In a post-COVID world, people are being more cautious than before. Contracts are actually being read, questions are being asked, and people are wanting to make sure they are prepared and protected. So, the answered to the above question is pretty simple. Yes, event insurance is necessary and comes HIGHLY recommended by us at One Fine Day Events. There are two types of insurance and we are going to cover them both.
The first type of insurance is liability insurance. This is the insurance that your venue is going to require you to get in order to host your rehearsal and wedding on their property by listing them as an additional insured on the policy. Not every venue is going to require this, however, I am seeing more and more do just that. This is going to protect you if someone gets hurt at your wedding or if the damage is caused to the venue. Some policies have the option of adding liquor liability while others include it from the get-go. If you are serving alcohol, go ahead and add this if it is not already in your policy. It’s also not a bad idea to add the rehearsal day to the policy too.
The second type of insurance is event cancellation and postponement insurance. This covers you in the event that you need to cancel or postpone your wedding due to a circumstance out of your control. Some of the possibly covered scenarios this applies to are injury or illness of you or an immediate family member, if a vendor goes bankrupt, extreme weather, or unexpected military deployments. These types of policies are going to reimburse you for lost deposits and/or those non-refundable payments you make to your hired vendors. Most policies will also cover you in the event that a wedding vendor cancels on you and you need to hire a new one that is more expensive than your first. This is the coverage that provides the most comfort to couples, yet this is the least purchased. But I am hoping that after the events of 2020 this changes.
Some policies will even include, or have the ability to add on, the coverage that covers any potential loss or damage to wedding photos/videos, rented property, gifts, rings, or your wedding day attire. It is best to ask very specific questions on what is and is not covered so you can ensure that you are protected in all areas you find the need for. Find out exactly what they mean by extreme weather or what happens if someone gets into a car wreck after leaving your wedding and they have been drinking. Ask what documents you will need to submit in the event you need to file a claim so you can be prepared. And while all of this may be causing you to panic a little, take a breath and know that most of the time these extreme scenarios do not happen very often. We get insurance to cover us in those unlikely events, but we hope to never use it.
So where can you get this type of insurance? I always recommend starting with your current insurance provider. Ask them if they have a rider policy for your event. Most carriers will be able to get you at least some of the coverage above. If not, or if you find it is more than you are wanting to spend, check out some of the companies that offer insurance specifically for weddings and events. Places like WedSafe, Travelers, Eventsured, and Website are great places to start and get a quote. Many allow you to get coverage up to the night before your wedding, but we suggest you do not wait that long. Get covered as soon as you start the planning process and book your venue. The sooner the better to give you peace of mind and you can continue on with the fun things, like deciding with cake flavor is the best! Happy Planning!