THURSDAY, DECEMBER 16, 2021
Planning a special event such as a carnival, celebration or family get-together is an exciting time. Securing the venue, reaching out to vendors and setting up the schedule is an involved process that takes patience and perseverance. While the special event is an occasion you look forward to, it is important to consider the need for insurance if something doesn’t go according to plan.
The agents at Bene-Marc Inc. can discuss these coverages to allow you to focus your energy on putting on the best event possible.
What is Special Event Insurance?
Special event insurance is a type of insurance that can cover both private and public special events. It can help offset financial losses that may occur in connection with an event, and it can provide you with the peace of mind in knowing that you have this safeguard in place.
What Does Special Event Insurance Cover?
Thinking about potential misfortunes isn’t a pleasant part of planning an event, but it is an important part. By considering what could go wrong in conjunction with the festivities, you may be able to protect yourself from significant financial losses by having the right insurance in place. For example, special event insurance may provide:
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Cancellation Coverage—This coverage may help protect you from financial losses that result from the event being cancelled or postponed due to occurrences beyond your control such as power failure, venue closure or extreme, unforeseen weather. It can help you recoup expenses such as lost deposits or other finances you have committed to the event.
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Liability Coverage—This may provide coverage if someone is injured at the special event. It may also help cover damage to the venue or damage to equipment that occurs.
The examples above are not all-inclusive, and the agents at Bene-Marc can discuss the specifics of these coverages.
When Should I Buy Special Event Insurance?
Policies may vary regarding how far in advance they need to be purchased. With bookings and deposits, you never know at what point during the planning stages you might need coverage. Being proactive in securing special event process may save you costs in the future. Additionally, some venues may request proof of liability insurance. Speak with your agent regarding timing to make sure you have the necessary protections in place.
How Do I Reduce Risks at Special Events?
There are several steps you can take to help reduce risks at special events. Some of these strategies include:
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Knowing emergency information such as where the emergency exits and emergency equipment are located
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Preparing and handling food in a safe manner
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Checking the venue for hazards such as exposed wires and notifying the manager if any are discovered
This list is not all-inclusive and there are many other risk management techniques you can incorporate while hosting a special event. Considering these strategies, like considering the need for special event insurance, is an important part of the planning process.
How Much Does Special Event Insurance Cost?
Several factors go into determining the cost of special event insurance such as the location and duration of the event and the number of attendees. Your desired coverages and limits could also affect the price.
Contact Us Today!
Policies can be tailored to meet your needs and budget and the agents at Bene-Marc are ready to work with you. Give them a call at (800)-247-1734 for more information or for a quote.
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