One Day Event Insurance Coverage
One day event insurance is a term used to refer to coverage valid for one day. This may sound simple, but does your one day policy also cover set up or tear down of production sets, stages, vendor booths, or other temporary structures assembled to support your event. If your event is taking place over a weekend, or a seminar meeting three Saturdays in a row, you still need to purchase an event insurance policy. However, one day coverage might not suit your situation.
Event insurance also covers multi day events, and once you explain your situation an experienced agent should recommend the correct type of policy and coverage limits. Generally speaking, it is better to be over insured than under, but higher coverage limits also increase the premiums and deductibles.
A big factor in the cost of one day event insurance coverage is the deductible. A deductible is the amount the insured will pay when a claim is made against the policy. Essentially, if someone gets intoxicated, trips, injures themselves, and then sues you to recover the cost of medical expenses, lost wages, or whatever else this is the amount you will pay before the insurance policy begins to cover the expenses. A few dollars saved could be a huge expense if you suddenly have to pay thousands of dollars for your deductible.
The deductible is a big factor policy premium price because policies that have higher deductibles are usually cheaper in the beginning, but paper work and hassle of proving the amount you paid could make the few dollars saved not worth the peace of mind and time saved. Be sure to ask your event insurance agent the deductible amount on your policy. Then, decide if you can take the financial risk. If you gamble on not a single accident happening at your event then a cheap policy could protect you. However, if you value peace of mind, and the confidence that comes with security, you should consider a more grown up policy that does not include a deductible.
Another factor affecting the price of a one day event insurance policy is coverage limits. These amounts start at 1 million per occurrence/ 2 Million aggregate, and this satisfies most venue requirements. This amount is a reflection of the risk the event holder, the size, and type of event being held. Some events inherently carry more risk and therefore cost more to insure. Depending on the length of the event or coverage limits these policies can be more expensive than a one day event insurance coverage policy.
If you have any questions we would be happy to answer them and assist you in finding the event insurance coverage you need. Contact DEI with your event insurance questions or complete our online one day event insurance coverage application.