Special events like birthday parties, trade shows, and festivals can be fun for everyone taking part. However, each event carries risks that can turn their special day into a nightmare.
One-day event insurance, also called special event insurance, is a type of general liability policy that protects the event holder from claims related to guest or spectator injuries or property damage that occur during the event. Policies can also cover multiple reasons for cancellation, such as the death, serious illness, or injury of a key participant. Venues usually require event holders to have this type of coverage.
This article examines one-day event business insurance to assist you in finding suitable and inexpensive coverage.
7 One-Day Event Insurance Providers at a Glance
- The Event Helper: Ideal for distinct events with unique insurance needs
- InsurePro: Ideal for affordable one-day event insurance
- Markel: Ideal for specialty insurance that can be tailored to specific requirements
- NEXT: Ideal for a quick digital insurance experience
- RVNA: Ideal for coverage that addresses all aspects of the event
- Simply Business: Ideal for comparing multiple quotes
- Travelers: Ideal to suit various event needs
The Event Helper
Since 2009, The Event Helper has provided one-day event insurance for thousands of events. The company takes pride in its approach to web products, ensuring customer support is available if required while remaining in the background when not. Originally a small business with a sole owner-operator, the company has since expanded to offer a premium insurance experience that includes superior security and personalized service.
The process of obtaining coverage at this insurance company is efficient and can be completed within a few minutes. Customers receive speedy policy and coverage details, ensuring prompt service delivery. The company values affordability and provides cost-effective coverage options. A guarantee is also in place to ensure that the insurance complies with venue requirements. If not, a full refund is provided to the customers.
InsurePro
InsurePro is a well-known digital insurance brokerage firm that serves small businesses across all industries, providing inexpensive short-term coverage options. They specialize in finding affordable one-day event business insurance policies, primarily focusing on the liability of the event. Please note that their policy may not provide coverage for event cancellation, which can be a critical consideration for event organizers.
Their online experience is relatively straightforward, allowing customers to quickly obtain the necessary coverage. However, InsurePro is not a specialist in event insurance, which may limit the coverage options available to customers. Additionally, they are also only currently authorized in forty-five states.
Markel
Markel has over seventy years of experience in providing property and casualty insurance solutions for standard and hard-to-place risks. The company offers flexible insurance programs that can be customized to meet individual needs at affordable prices. Their existing products are constantly reviewed and refined to ensure they meet the distinct needs of the marketplace.
Markel’s one-day event insurance offerings are clearly displayed on the company’s website. For example, Markel offers event liability insurance for as little as $75. With up to $2 million in coverage available, Markel aims to give event organizers peace of mind knowing that their event is well-protected.
NEXT
Established in 2015, NEXT is a digital carrier that is dedicated to meeting the needs of small businesses, offering custom insurance policies for liability, auto, and workers' compensation through its online platform. Utilizing artificial intelligence, they can process applications in under ten minutes. Their commitment to customer convenience extends to 24/7 access to insurance certificates and in-house support for claims.
NEXT is also known for its affordable and competitive rates. However, as a relatively new carrier, they do not have a proven track record yet. Currently, their event insurance policy provides liability coverage only, without event cancellation coverage.
RVNA
RVNA works with leading insurance carriers such as Allianz, Nationwide, HCC, and AIG to create customized insurance solutions for various markets. With over 40 years of experience in developing specialty insurance products, RVNA measures and manages risk, offers guidance and insurance expertise, and provides low-cost online products to position partners and customers for long-term success.
RVNA provides customers with the convenient option of obtaining event insurance in just three minutes through their online quote platform. The company’s event insurance policies start at $95.
Simply Business
Simply Business is a digital insurance broker established in 2005. The company works to provide custom coverage solutions for a variety of business types. They pride themselves on catering to each customer's unique needs.
Simply Business facilitates obtaining quotes from their selection of over 30 carriers with excellent financial strength. However, Simply Business is a brokerage, not an event insurance specialist. Its expertise in one-day event insurance may be limited. Additionally, they may not offer event cancellation coverage, which could be a potential drawback for customers who need that option.
Travelers
Travelers is a leading insurance company with a wide network of independent agents and brokers across the United States, Canada, and the United Kingdom. With an A++ (Superior) rating from AM Best, Travelers is renowned for its financial strength. Policies are available in all 50 states, making Travelers a convenient option for event planners seeking coverage.
A Travelers Special Event Insurance Policy may cover a variety of events and circumstances, including the cancellation or postponement of the event, photographs and videos, gifts, special attire, jewelry, and lost deposits. Liability insurance and liquor liability insurance are also available as optional coverage. This comprehensive coverage is designed to protect events of all sizes and types.
