A lot of time, organization and money go into planning a special event. You don’t want to lose any money on the deal. You’ve invested enough already.
However, sometimes things happen that are beyond your control. If an unforeseen occurrence arises, then you might have to cancel the event. A cancellation not only causes you to lose a business opportunity, it also could cause you to lose money.
No business needs to face losses related to a special event. You want to regroup from your losses as efficiently as possible.
Special event insurance is an efficient way to protect your business. This insurance can include event cancellation coverage.
In the right circumstances, coverage can help you recover losses related to cancellation. Consider investing in this coverage if you stand to lose a lot of money if you have to cancel events.
What can cancellation insurance cover?
Cancellation insurance policies usually can cover a variety of listed triggers, including:
- Extreme, unforeseen weather
- Military deployment of organizers
- Denial of access to public places
These are a few potential scenarios that could qualify for event cancellation coverage.
What does cancellation insurance not cover?
Nonetheless, certain scenarios may not have cancellation coverage. You should always be careful to check your policy for these conditions:
- Weather coverage: Not all weather occurrences qualify for cancellation coverage. Simple, predictable weather may have to reach certain thresholds to qualify for coverage. It may have to rain severely over a long period for you to get coverage. A simple rainy day probably won’t work.
- Exclusions: Cancellation policies may list exclusions. If you file a claim for an excluded scenario, you won’t get coverage.
- Location exclusions: If you are having an event at a certain location, a policy you hold may not cover you. Make sure you tell your issuing agent where the event is.
Before you buy event cancellation insurance, make sure you know what you are looking for. Talk to your insurance agent. He or she can help you understand exclusions and cancellation procedures. They can also help you determine how much coverage you need to make up for potential losses.
That’s what Bene-Marc, Inc. is here for. We can help you get the proper special event insurance. Give us a call at (800) 247-1734 for more information.