Tips For Finding The Cheapest One Day Event Insurance For Weddings
When it comes to wedding or event insurance, it’s usually an afterthought in the planning process. However, most wedding venues now make it mandatory for couples to secure an event insurance policy to protect both the couple and the venue from potential liability claims. This includes any liability that can occur from alcohol related incidents.
Naturally, when a couple is told by the venue that an event insurance policy is mandatory, it’s tempting to go with the cheapest one day event insurance option (weddings are already expensive enough!). However, going straight for the cheapest option may cause more trouble than it’s worth. By following the below tips, couples can avoid hours of additional back and forth and the added stress.
Tip 1: Find Out The Venue’s Event Insurance Requirements First!
Most venues now have preset event insurance requirements. These are usually set alongside the venue’s insurance provider to help insulate the venue’s main insurance policy from claims that might arise from third-party events. Below are common things to ask about:
- Liability limits - Commonly shown as $1,000,000/$2,000,000 representing occurrence and aggregate limits.
- Occurrence: Maximum amount an insurance company will pay for a single claim
- Aggregate: Maximum amount an insurance company will pay for all claims during the event insurance period
- $1,000,000/$2,000,000 is by far the most common
Damage to rented premises limit - A component of event insurance that offers financial protection for property damage to the rented venue. Required limits are commonly $250,000 to $1,000,000 Additional insured listings - How the venue and any related entities (such as an overarching holding company) need to be listed on the certificate of insurance. It is common to list the formal name of the venue. i.e. ABC Wedding Venue vs. ABC Weddings, LLC. Specific endorsements - Some venues will require specific endorsements in the policy with the two most common being:
Knowing the above requirements will save hours of follow up for changes and corrections. Get it right the first time to focus on more important things!
Tip 2: Know The Event Parameters
The price of event insurance is based on different parameters, including the list below. Knowing this ahead of time can ensure the cheapest one day event insurance for the required coverage.
- Number of attendees: This includes the couple, the guests, and even anybody that will be temporarily onsite such as suppliers for flowers, cakes, etc.
- Event type: Weddings versus birthday party versus baby shower have different levels of risk and can affect the price
- Start/End time: Some policies/companies will require two days of coverage for events going past midnight
- Liquor coverage: Although host liquor liability is common and often included in policies, retail liquor liability should be considered for anybody hosting an event where alcohol is being sold at a profit (as the host/renter)
- Set up and tear down - Most venues require coverage for set up (the day before) and tear down (the day after).
Tip 3: Compare Prices/Insurers
A comparison site like Eventsguardian.com can quickly suggest a list of event insurance companies by answering a few questions. They also released their event insurance rankings, which reviewed all the major event insurance companies in the U.S. Their two top picks are below:
Cheapest One Day Event Insurance Provider (No Primary Noncontributory and/or Waiver Of Subrogation Endorsements)
Starts at $75 for $1M/$2M GL coverage
Damage to rented premises limit: $250k (included), $1M (additional fee)
Medical expense limit: Not included
Waiver of Subrogation endorsement: Not included
Primary Noncontributory endorsement: Not included
Cheapest One Day Event Insurance Provider (Primary Noncontributory and/or Waiver Of Subrogation Endorsements Included)
Starts at $160 for $1M/$2M GL coverage
Damage to rented premises limit: $300k (included), $500k or $1M (additional fee)
Medical expense limit: $5,000
Waiver of Subrogation endorsement: Included
Primary Noncontributory endorsement: Included
Includes coverage for set up and tear down, if needed.
F.A.Q's
What is event insurance?
Event insurance provides coverage for various risks associated with organizing and hosting events. It typically includes liability protection and property damage coverage.
What does event liability insurance cover?
Event liability insurance typically covers bodily injury and property damage claims arising from the event. This can include slip-and-fall accidents or damage to the venue.
Is alcohol-related liability covered?
Most insurers do include host liquor liability, however it is important to confirm this on a policy by policy basis.
Can I get a refund on the policy if the event doesn’t happen?
View All ImagesMost insurers allow for cancellation of a policy up until the day before the event. However, please be sure to confirm this with the insurer before securing a policy.
- Wedding Apps & Insurance: Events Guardian