Is Event Insurance Right for Your Wedding?
As I write this we are quarantined at home due to the Covid-19 pandemic. Event halls are empty, their rooms sit in silence when there once was laughter and music bellowing from within every weekend. It's crazy to think back a year and realize where we are right now, but it's reality. So many weddings, parties and other celebrations where flipped upside-down and changed in a moment's notice. While the pandemic touched every facet of the United States, there have been numerous other disasters that have wrecked a planned event: hurricanes that hit in Florida, or a tornado in Oklahoma, or a venue that catches fire the night before an event. What do we all do to plan for a risk of monetary loss? We get insurance. You likely have insurance on something, whether its your car, home or even your cell phone. Is it the right decision for you to get insurance on a day? We don't typically think of a day as an item, but in the case of a wedding, it is. You spend a lot of funds on this day, you should consider whether or not to insure it.
What does event insurance cover?
Coverage can entail the costs incurred with vendors canceling, venues closing or other reasons for an event cancellation. It can even cover repairs if you or a guest damages property during an extra rowdy celebration. Weddings are a good time, it happens. I've heard tales of an injury at a wedding (almost always a combination of high heels and dancing) and if the guest determines you were at fault, event insurance can cover it. If an event worker gets injured and fault is found on your party, event insurance can cover it. You get the gist, but a specific insurance company can give you more details on what their plan covers.
Are there different types of coverage?
Yes, there are typically two types of event coverage, cancellation or liability. Some companies combine the two into one policy as well. Cancellation coverage will help you if a vendor goes out of business or if your venue shuts their doors. You will likely lose a deposit with the vendor or venue and this coverage will give you the deposit back. It can also help soften the blow of extra costs if you were upcharged for last-minute bookings to fill the void. If you have to cancel the entire wedding, you may have coverage, but there will be strict guidelines you will want to ensure you fully understand. Liability coverage will protect you in the case of a guest gone rogue who breaks a chandelier or someone trips over the bridal gown and gets injured.
Do you really need it?
This is a question only you can ask yourselves, but before you ask that question ask these:
• How much is your investment into the wedding?
• What history does your venue have and do they have alternate locations?
• Are you okay with a plan B on location or any of your vendors?
• What back-up plans do each of your vendors have? As a DJ company, we have a good relationship with several other DJs and we can call them if something happens where we cannot perform. If the "something" is bad enough, we have a plan in place for that as well. Your wedding is our priority!
If you are okay with your answers for the above questions, or you feel that your risk is low, go without insurance. Many have done it, even I went without when I got married. If you or your soon-to-be-spouse have very particular plans or are breaking the bank for your special day, I'd recommend getting coverage for peace of mind.
You're sold, when and where do you purchase it?
Now, the sooner you get coverage the better. Your rate and coverage can be determined by how far away your event is. Many big name companies offer special event insurance such as Allstate, Progressive and Travelers. Start with who you have your home or auto insurance with, they may be able to help with a group policy discount or talk to you about riders that give even more coverage. It doesn't hurt to call!
Once you have insurance, or if you choose to go without, you can sit back and relax knowing you took control of what none of us want to think about, the reality that things can turn unfavorable.
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