Do you host large annual parties at your home? Do you ever think about the liability you’re exposing yourself to when you do this? If you’re like most people, you don’t realize that hosting a large event where alcohol is served creates a liability for you for any alcohol related accidents. While most event venues will require you to purchase event insurance to host a function at their premises, homeowners don’t think about protecting their personal liability for events hosted in their homes.
Did you know that having a large claim on your homeowner’s policy for an alcohol related accident could affect your rates and possibly contribute to losing your insurability with an admitted company? Why would you want to risk your personal liability coverage’s when you can purchase an Event Liability policy to protect you for a minimal amount? With an Event Liability policy, you provide adequate protection for yourself and protect your personal liability and personal umbrella liability simultaneously.
What does an Event Liability policy cover?
It provides bodily injury and property damage liability up to $1,000,000 per occurrence with a $2,000,000 aggregate. It will also provide Host Liquor Liability, which is something you want to make sure you confirm as some policies won’t add the endorsement unless you specifically request it. There are lower limits of liability available, but the cost difference isn’t worth purchasing less than the $1,000,000/$2,000,000 limits. In fact, the one-day coverage for these higher limits is substantially less than the cost of your actual event. Why wouldn’t you want this extra protection?
What is Event Cancellation Insurance?
If you’re hosting a special event where you’re hiring photographers, have to purchase special attire, etc., an Event Cancellation Policy can provide coverage for non-reimbursable expenses and non-refundable deposits associated with cancellation or postponement. Covered perils for Event Cancellation include: extreme weather, accident, illness, military deployment, and vendor bankruptcy.
What Does Event Cancellation cover?
An Event Cancellation Policy reimburses you forfeited deposits and charges due to cancellation or postponement, as long as it’s a covered peril, including other charges such as transportation for the honoree, catering services, property and equipment rentals, hall and location rentals, accommodations, event photography, event videos, and entertainment expenses. In addition, the Cancellation policy provides coverage’s for extra expense, special gifts, special attire, special jewelry, and professional counseling.
Regardless of how well you plan for a special event, there are always risk factors that are out of your control. Protecting yourself with these two policies, will provide you with peace of mind, knowing that you’re not out the financial costs associated with these coverage’s if anything should go wrong.