Many people assume that they can purchase insurance at any point in the planning process for their special event, but this is not the case. In order for your insurance to cover your event it must be submitted and approved before your event starts.
When Do I Have to Submit My Application for Insurance?
The time between the approval of insurance and the start date of your event can vary depending on a variety of circumstances, but you can expect to have to submit your paperwork in full at least 7 days before the start of your event.
Why Can’t I Apply for Insurance During My Event?
The main reason is because insurance takes into account things that may happen in the future, and requires a considerable degree of planning and preparation in order to ensure that it will adequately cover your needs, and that your event meets the requirements of the insurance policy.
In order for your application to be processed, a professional must comb through your application and review it for any potential loopholes or threats to your coverage. Many of these, such as vendors who must also be insured, must be reviewed and approved in advance in order for you to qualify for your special event insurance. Once the event has started, your vendors are set up, and you’re fully set up, it can be much harder to ensure that your event is meeting the requirements of the insurance policy.
Is Hosting an Event Without Insurance Safe?
No. Putting on an event without insurance is not only a danger to you and your wallet, but also to your attendees.
This is because having an insurance policy in place before your event even starts can alert you to potential issues, threats, or situations which could lead to litigation that you may not previously have known.
In some cases, your insurance policy will dictate that your event needs to meet specific standards in order to comply with the insurance regulations, and if you haven’t obtained insurance beforehand and been made aware of these issues, you may be putting yourself at risk for litigation and all the issues that come with it.
Can Vendors Obtain Insurance During the Event?
While a vendor is not legally allowed to set up and sell merchandise, or more strictly speaking, food without a vendor insurance policy already in place, some insurance companies will allow vendors to apply for insurance on the spot. They will expedite the application process to extend to the rest of the time the vendor wants to be set up at your event.
If your vendor is not insured it’s important that you insist that they obtain proper insurance, and that they add you as an Additional Insured on their plans, which will protect you from libel actions of the third party vendor or individual.
On average a vendor can resume sales within an hour or so of the insurance claim being approved.