Who Needs One-Day Event Insurance?
One-day event insurance may be necessary if you are planning any of the following events:
- Anniversary parties
- Baby showers
- Birthday parties
- Bridal showers
- Charity fundraisers
- Concerts
- Corporate events
- Exhibitions and trade shows
- Festivals
- Graduation parties
- Housewarmings
- Religious ceremonies
- Retirement parties
- Weddings and receptions
- Workshops and seminars
Other Considerations
The venue
Many event venues require individuals to purchase event insurance to protect the property from potential damage costs and to limit the venue's liability if someone gets injured during the event. Individuals should review their venue contract to determine if event liability insurance is required.
If you are hosting an event at a private home, the homeowners' insurance policy may provide some protection in case of accidents or property damage. However, homeowners insurance policies typically have limits and exclusions when it comes to events. Event insurance provides additional coverage specifically designed for events.
Vendors
If you have vendors participating in your event, you should ensure that they have the necessary insurance coverage. This will protect you from liability if something goes wrong with the vendor's products or services, covering any damages or injuries they may cause. You should request proof of insurance from each vendor before the event to review their coverage to make sure it is sufficient.
What Does One-Day Event Insurance Cover?
One-day event insurance policies generally provide coverage for a variety of potential risks and incidents that can happen during an event. One of the most common types of coverage is general liability coverage. This covers accidents that may occur during the event, such as if a guest is injured or if there is property damage. For example, if someone gets hurt at a graduation event, the general liability coverage in the event insurance policy should cover any related medical expenses or legal costs.
In addition to general liability coverage, one-day event insurance policies often include cancellation coverage. This coverage can protect against losses resulting from unexpected cancellations due to problems with the site, weather conditions, vendor issues, or even the illness or injury of key individuals involved in the event.
The coverage provided by an event insurance policy can vary depending on the policy and the insurer. You should review your policy to understand what is covered and what is not.
What Doesn’t One-Day Event Insurance Cover?
Public events, including dance recitals, sporting events, and exhibitions, are typically not eligible for coverage under one-day event insurance policies. Bachelor and bachelorette parties are also typically excluded from coverage. However, certain business functions, such as fundraisers or private corporate parties, may be eligible depending on the policy and the specific event.
Before planning your event, check with your insurance agent to see if the event is eligible for coverage. They can help you understand the specific terms and conditions of the policy and provide guidance on what type of coverage may be most suitable for your event.
How Much Does One-Day Event Insurance Cost?
The cost of one-day event insurance depends on the policy limits, level of risk, and duration of the event. In addition, some states require host liquor liability insurance, regardless of whether a vendor serves alcohol or not. Alcohol consumption raises the potential for accidents and damages, resulting in higher risk. Therefore, insurance premiums for events with alcohol tend to be higher.
Other factors that impact one-day event insurance costs include:
The location
If the event is being held in a high-risk area, such as an area prone to flooding or earthquakes, the insurance cost will be higher than if the event is being held in a low-risk area.
Event attendance
The number of attendees is another important factor in determining the cost of event insurance. This is because the more people attending the event, the higher the risk of accidents, property damage, or other mishaps.
Organizer experience
If the event organizer is experienced and has successfully organized similar events before, the cost of insurance will be lower than for someone who is organizing their first big event. This is because experienced organizers are more likely to take the necessary precautions to prevent accidents and other issues that could lead to insurance claims.
How to Find Cheap One-Day Event Insurance
Organizing a big event with hundreds or thousands of attendees can be costly when it comes to purchasing one-day event insurance. However, there are ways to reduce the costs without sacrificing the necessary coverage.
Shop around
Obtaining quotes from different insurance providers lets you compare various quotes and understand what each policy includes. You can also discover any potential discounts or promotions that may be available.
Know what coverage you need
Policies usually include general liability, product liability, liquor liability, and cancellation coverage. However, not all events require all these types of coverage. Eliminating unnecessary coverages can help reduce premiums. For instance, if an event does not involve alcohol, liquor liability coverage may not be necessary.
Find the Cheapest One Day Event Insurance Today
Even if event insurance is not mandatory for your upcoming gathering, purchasing a policy can be a wise decision to protect your assets from potential lawsuits. The cost of an event insurance policy is relatively low and can save you from financial ruin in case of unforeseen accidents or damages. Luckily, many reputable event insurers offer affordable coverage options. As an event planner, you should prioritize the safety of your guests and protect yourself from liability by finding and purchasing the cheapest one-day event insurance policy today.
Not sure where to find the right one day event insurance? Look to some of our top picks, including NEXT Insurance, The Hartford, Thimble, and more.
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