event insurance and why you should consider using it!


What is Event Insurance?

In short, a special event insurance policy can help you protect the investment you’ve made in a specific event, for example a wedding or a retirement party. Depending on the coverages you choose, event insurance can help cover the cost of an unexpected need to cancel or costs if your party is found responsible for injury or property damage.


What Types of Events Can You Insure?

You might be surprised to learn that you can insure a large variety of events, such as:

  • Weddings
  • Engagement parties
  • Corporate private parties
  • Non-profit functions
  • Retirement parties
  • Anniversary parties
  • Business meetings (liability)
  • Birthday parties
  • Special achievement receptions
  • Baptisms
  • Quinceañeras
  • Baby showers
  • And more!


What Can Be Covered by Event Insurance?

There are two types of coverage you can purchase to protect your upcoming event: liability and cancelation coverage.


Event Liability Insurance

If you or your party is found responsible for a person’s injury or property damage during your event, this type of coverage may help you to cover the related costs. For example, if someone were to trip over the band’s equipment, event insurance may cover the cost of their medical bills or any damage that may have occurred to the band’s equipment. Remember that coverage limits will apply.


Event Cancellation Insurance

Depending on the reason behind the cancelation and the limits of your coverage, this type of coverage may reimburse you for any lost deposits or non-refundable fees. For example, if your wedding was postponed due to unforeseen circumstances, or if your photographer double-books, event insurance can help you cover the cost of out-of-pocket expenses. It’s important to read your coverage limits and details thoroughly to find out which types of situations may or may not be covered. It’s important to know that due to circumstances surrounding COVID-19, some companies are not offering cancelation coverage at this time. 


When Should I Purchase Event Insurance?

It is highly recommended that you purchase special event insurance before making any sort of deposit or purchases for your event. Depending on the carrier you choose and the limits of the coverage you purchase, there may also be restrictions on the time frame in which you can purchase coverage. In many cases, you may be restricted from purchasing coverage within two weeks prior to the event date.


Come event day you’ll want the reassurance of knowing you're protected. For more information on an event insurance policy through NYCM Insurance, check out the link below to speak with one of our trusted agents.