From natural disasters to drunk and disorderly guests, a myriad of things can happen to put a damper on your event. No matter how perfectly you plan your event, you can never eliminate the potential for unexpected blunders that could leave you with a major liability. From the drunken guest who sues you because he fell and broke an ankle at your party, to the hurricane that randomly destroys your wedding hall two months before your wedding, anything can happen—and when it does, you’re responsible for it. The good news is that you can protect yourself when catastrophe strikes—with event insurance. Event insurance is an invaluable asset to any event. Event insurance can cover everything from stolen jewelry to terrorist attacks. Protect yourself and your investment—take precautions against losing your deposits/money by purchasing event insurance.

You will first want to call your insurance agent and find out if you already have existing event coverage. If your existing insurance has events coverage already, you can then add others on as additional insured. Check with your venues/vendors to see what they require of you. The amount you pay for premiums will vary depending on the type of event, the length of the event, and number of guests you have.

Event insurance: a quick rundown

The first thing you’ll want purchase is general liability insurance, which will provide a broad range of protection from lawsuits due to accidents and injuries. Many venues will require you to purchase general liability coverage for $1,000,000 in order to rent their facility.

Any event that plans to serve alcohol needs liquor liability insurance. Liquor liability covers alcohol-related accidents like a drunken guest that falls and gets injured, fights that break-out between guests, the accidental serving of alcohol to a minor, or liability due to uninsured or part-time bartenders. Most venues will require you to have this type of insurance anyway, and it is sometimes included under general liability. Purchase the right event insurance and you will protect yourself against lawsuits.

Cancellation insurance is another type to consider. A venue or vendor could go out of business or be a no-show at your event, causing you to have to cancel it. Cancellation insurance protects you from losing the resources and effort that you’ve poured into your event. If your venue is destroyed, important vendors or guests are no-shows, or you get called back from military leave, cancellation insurance will cover many costs and deposits that have already been paid for.

Depending on the size and nature of your event, you may want to consider terrorism insurance. This is typically available as an add-on to cancellation policies and can cover losses due to a terrorist attack on your event or in a specific area (like a major city, if you happen to be holding an event there). Prices will vary a lot because it is difficult to predict the actual likelihood of a terrorist attack. However, the potential liability from something like this is HUGE.

Other types of coverage

If the venue incurs damage because of your event, you are liable for it. Third-party damage insurance covers damage that was caused because of your party. Hired/non-owned auto liability insurance will cover the cost of damage inflicted to/by any vehicles that you rented for your event. It will also cover damages due to injury incurred by others because of the vehicles. If an employee that is working on/at your event gets injured, they can sue you. If employees working at your event incur any injury, worker’s compensation insurance will provide medical benefits and salary compensation for them.

If a photographer fails to show up for your wedding or the negatives get lost or destroyed, Photography and video coverage will take care of this. Depending on who you buy your insurance from this may include paying for the event to be re-created so the photos can be re-shot. Other types of coverage are available for attire, jewelry, gifts, or rental property if they become damaged, lost, or stolen.

Different policies and different carriers will provide different options. Special coverage like professional counseling coverage is even available for trauma caused by a cancellation of an event and cold feet insurance offered by some companies. So, check with your insurer to see what you have, and then decide what you need to protect yourself and your event.